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Working Paper

Measuring Core Inflation

An analysis of the use of limited-information estimators as measures of core inflation, showing that these estimators, such as the median of the cross-sectional distribution of inflation, have a higher correlation with past money growth and deliver improved forecasts of future inflation relative to the Consumer Price Index.

Suggested Citation

Bryan, Michael F., and Stephen Cecchetti. 1993. “Measuring Core Inflation.” Federal Reserve Bank of Cleveland, Working Paper No. 93-04.