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RBA Glossary definition for inflation

inflation – A measure of the change (increase) in the general level of prices.

Search Results

Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time

1 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2006/2006-11.html

Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time

1 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
Research Discussion Paper – RDP 2006-11 Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time.
https://www.rba.gov.au/publications/rdp/2006/2006-11/

Appendix A: Smoothing of Selected CPI Components

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
RDP 2006-11: Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time Appendix A: Smoothing of Selected CPI Components.
https://www.rba.gov.au/publications/rdp/2006/2006-11/appendix-a.html

Results

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
The component-smoothed inflation measure of underlying inflation is shown in Figure 1. ... Table 1: Inflation Measures Summary Statistics. Quarterly percentage changes. (a). Component-smoothed inflation.
https://www.rba.gov.au/publications/rdp/2006/2006-11/results.html

Literature Review

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
of inflation can be obtained by placing zero weight on movements in these items. ... This concept of ‘monetary inflation’ is expressed in the quantity theory of money.
https://www.rba.gov.au/publications/rdp/2006/2006-11/literature-review.html

Caveats

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
RDP 2006-11: Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time 5. ... A related issue is whether an optimal measure of current inflation should be affected by movements from previous periods.
https://www.rba.gov.au/publications/rdp/2006/2006-11/caveats.html

Introduction

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
RDP 2006-11: Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time 1. ... Download the Paper 313. KB. Headline inflation is almost always the target for inflation-targeting central banks.
https://www.rba.gov.au/publications/rdp/2006/2006-11/introduction.html

References

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
10. Bryan MF and SG Cecchetti (1993), ‘Measuring Core Inflation’, NBER Working Paper No 4303. ... Cecchetti SG (1997), ‘Measuring Short-Run Inflation for Central Bankers’, Federal Reserve Bank of St.
https://www.rba.gov.au/publications/rdp/2006/2006-11/references.html

Conclusion

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
RDP 2006-11: Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time 6. ... can be calculated in real time and it is much smoother and less noisy than headline inflation.
https://www.rba.gov.au/publications/rdp/2006/2006-11/conclusion.html

An Alternative Measure of Underlying Inflation

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
RDP 2006-11: Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time 3. ... The component-smoothed inflation measure is designed, wherever possible, to have these properties.
https://www.rba.gov.au/publications/rdp/2006/2006-11/alternative-measure-of-underlying-inflation.html