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A comprehensive evaluation of measures of core inflation for Canada : an update

Author: Helen Lao; Bank of Canada,
Publisher: Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2019. ©2019
Series: Staff discussion paper (Bank of Canada), 2019-9.
Edition/Format:   eBook : Document : National government publication : English
Summary:
'We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria. These measures remain less biased, less volatile and much more persistent relative to  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Helen Lao; Bank of Canada,
OCLC Number: 1119668129
Language Note: Includes abstracts in English and French.
Notes: Distributed by the Government of Canada Publishing and Depository Services Program (Weekly acquisitions list 2019-37).
"September 2019."
Description: 1 online resource (ii, 14 pages).
Series Title: Staff discussion paper (Bank of Canada), 2019-9.
Responsibility: by Helen Lao and Ceciline Steyn.
More information:

Abstract:

'We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria. These measures remain less biased, less volatile and much more persistent relative to alternative core measures and CPI inflation. They are also still moving with the economic cycle. Our analysis shows that historical revisions have been relatively small among these three core inflation measures since their inception and that CPI-common seems less prone to revisions and sector-specific shocks than CPI-trim and CPI-median'--Abstract, page ii.

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