In the paper we propose a new structural approach to core inflation estimation, based on the linkage betwen inflation and excesss nominal money growth postulated by the quantity theory of money. The proposed core inflation measure bears the interpretation of monetary inflation rate and is characterised by all the properties that an "ideal" core inflation process should show.
Morana, C. (2006). Structural Core Inflation Estimation. In B.T. Credan (a cura di), Trends in inflation research (pp. 143-185). Nova Science Publishers Inc.
Structural Core Inflation Estimation
Morana, C
2006
Abstract
In the paper we propose a new structural approach to core inflation estimation, based on the linkage betwen inflation and excesss nominal money growth postulated by the quantity theory of money. The proposed core inflation measure bears the interpretation of monetary inflation rate and is characterised by all the properties that an "ideal" core inflation process should show.
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