PL EN


2009 | 234 | 9 | 1-21
Article title

Bezwzględna stopa inflacji w gospodarce polskiej

Content
Title variants
EN
The Pure Inflation Rate in the Polish Economy
Languages of publication
PL
Abstracts
EN
The authors use a restricted factor model to estimate the Harmonized Index of Consumer Prices (HICP) excluding relative price changes. The index obtained in this way, referred to as pure inflation, demonstrates a stronger relationship to the central bank’s short-term interest rate than the HICP index and selected measures of core inflation. Pure inflation also has a forecasting effect on the future HICP, comparable or better than that of competing models. The estimated variable shows that changes in relative prices played a much smaller role in the recent period of rising inflation (2006-2008) than during previous inflation increases (1999-2000 and 2004-2005). This shows that inflation was mainly driven by demand pressures in 2006-2008, the authors conclude.
Year
Volume
234
Issue
9
Pages
1-21
Physical description
Dates
published
2009-09-30
Contributors
References
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.doi-10_33119_GN_101217
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