dc.audience	Policymakers	eng
dc.audience	Researchers	eng
dc.audience	Teachers	eng
dc.audience	Students	eng
dc.coverage.sucursal	Bogotá	spa
dc.creator	Jaramillo-Jiménez, Carlos Felipe
dc.date.accessioned	1998-04-06T08:30:10Z	eng
dc.date.available	1998-04-06T08:30:10Z	spa
dc.date.created	1998-04-06	spa
dc.date.issued	1998-04-06	eng
dc.description.abstract	The study evaluates the virtues of asymmetric trimmed means as efficient estimators of core inflation for Colombia, an economy with high and variable inflation rates. Results suggest that the proposed indicators are more efficient than alternative indexes and are particularly suited for environments where price change distributions are non-normal. Computations indicate that an optimally trimmed estimator for the 27-component Colombian CPI during the 1972:06 to 1997: 12 period requires that 12 percent be trimmed from the upper tail and 24 percent from the lower tail. This indicator exhibits substantially higher efficiency than the weighted average of price changes (i-e.,CPI inflation), the CPI excluding food and energy, the median and symmetric trimmmed means. These findings are robust to changes in the 36-month centered moving average benchmarck of annual inflation. the medain and symmmetric trimmed means. These findings are robust changes in the 36-month centerd moving average benchmark of annual inflation. The optimal estimator is not found to be robust to changes in data sample. This is likely due to changes in parameters of the underying data distribution due to structural changes in the Colombian economy, particularly in the post-1990 period. Optimal levels of asymmetrical trimming are also found to be highly sensitive to the degree of disaggregation of the CPI data. This is expected since greater disaggregation reveals higher kurtosis and skewness of the underying data. The CPI excluding food and energy and the median do not seem to provide persistent efficiency gaings in estimation of inflation with respect to the weighted mean. Food and energy prices are critical sectors of middle income economies such as Colombia and contain valuable information about medium and long-term trends in inflation. Finally, the median excludes many prices-especially those in the upper tail- that seem to contain valuable information about long-term trends in inflation.	eng
dc.format.mimetype	PDF	spa
dc.identifier.handle	https://hdl.handle.net/20.500.12134/5110	spa
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/5110	spa
dc.language.iso	spa	spa
dc.publisher	Banco de la República	spa
dc.relation.doi	https://doi.org/10.32468/be.91	spa
dc.relation.dotec	https://ideas.repec.org/p/col/000094/002818.html	spa
dc.relation.ispartof	Documentos de Trabajo	spa
dc.relation.ispartofseries	Borradores de Economía	spa
dc.relation.isversionof	Borradores de Economía; No. 91	spa
dc.relation.number	Borrador 91	spa
dc.relation.repec	https://ideas.repec.org/p/bdr/borrec/091.html	spa
dc.rights.Habeas	Datos personales: El(los) autor(es) ha(n) incluido sus datos personales (nombres, correo electrónico, filiación académica, perfil académico, entre otros) en el Portal de Investigaciones o la obra remitida para publicación, y por consiguiente, manifiesta(n) que mediante el diligenciamiento y registro de sus datos personales autoriza(n) al Banco de la República el tratamiento (recolección, almacenamiento, uso, circulación o supresión) de todos los datos suministrados con la finalidad de adelantar la publicación de la obra en el Portal de Investigaciones, dar a conocer su perfil académico y medios de contacto para fines académicos y divulgativos, así como para la construcción de indicadores y estadísticas para el seguimiento y control de las actividades de divulgación del Portal de Investigaciones. Para tal fin, se informa que el tratamiento de los datos personales se realizará de acuerdo con las políticas o lineamientos generales disponibles en http://www.banrep.gov.co/proteccion-datos-personales, en la sección “Protección de Datos Personales - Habeas Data”.	spa
dc.rights.Objeto	Objeto de publicación: La obra de mí (nuestra) autoría tiene por objeto ser publicada en el Portal de Investigaciones del Banco de la República e incluirla en el repositorio institucional de esa misma entidad. La obra podrá consistir en documento escrito, audiovisual, audio, gráfico, fotográfico, infográfico, podcasts, etc., y podrá estar en cualquier formato conocido o por conocerse.	spa
dc.rights.accessRights	Open Access	eng
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0	eng
dc.rights.disclaimer	The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.	eng
dc.rights.spa	Acceso abierto	spa
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/	eng
dc.source.handleRepec	RePEc:bdr:borrec:091	spa
dc.subject.jel	E31 - Price Level; Inflation; Deflation	eng
dc.subject.jel	E58 - Central Banks and Their Policies	eng
dc.subject.jelspa	E58 - Bancos centrales y sus políticas	spa
dc.subject.jelspa	E31 - Nivel de precios; Inflación; Deflación	spa
dc.subject.keyword	Inflation	eng
dc.subject.keyword	Colombia	eng
dc.subject.lemb	Inflación -- Mediciones -- Colombia	spa
dc.title	Improving the measurement of core inflation in Colombia using asymmetric trimmed means	spa
dc.type	Working Paper	eng
dc.type.hasversion	Published Version	eng
dc.type.spa	Documentos de trabajo	spa

Improving the measurement of core inflation in Colombia using asymmetric trimmed means

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