BoJ paper designs new measure of trend inflation
Trend inflation has been rising gradually, author finds
A researcher at the Bank of Japan (BoJ) has developed a new measure of trend inflation that captures both forward- and backward-looking components of expectations, setting out the results in a working paper published on November 21.
Koji Takahashi explains that the trend inflation projection system (Tips) is derived from the weighted average of adaptive and forward-looking expectations. Tips uses the persistent trend factor extracted from measures of inflation to produce the adaptive part, and
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