Headline, core or even more? The choice of inflation measures is not just a discussion topic for economic policy nerds. A bad index will lead monetary policymakers dangerously astray. Lorenzo Bini Smaghi, who sits on the board of the European Central Bank, said in the Financial Times on Thursday that core measures (which exclude food and energy prices) are inadequate. He is right but does not go far enough.
總體通膨率、核心通膨率,抑或其它指標?通膨指標的選擇不僅僅是經濟政策狂人們醉心的話題。一個糟糕的指標會把貨幣政策制定者危險地引入歧途。歐洲央行(ECB)執委會委員洛倫佐•比尼•斯馬吉(Lorenzo Bini Smaghi)週四在英國《金融時報》上撰文指出,不包括食品和能源價格在內的核心通膨率還不是理想的指標。他說得沒錯,但談的還不夠深。
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