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008181025s2018    onc    #o    f|0| 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-7/2018-33E-PDF
1001 |aDockrill, Madigan.
24510|aIntroducing a systematic measure of idiosyncratic prices |h[electronic resource] / |cby Madigan Dockrill and Laurence Savoie-Chabot.
260 |aOttawa : |bBank of Canada, |c2018.
300 |aiii, 25 p. : |bcharts.
4901 |aStaff analytical note = Note analytique du personnel, |x2369-9639 ;|v2018-33
500 |aIssued also in French under title: Présentation d’une mesure systématique des prix idiosyncratiques.
504 |aIncludes bibliographic references.
520 |a"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.
546 |aText in English, abstract in English and French.
69207|2gccst|aPrices
69207|2gccst|aInflation
7001 |aSavoie-Chabot, Laurence.
7102 |aBank of Canada.
77508|tPrésentation d’une mesure systématique des prix idiosyncratiques |w(CaOODSP)9.863709
830#0|aStaff analytical note (Bank of Canada)|x2369-9639 ; |v2018-33.|w(CaOODSP)9.807323
85640|qPDF|s641 KB|uhttps://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-7-2018-33-eng.pdf