Assessing the value of indicators of underlying inflation for monetary policy:
This paper considers a number of different measures of core inflation and tries to identify those containing the most useful information about future movements in headline inflation rates over the horizons relevant for monetary policy for the United States, the euro area, Japan, the United Kingdom a...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2005
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper considers a number of different measures of core inflation and tries to identify those containing the most useful information about future movements in headline inflation rates over the horizons relevant for monetary policy for the United States, the euro area, Japan, the United Kingdom and Canada. The paper shows that the adjusted indicators do considerably better than the headline rate at determining the underlying inflation trend and, being considerably less volatile, can also be used at higher frequencies to provide more timely information. Most of these indicators also contain information relevant to predicting future headline inflation and which is additional to that contained in the headline rate. However, the relative performance of different indicators varies considerably across economies, and in some cases across sample periods. There is evidence that headline inflation tends to converge toward core inflation over time horizons of between 12 and 24 months. However, the estimated model incorporating this relationship between headline and core inflation does rather poorly in out-of-sample tests, althoughout-of-sample performance is much better for other specifications |
| Beschreibung: | 1 Online-Ressource (70 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/741358712031 |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV047931458 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220413s2005 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1787/741358712031 |2 doi | |
| 035 | |a (ZDB-13-SOC)061320390 | ||
| 035 | |a (OCoLC)1312698883 | ||
| 035 | |a (DE-599)BVBBV047931458 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-384 |a DE-91 |a DE-473 |a DE-824 |a DE-29 |a DE-739 |a DE-355 |a DE-20 |a DE-1028 |a DE-1049 |a DE-188 |a DE-521 |a DE-861 |a DE-898 |a DE-92 |a DE-573 |a DE-19 | ||
| 100 | 1 | |a Catte, Pietro |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Assessing the value of indicators of underlying inflation for monetary policy |c Pietro Catte and Torsten Sløk = Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire / Pietro Catte et Torsten Sløk |
| 246 | 1 | 3 | |a Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire |
| 264 | 1 | |a Paris |b OECD Publishing |c 2005 | |
| 300 | |a 1 Online-Ressource (70 Seiten) |c 21 x 29.7cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers | |
| 520 | |a This paper considers a number of different measures of core inflation and tries to identify those containing the most useful information about future movements in headline inflation rates over the horizons relevant for monetary policy for the United States, the euro area, Japan, the United Kingdom and Canada. The paper shows that the adjusted indicators do considerably better than the headline rate at determining the underlying inflation trend and, being considerably less volatile, can also be used at higher frequencies to provide more timely information. Most of these indicators also contain information relevant to predicting future headline inflation and which is additional to that contained in the headline rate. However, the relative performance of different indicators varies considerably across economies, and in some cases across sample periods. There is evidence that headline inflation tends to converge toward core inflation over time horizons of between 12 and 24 months. However, the estimated model incorporating this relationship between headline and core inflation does rather poorly in out-of-sample tests, althoughout-of-sample performance is much better for other specifications | ||
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Sløk, Torsten |4 ctb | |
| 856 | 4 | 0 | |u https://doi.org/10.1787/741358712031 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033312951 | |
Datensatz im Suchindex
| _version_ | 1818805996316786688 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Catte, Pietro |
| author2 | Sløk, Torsten |
| author2_role | ctb |
| author2_variant | t s ts |
| author_facet | Catte, Pietro Sløk, Torsten |
| author_role | aut |
| author_sort | Catte, Pietro |
| author_variant | p c pc |
| building | Verbundindex |
| bvnumber | BV047931458 |
| collection | ZDB-13-SOC |
| ctrlnum | (ZDB-13-SOC)061320390 (OCoLC)1312698883 (DE-599)BVBBV047931458 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/741358712031 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000zc 4500</leader><controlfield tag="001">BV047931458</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2005 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/741358712031</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)061320390</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312698883</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047931458</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-1028</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-861</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Catte, Pietro</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Assessing the value of indicators of underlying inflation for monetary policy</subfield><subfield code="c">Pietro Catte and Torsten Sløk = Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire / Pietro Catte et Torsten