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16

weights nor subjective judgements concerning the products to be excluded from
the analysis are needed - they offer a helpful and simple alternative to measures of
core inflation.

References

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Inflation in Germany. Department of Quantitative Economics Working Paper
No. 5, Freiburg/Fribourg.

Bryan, M. F. and S. G. Cechetti (1994), Measuring Core Inflation. In: Monetary
Policy
, edited by N. G. Mankiw: 195-215. Chicago: University of Chicago
Press.

Burns, A. F. and W. C. Mitchell (1946), Measuring Business Cycles. New York.

Carstensen, K. (2007). Is Core Money Growth a Good and Stable Inflation
Predictor in the Euro Area? Kiel Institute for the World Economy Working
Paper No. 1318, Kiel.

Diebold, F. X. and R. S. Mariano (1995), Comparing Predictive Accuracy.
Journal of Business & Economic Statistics 13 (3): 253-63.

Giacomini, R. and B. Rossi (2006), Detecting and Predicting Forecast
Breakdowns. European Central Bank Working Paper No. 638, Frankfurt.

Gordon, R. J. (1975), The Impact of Aggregate Demand on Prices. Brookings
Papers
3: 613-70.

Granger, C.W. J. and P. Newbold (1973), Some Comments on
the Evaluation of Economic Forecasts.
Applied Economics 5: 35-47.

Granger, C. W. J. and P. Newbold (1986), Forecasting Economic Time Series. San
Diego.

Harvey, D. I., S. J. Leybourne and P. Newbold (1998), Tests for Forecast
Encompassing.
Journal of Business & Economic Statistics 16 (2): 254-59.

Reed, S. B. and K. J. Stewart (1999), Consumer Price Index Research Series
Using Current Methods, 1978-98
. Monthly Labor Review 122 (6): 29-38

Rich, R. and C. Steindel (2005), A Review of Core Inflation and an Evaluation of
its Measures. Federal Reserve Bank of New York Staff Report no. 236, New
York.

Smith, J. K. (2004), Weighted Median Inflation: Is This Core Inflation? Journal of
Money, Credit and Banking
36 (2): 253-63.

Stock, J. H. and M. W. Watson (1999), Forecasting inflation. Journal of Monetary
Economics
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