Trend, seasonal, and sectorial inflation in the Euro Area
A central focus of monetary policy is the underlying rate of inflation that might be expected to prevail over a horizon of one or two years. Because inflation is estimated from noisy data, the estimation of this underlying rate of inflation, which we refer to as trend inflation, requires statist...
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| Autores principales: | , |
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| Formato: | Artículo |
| Lenguaje: | English |
| Publicado: |
Banco Central de Chile
2020
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| Materias: | |
| Acceso en línea: | https://hdl.handle.net/20.500.12580/4886 |
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| Sumario: | A central focus of monetary policy is the underlying rate of inflation
that might be expected to prevail over a horizon of one or two years.
Because inflation is estimated from noisy data, the estimation of
this underlying rate of inflation, which we refer to as trend inflation,
requires statistical methods to extract the inflation “signal” from the
noise. The task of measuring trend inflation is further complicated
by the large seasonal fluctuations in many prices, so that attempts
to estimate core or trend inflation at a frequency higher than annual
must additionally either use seasonally adjusted data or undertake
seasonal adjustment as part of the effort to measure trend inflation. |
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