剔除食品和能源的核心通货膨胀度量方法

文章以2000年1月至2015年5月月度同比CPI分类价格指数时间序列数据为基础建立协整关系和 共特征向量检验。实证分析表明我国CPI分类指数时间序列之间长期存在共同趋势，短期存 在共同周期。因此，在我国使用剔除食品和能源的核心通货膨胀测算方法是不合理的。本文 进一步提出我国中央银行在制定货币政策时，应同时关注官方公布的核心通货膨胀和通货膨 胀，以免使货币政策对食品和能源价格上涨反应不足或反应过度，以及提出我国核心通货膨 胀的测算还应关注CPI结构的建议。

Research on Feasibility Test of Core Inflation Excluding Food and Energy

This paper mainly research on the feasibility for measure of core inflation excludin g food and energy by the way of common trend and common cycles.We use monthly da ta of CPI by category from 2001M1 to 2015M5 in China to test.The conclusion show s that the level and the volatility of food price are maximum in CPI by category ,and CPI by category have common trend in long term,have common cycles in short term.So it is not reasonable to measure the core inflation by excluding food and energy in China.This paper further puts forward that the Central Bank of China in the formulation of monetary policy should also pay attention to the official announcement of core inflation and inflation,so as to avoid monetary policy has been less or more aggressive in responding to food and energy hikes.And the meas urement of core inflation in China should be concerned with CPI structure.