Core Inflation in the Euro Area

Posted: 18 Dec 2001

See all articles by Fabio C. Bagliano

Fabio C. Bagliano

University of Turin - Department of Economics and Statistics; Center for Research on Pensions and Welfare Policies (CeRP); University of Turin - Collegio Carlo Alberto

Roberto Golinelli

University of Bologna - Department of Economics

Claudio Morana

Università di Milano Bicocca; Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS); Università degli Studi di Milano-Bicocca - Center for European Studies (CefES); Center for Economic Research on Pensions and Welfare Policies (CeRP); Rimini Center for Economic Analysis - Europe ETS; Rimini Center for Economic Analysis - HQ

Abstract

Using a common trends model, we estimate a forward-looking core inflation measure 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.

Keywords: Core inflation, common trend, European Central Bank, monetary policy

JEL Classification: C32, E31, E52

Suggested Citation

Bagliano, Fabio C. and Golinelli, Roberto and Morana, Claudio, Core Inflation in the Euro Area. Applied Economics Letters, Vol. 9, pp. 353-357, 2002, Available at SSRN: https://ssrn.com/abstract=294155

Fabio C. Bagliano (Contact Author)

University of Turin - Department of Economics and Statistics ( email )

C. so Unione Sovietica, 218 Bis
Torino, I-10134
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+39 011 670 6084 (Phone)
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HOME PAGE: http://web.econ.unito.it/bagliano

Center for Research on Pensions and Welfare Policies (CeRP) ( email )

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University of Turin - Collegio Carlo Alberto ( email )

via Real Collegio 30
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Roberto Golinelli

University of Bologna - Department of Economics ( email )

Strada Maggiore 45
Bologna, 40125
Italy
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+39 051 209 2664 (Fax)

Claudio Morana

Università di Milano Bicocca ( email )

Dip Economia Metodi Quantitativi Strategie Impresa
Piazza dell'Ateneno Nuovo 1
Milano, 20126
Italy
+39 0264483091 (Phone)

Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) ( email )

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Milan, 20126
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Università degli Studi di Milano-Bicocca - Center for European Studies (CefES) ( email )

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Milano, 20126
Italy

Center for Economic Research on Pensions and Welfare Policies (CeRP) ( email )

Moncalieri, Turin
Italy

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Piazza Ateneo Nuovo 1
Milan, 20126
Italy

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