Sløk</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2005</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (70 Seiten)</subfield><subfield code="c">21 x 29.7cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper considers a number of different measures of core inflation and tries to identify those containing the most useful information about future movements in headline inflation rates over the horizons relevant for monetary policy for the United States, the euro area, Japan, the United Kingdom and Canada. The paper shows that the adjusted indicators do considerably better than the headline rate at determining the underlying inflation trend and, being considerably less volatile, can also be used at higher frequencies to provide more timely information. Most of these indicators also contain information relevant to predicting future headline inflation and which is additional to that contained in the headline rate. However, the relative performance of different indicators varies considerably across economies, and in some cases across sample periods. There is evidence that headline inflation tends to converge toward core inflation over time horizons of between 12 and 24 months. However, the estimated model incorporating this relationship between headline and core inflation does rather poorly in out-of-sample tests, althoughout-of-sample performance is much better for other specifications</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Sløk, Torsten</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/741358712031</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033312951</subfield></datafield></record></collection> |
| id | DE-604.BV047931458 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:34:57Z |
| indexdate | 2024-12-18T19:02:45Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033312951 |
| oclc_num | 1312698883 |
| open_access_boolean | 1 |
| owner | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| owner_facet | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| physical | 1 Online-Ressource (70 Seiten) 21 x 29.7cm |
| psigel | ZDB-13-SOC |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Catte, Pietro Verfasser aut Assessing the value of indicators of underlying inflation for monetary policy Pietro Catte and Torsten Sløk = Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire / Pietro Catte et Torsten Sløk Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire Paris OECD Publishing 2005 1 Online-Ressource (70 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper considers a number of different measures of core inflation and tries to identify those containing the most useful information about future movements in headline inflation rates over the horizons relevant for monetary policy for the United States, the euro area, Japan, the United Kingdom and Canada. The paper shows that the adjusted indicators do considerably better than the headline rate at determining the underlying inflation trend and, being considerably less volatile, can also be used at higher frequencies to provide more timely information. Most of these indicators also contain information relevant to predicting future headline inflation and which is additional to that contained in the headline rate. However, the relative performance of different indicators varies considerably across economies, and in some cases across sample periods. There is evidence that headline inflation tends to converge toward core inflation over time horizons of between 12 and 24 months. However, the estimated model incorporating this relationship between headline and core inflation does rather poorly in out-of-sample tests, althoughout-of-sample performance is much better for other specifications Economics Sløk, Torsten ctb https://doi.org/10.1787/741358712031 Verlag kostenfrei Volltext |
| spellingShingle | Catte, Pietro Assessing the value of indicators of underlying inflation for monetary policy Economics |
| title | Assessing the value of indicators of underlying inflation for monetary policy |
| title_alt | Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire |
| title_auth | Assessing the value of indicators of underlying inflation for monetary policy |
| title_exact_search | Assessing the value of indicators of underlying inflation for monetary policy |
| title_exact_search_txtP | Assessing the value of indicators of underlying inflation for monetary policy |
| title_full | Assessing the value of indicators of underlying inflation for monetary policy Pietro Catte and Torsten Sløk = Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire / Pietro Catte et Torsten Sløk |
| title_fullStr | Assessing the value of indicators of underlying inflation for monetary policy Pietro Catte and Torsten Sløk = Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire / Pietro Catte et Torsten Sløk |
| title_full_unstemmed | Assessing the value of indicators of underlying inflation for monetary policy Pietro Catte and Torsten Sløk = Evaluer l'utilité des indicateurs de l'inflation sous-jacente pour la politique monétaire / Pietro Catte et Torsten Sløk |
| title_short | Assessing the value of indicators of underlying inflation for monetary policy |
| title_sort | assessing the value of indicators of underlying inflation for monetary policy |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/741358712031 |
| work_keys_str_mv | AT cattepietro assessingthevalueofindicatorsofunderlyinginflationformonetarypolicy AT sløktorsten assessingthevalueofindicatorsofunderlyinginflationformonetarypolicy AT cattepietro evaluerlutilitedesindicateursdelinflationsousjacentepourlapolitiquemonetaire AT sløktorsten evaluerlutilitedesindicateursdelinflationsousjacentepourlapolitiquemonetaire |