EconPapers    
Economics at your fingertips  
 

Setting the Operational Framework for Producing Inflation Forecasts

Jorge Canales-Kriljenko, Turgut Kisinbay (), Rodolfo Maino and Eric Parrado ()

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: How should a central bank organize itself to produce the best possible inflation forecast? This paper discusses elements for building a comprehensive platform for an inflation forecasting framework. It describes the exercise of forecasting inflation as a production process, which induces a strict discipline concerning data management and collection, the use of a suitable statistical apparatus, and the exercise of sound communication strategies to reinforce reputation and credibility. The efficient organization of the central bank becomes critical in producing relevant macroeconomic forecasts, with special consideration to product design, the essential requirements needed in the forecasting process, and key related organizational issues. In addition, the paper proposes to factor the authorities’ policy responses into inflation forecasts to ensure consistency with the spirit of the inflation targeting framework.

Date: 2006-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link)
https://si2.bcentral.cl/public/pdf/documentos-trabajo/pdf/dtbc362.pdf (application/pdf)

Related works:
Working Paper: Setting the Operational Framework for Producing Inflation Forecasts (2006) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:362

Access Statistics for this paper

More papers in Working Papers Central Bank of Chile from Central Bank of Chile Contact information at EDIRC.
Bibliographic data for series maintained by Claudio Sepulveda ().

 
Page updated 2020-04-05
Handle: RePEc:chb:bcchwp:362