A core inflation measure should not be seen as a substitute for thorough and careful analysis of the forces that are driving our economy and the inflation process. 10  More details on inflation forecasting at the Board are in Bernanke (2007). BIS Review 118/2007  9  References Aoki, Kosuke (2001).
"Optimal Monetary Policy Responses to Relative Price Changes", Journal of Monetary Economics, vol. 48 (August), pp. 55-80. Armour, Jamie (2006). "An Evaluation of Core Inflation Measures", Bank of Canada Working Paper 2006-10 (Ottawa: Bank of Canada, March). Bagliano, Fabio C., and Claudio Morana (2003). "Measuring U.S. Core Inflation: A Common Trends Approach", Journal of Macroeconomics, vol. 25 (June), pp. 197-212. Bean, Charles (2006).