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Why Should Central Banks Avoid the Use of the Underlying Inflation Indicator?

Carlos Marques (), Pedro Duarte Neves and Afonso Gonçalves da Silva

Working Papers from Banco de Portugal, Economics and Research Department

Abstract: This paper assesses the usefulness of the commonly used underlying inflation indicator, in light of the criteria proposed in Marques et al. (2000). Empirical evidence for a group of six countries strongly suggets that the use of underlying inflation as an indicator of trend inflation should be avoided.

JEL-codes: C43 E31 E52 (search for similar items in EconPapers)
Date: 2000
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