关键词: 核心通货膨胀 , 广义动态因子模型 , 频谱分解 , 货币政策

Abstract: The core inflation is crucial for the central bank to determine price movements correctly and realize the target of stabilizing pricesThis paper applies the generalized dynamic factor model and spectral decomposition technique to estimate Chinas core inflationFindings of comparative analysis to CPI show that the estimated core inflation index can better reflect the periodic features and longterm trend of price changes in our country，and thus it has great reference value for the central bank to guide public expectation on inflation more suitably and reach dynamic equilibrium between price and output stabilityConsidering the superposition and complexity of inflation cause factors during our countrys transformation period，this paper further argues that financial macroregulation should take multiple inflation indexes including core inflation index and CPI into account to achieve the balance between longterm price stability and shortterm price fluctuation

Key words: core inflation , generalized dynamic factor model , spectral decomposition , monetary policy