Are Weekly Inflation Forecasts Informative?

Marlene Amstad () and Andreas Fischer ()
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Marlene Amstad: Swiss National Bank, Postal: Swiss National Bank, Boersenstrasse 15, P. O. Box, CH - 8022 Zurich, Switzerland, http://www.snb.ch/

No 2008-5, Working Papers from Swiss National Bank

Abstract: Are weekly inflation forecasts informative? Although several central banks review and discuss monetary policy issues on a bi-weekly basis, there have been few attempts by analysts to construct systematic estimates of core inflation that supports such a decision-making schedule. The timeliness of news releases and macroeconomic revisions are recognized to be an important information source in real-time estimation. We incorporate real-time information from macroeconomic releases and revisions into our weekly updates of monthly Swiss core inflation using a common factor procedure. The weekly estimates for Swiss core inflation find that it is worthwhile to update the forecast at least twice a month.

Keywords: Inflation; Common Factors; Sequential Information Flow (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ecm, nep-for, nep-mac and nep-mon
Date: Written 2008-01-29

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