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Robust Measures of Core Inflation for Vietnam

Robust Measures of Core Inflation for Vietnam <p>Abstract:</p><p>The paper develops robust measures of core inflation for Vietnam that can be used in policy-making. These core inflation measures (CIMs) are based on an analytical evaluation of the inflation process in the country, and use a filtering approach to narrow down potential measures that satisfy certain empirically desirable criteria. The study finds that commonly used exclusion-based measures (EBMs) do not perform well against these empirical criteria; trimmed mean measures (TMMs) do better. Among TMMs, “one trim does not fit all periods”—periods of high and variable inflation require larger trims, and vice versa. The econometric computer programmes employed in the paper allow for quick and timely replication of CIMs as new data become available, making them valuable tools for the State Bank of Vietnam. These procedures and programmes can also be helpful to other central banks in their policy making process.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png ASEAN Economic Bulletin Institute of Southeast Asian Studies

Robust Measures of Core Inflation for Vietnam

Kalra, Sanjay; Dzung, Bui Thi Trang
ASEAN Economic Bulletin , Volume 35 (2) – Aug 28, 2018
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Publisher
Institute of Southeast Asian Studies
Copyright
Copyright © The Institute of Southeast Asian Studies.
ISSN
1793-2831

Abstract

<p>Abstract:</p><p>The paper develops robust measures of core inflation for Vietnam that can be used in policy-making. These core inflation measures (CIMs) are based on an analytical evaluation of the inflation process in the country, and use a filtering approach to narrow down potential measures that satisfy certain empirically desirable criteria. The study finds that commonly used exclusion-based measures (EBMs) do not perform well against these empirical criteria; trimmed mean measures (TMMs) do better. Among TMMs, “one trim does not fit all periods”—periods of high and variable inflation require larger trims, and vice versa. The econometric computer programmes employed in the paper allow for quick and timely replication of CIMs as new data become available, making them valuable tools for the State Bank of Vietnam. These procedures and programmes can also be helpful to other central banks in their policy making process.</p>

Journal

ASEAN Economic Bulletin – Institute of Southeast Asian Studies

Published: Aug 28, 2018

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