00000nam 2200000za 4500 9.863707 CaOODSP 20250821075112 cr ||||||||||| 181025s2018 onc #o f|0| 0 eng d CaOODSP eng eng fre n-cn--- FB3-7/2018-33E-PDF Dockrill, Madigan. Introducing a systematic measure of idiosyncratic prices [electronic resource] / by Madigan Dockrill and Laurence Savoie-Chabot. Ottawa : Bank of Canada, 2018. iii, 25 p. : charts. Staff analytical note = Note analytique du personnel, 2369-9639 ; 2018-33 Issued also in French under title: Présentation d’une mesure systématique des prix idiosyncratiques. Includes bibliographic references. "The goal of this paper is to create a systematic measure of idiosyncratic prices (SMIP) that would provide an unbiased evaluation of temporary factors in Canadian consumer price index (CPI) inflation. SMIP considers CPI components idiosyncratic when they have the highest scores based on five criteria: high volatility, low persistence, low degree of correlation with common movement across CPI components, low correlation with the output gap and extreme movements in the current period. The components captured by SMIP are found to account for a large proportion of the deviation of inflation from target over the sample, after controlling for the output gap. In the third quarter of 2018, in terms of the components and their contribution to the deviation of inflation from target, results from SMIP reinforce the narrative in the October 2018 Monetary Policy Report—CPI inflation is currently above target due to temporary factors"--Abstract, p. ii. Text in English, abstract in English and French. gccst Prices gccst Inflation Savoie-Chabot, Laurence. Bank of Canada. Présentation d’une mesure systématique des prix idiosyncratiques (CaOODSP)9.863709 Staff analytical note (Bank of Canada) 2369-9639 ; 2018-33. (CaOODSP)9.807323 PDF 641 KB https://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-7-2018-33-eng.pdf