Using a common trends model, a forward-looking 'core' inflation measure is estimated for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the 'two-pillar' monetary policy strategy of the ECB which focuses on medium-term inflation prospects.
Bagliano, F., Golinelli, R., Morana, C. (2002). Core inflation in the euro area. APPLIED ECONOMICS LETTERS, 9(6), 353-357 [10.1080/13504850110086035].
Core inflation in the euro area
Morana, C
2002
Abstract
Using a common trends model, a forward-looking 'core' inflation measure is estimated for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the 'two-pillar' monetary policy strategy of the ECB which focuses on medium-term inflation prospects.
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