Authors: Martín Almuzara and Argia M. Sbordone
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Staff Reports
Measurement and Theory of Core Inflation
Number 1115
August 2024
August 2024
JEL classification: E31, E32, E52
We discuss the concept of core inflation and its relevance for policymakers and then review a variety of approaches that have been pursued for the construction of informative core measures. After illustrating some empirical patterns displayed by U.S. inflation data and discussing conceptual issues around measurement, we provide a unified framework to interpret various widely used core measures and compare their relative properties.
Author Disclosure Statement(s)
Martín T. Almuzara
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Argia Sbordone
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Argia Sbordone
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Suggested Citation:
Almuzara, Martín and Argia Sbordone. 2024. “Measurement and Theory of Core Inflation.” Federal Reserve Bank of New York Staff Reports, no. 1115, August. https://doi.org/10.59576/sr.1115
Almuzara, Martín and Argia Sbordone. 2024. “Measurement and Theory of Core Inflation.” Federal Reserve Bank of New York Staff Reports, no. 1115, August. https://doi.org/10.59576/sr.1115
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