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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2742

Title: A Measure of Core Inflation in the UK
Authors: Andrade, Isabel C.
O'Brien, Raymond J.
Issue Date: 2001
Publisher: ISEG – Departamento de Economia
Citation: Andrade, Isabel C. e Raymond J. O'Brien. 2001. "A Measure of Core Inflation in the UK". Instituto Superior de Economia e Gestão - DE Working papers nº 5-2001/DE
Series/Report no.: DE Working papers;nº 5-2001/DE
Abstract: We develop a measure of core inflation in the UK over the period January1987 - December 1998, following the work of Bryan and Cecchetti (1996),Bryan, Cecchetti and Wiggins (1997) and Roger (1997). Disaggregation is into85 price categories. Given the high kurtosis of the price change distribution over this period, a trimmed mean is a more robust estimator of core inflation than other published measures such as the RPIX widely used in the UK, in particular by the Bank of England when targeting inflation. We discuss the relative advantages of our measure of core inflation, with emphasis on the determination of an optimal trimming point and on the analysis of the products whose price changes are excluded from our measure in each time period. The resulting measure appears well behaved, but differs noticeably from a number of published measures.
URI: http://hdl.handle.net/10400.5/2742
ISSN: 0874-4548
Publisher version: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=23815
Appears in Collections:DE - Documentos de trabalho / Working Papers

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