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Inflación Subyacente en la República Dominicana: Medición y Evaluación

Jiménez Polanco, Miguel Alejandro and Ramírez de Leon, Francisco Alberto (2017): Inflación Subyacente en la República Dominicana: Medición y Evaluación.

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Abstract

In this paper we compare the official core inflation measure, which is based on the ad hoc exclusion of specific items from the total CPI, against alternatives available in the literature on measurement of trend inflation. The evaluation is done through different criteria that adequate core inflation must display; i.e.: (1) less volatility relative to total inflation, (2) absence of bias related to total inflation and (3) predictive power on medium run inflation. Our results suggest that the official indicator delivers the desired properties. Moreover, it overcomes most of the alternative measures available in the literature.

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