Inflation targeting and core inflation

Julie Smith

Canadian Journal of Economics, 2005, vol. 38, issue 3, 1018-1036

Abstract: This paper examines the interaction of core inflation and inflation targeting as a monetary policy regime. Interest in core inflation has grown because of inflation targeting. Core inflation is defined in numerous ways giving rise to many potential measures; this paper defines core inflation as the best forecaster of inflation. A cross-country study finds before the start of inflation targeting, but not after, core inflation differs between non-inflation targeters and inflation targeters. Through conditional regressions, inflation expectations as measured by core inflation have not changed with the advent of inflation targeting nor do they differ from non-targeters.

JEL-codes: E31 E52 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (18)

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