Robust Measures of Core Inflation for Vietnam - Lạm phát lõi ở VN.

Source: http://www.viet-studies.com/kinhte/CoreInflationVN_August%202018.pdf 

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.........
Keywords: Vietnam, core inflation, monetary policy, exclusion-based measures, trimmed mean measures.
Article received: March 2017; Revised: December 2017; Accepted: April 2018

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