A common trends model of UK core inflation

被引：10

作者：

Fabio C. Bagliano

Claudio Morana

机构：

[1] Dipartimento di Scienze Economiche,

[2] Università di Torino,undefined

[3] Corso Unione Sovietica 218bis,undefined

[4] 10134 Torino (Italy) (Phone: [39]0116706084,undefined

[5] Fax: [39]0116706062; e-mail: fabio.bagliano@unito.it),undefined

[6] Dipartimento di Scienze Economiche,undefined

[7] e Metodi Quantitativi,undefined

[8] Università del Piemonte Orientale,undefined

[9] Via Lamino 1,undefined

[10] 28100,undefined

[11] Novara (Italy),undefined

来源：

Empirical Economics | 2003年 / 28卷 / 1期

关键词：

Key words: core inflation; common trend; monetary policy.; JEL classification: C32; E31; E52.;

D O I：

10.1007/s001810100124

中图分类号：

学科分类号：

摘要：

In this paper the long-run trend in RPI inflation (core inflation) for the UK over the 1961–1997 period is estimated within the framework of a multivariate common trends model which extends the bivariate VAR approach of Quah and Vahey (1995). In this context core inflation is directly linked to money and wage growth and interpreted as the long-run forecast of inflation from a small-scale, cointegrated macroeconomic system.

引用

页码：157 / 172

页数：15