Hallo Popeye,

hab's jetzt gesehen. Trotzdem ist fraglich, ob median nicht-hedonistisch bedeutet (aus http://www.clev.frb.org/Research/mcpi.htm):

Median CPI Provides Better Measure of Core Inflation

Discussions of the goals of monetary policy generally focus on the benefits of stabilizing prices.
However, measuring the general level of prices is difficult, as nonmonetary events can, at least
temporarily, distort reported inflation statistics, such as the Consumer Price Index (CPI). During
periods of bad weather, for example, food prices may rise to reflect decreased supply, producing
transitory increases in the CPI. But since these prices do not constitute monetary inflation, monetary
policymakers may want to avoid including them in their decisionmaking.

One commonly used technique for measuring underlying or core inflation is to exclude certain prices
in the computation of the index, based on the assumption that these prices are the ones with
"high-noise" components. This is the rationale behind the commonly reported CPI excluding food
and energy data. However, economists Michael Bryan and Stephen Cecchetti have found a
measure that forecasts inflation better than either the CPI excluding food and energy or the all
items CPI: a weighted median of the CPI.

The weighted median CPI is easy to calculate and has a higher correlation with past money growth
than other inflation measures, resulting in improved forecasts of future inflation. Bryan and
Cecchetti believe the weighted median CPI can be a useful and timely guide for inflation policy.

Michael F. Bryan is an economist and assistant vice president at the Federal Reserve Bank of
Cleveland. Stephen G. Cecchetti is an economics professor at Ohio State University and an
associate of the National Bureau of Economic Research.

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