Measuring Core Inflation in Italy

Giornale degli Economisti, Vol. 58, pp. 301-28, 1999

Posted: 1 Nov 2005

See all articles by Claudio Morana

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

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

Abstract

n this paper the long-run trend in CPI inflation (core inflation) for Italy is estimated over the 1962-1997 period. The estimates obtained with the Quah and Vahey (1995) bivariate structural VAR methodology and with a multivariate common trends model are compared. The results show the potential advantages for monetary policy of using a more informative common trends model to estimate the core inflation process.

Keywords: core inflation, common trends model, monetary policy, Italy

Suggested Citation

Morana, Claudio and Bagliano, Fabio C., Measuring Core Inflation in Italy. Giornale degli Economisti, Vol. 58, pp. 301-28, 1999, Available at SSRN: https://ssrn.com/abstract=828905

Claudio Morana (Contact Author)

Università di Milano Bicocca ( email )

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Fabio C. Bagliano

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

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University of Turin - Collegio Carlo Alberto ( email )

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