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Azərbaycan Mərkəzi Bankının inflyasiya hədəfi: Baza yoxsa manşet inflyasiya?
[The target of the Central Bank of Azerbaijan: Core or headline inflation?]

Author

Listed:
  • Rahmanov, Ramiz
  • Adigozalov, Shaig
  • Huseynov, Salman

Abstract

Qarşısına inflyasiya hədəflənməsi (İH) rejiminə keçid məqsədi qoyan mərkəzi banklar həm də müvafiq qiymət indeksinin seçilməsi ilə bağlı qərar verməlidirlər. Bu qərar verilərkən bir sıra meyarlar nəzərə alınır, mövcud qiymət indeksləri arasında "fayda-itki" analizləri aparılır, hər birinin müqayisəli üstünlükləri aşkara çıxarılır. Bu məqalədə orta müddətli dövrdə İH rejiminə keçid etmək niyyətini açıqlayan AMB-nin siyasət hədəfi olaraq manşet yoxsa baza göstəricisini götürməsi məsələsi tədqiq edilir. Mövcud baza inflyasiya ilə yanaşı Bayez Dinamik Faktor modelindən istifadə etməklə yeni baza inflyasiya göstəricisi hesablanır, müxtəlif statistik testlər əsasında göstəricilərin adekvatlığı yoxlanılır. Qiymətləndirmələr göstərir ki, yeni baza inflyasiya göstəricisi inflyasiyanın uzun müddətli trend göstəricisi kimi qəbul oluna bilər. Mövcud göstərici isə qısa müddətli dövrdə tələb olunan statistik meyarları ödəyir. Nəticə olaraq qeyd olunur ki, qərarvermə prosesində AMB, trend göstəricisi kimi yeni baza inflyasiya göstəricisini əhəmiyyətli məlumat yükünə malik göstərici kimi nəzərə ala bilər. Bununla yanaşı hesab edirik ki, verilən pul siyasəti qərarlarının ictimaiyyət tərəfindən rahat anlaşılması üçün manşet inflyasiya göstəricisinin hədəf kimi götürülməsi məqsədəuyğun olardı. The central banks which aim to shift to inflation targeting framework have to make a decision regarding the price index they will target. However, before making the final decision, several criterias must be taken into consideration, “cost-benefit” analysis of existing price indices must be made and comparative advantages of each index must be revealed. The article discusses whether the Central Bank of the Republic of Azerbaijan plans to the medium run should target headline inflation or core inflation. Along with existing core inflation, using the Bayesian Dynamic Factor model, the new core inflation is calculated and furthermore, several statistical tests are applied to test adequacy of the new core inflation measure. The estimations show that the new core inflation can be used as an indicator of the long run trend of inflation, whereas the existing core inflation is a good indicator in the short run. The article concludes that in a decision making process, the Central Bank should use the new core inflation measure as a trend indicator since it contains much more information than the existing one. However, to make monetary policy decisions comprehensible to the public, it is recommended to target headline inflation

Suggested Citation

  • Rahmanov, Ramiz & Adigozalov, Shaig & Huseynov, Salman, 2013. "Azərbaycan Mərkəzi Bankının inflyasiya hədəfi: Baza yoxsa manşet inflyasiya? [The target of the Central Bank of Azerbaijan: Core or headline inflation?]," MPRA Paper 69825, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69825
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    References listed on IDEAS

    as
    1. da Silva Filho, Tito Nícias Teixeira & Figueiredo, Francisco Marcos Rodrigues, 2011. "Has Core Inflation Been Doing a Good Job in Brazil?," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 65(2), June.
    2. Necati Tekatli, 2010. "A New Core Inflation Indicator for Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 10(2), pages 9-21.
    3. Otrok, Christopher & Whiteman, Charles H, 1998. "Bayesian Leading Indicators: Measuring and Predicting Economic Conditions in Iowa," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(4), pages 997-1014, November.
    4. James H. Stock & Mark W. Watson, 1998. "Diffusion Indexes," NBER Working Papers 6702, National Bureau of Economic Research, Inc.
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    7. Rachel Holden, 2006. "Measuring core inflation," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 1-7, December.
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    More about this item

    Keywords

    consumer price index; core inflation; headline inflation; Gibbs algorithm;
    All these keywords.

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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