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[null,"1.","Record Nr.",null,"UNINA9910809415903321"]
[null,null,"Autore",null,"Stavrev Emil"]
[null,null,"Titolo",null,"Measures of Underlying Inflation in the Euro Area : : Assessment and Role for Informing Monetary Policy / / Emil Stavrev"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2006"]
[null,null,"ISBN",null,"1-4623-6190-0"]
[{"$nulls":4},"1-4527-1583-1"]
[{"$nulls":4},"1-283-51769-8"]
[{"$nulls":4},"9786613830142"]
[{"$nulls":4},"1-4519-9202-5"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (37 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Soggetti",null,"Inflation (Finance) - Europe"]
[{"$nulls":4},"Monetary policy - Europe"]
[{"$nulls":4},"Foreign Exchange"]
[{"$nulls":4},"Inflation"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Money and Monetary Policy"]
[{"$nulls":4},"Forecasting"]
[{"$nulls":4},"Model Construction and Estimation"]
[{"$nulls":4},"Model Evaluation and Selection"]
[{"$nulls":4},"Forecasting and Other Model Applications"]
[{"$nulls":4},"Price Level"]
[{"$nulls":4},"Deflation"]
[{"$nulls":4},"Energy: Demand and Supply"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Monetary Policy, Central Banking, and the Supply of Money and Credit: General"]
[{"$nulls":4},"Economic Forecasting"]
[{"$nulls":4},"Currency"]
[{"$nulls":4},"Foreign exchange"]
[{"$nulls":4},"Monetary economics"]
[{"$nulls":4},"Economic forecasting"]
[{"$nulls":4},"Oil prices"]
[{"$nulls":4},"Exchange rates"]
[{"$nulls":4},"Monetary aggregates"]
[{"$nulls":4},"Money supply"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[{"$nulls":3},"Livello bibliografico","Monografia"]
[{"$nulls":3},"Note generali","\"August 2006.\""]
[{"$nulls":3},"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"\"\"Contents\"\"; \"\"I. INTRODUCTION\"\"; \"\"II. TAXONOMY OF UNDERLYING INFLATION INDICATORS\"\"; \"\"III. FEATURES OF THE INDICATORS\"\"; \"\"IV. FORECASTING METHODOLOGY AND ASSESSMENT OF FORECASTING PERFORMANCE\"\"; \"\"V. CONCLUDING REMARKS\"\"; \"\"References\"\""]
[{"$nulls":3},"Sommario/riassunto","The paper evaluates the 24-month ahead inflation forecasting performance of various indicators of underlying inflation and structural models. The inflation forecast errors resulting from model misspecification are larger than the errors resulting from forecasting of exogenous variables. Also, measures derived using the generalized dynamic factor model (GDFM) overperform other measures over the monetary policy horizon and are leading indicators of headline inflation. Trimmed means, although weaker than GDFM indicators, have good forecasting performance, while indicators by permanent exclusion underperform but provide useful information about short-term dynamics. The forecasting performance of theoretically-founded models that relate monetary aggregates, the output gap, and inflation improves with the time horizon but generally falls short of that of the GDFM. A composite measure of underlying inflation, derived by averaging the statistical indicators and the model-based estimates, improves forecast accuracy by eliminating bias and offers valuable insight about the distribution of risks."]