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Under the in ation target system lies to the monetary authority the evaluation of the best tools to keep general price stability. In this context, due to the volatile character of the in ation, central banks around the world use the concept of the in ation core in attempt to capture in a more accurately way the prices trends. Several times, consumer prices indexes are subjected to very volatile prices, due to temporary or localized factors. As the vigilance of the monetary authority relies on the real stability of the general prices level, temporary or localized changes doesn't a ect the in ation indexes in the long run and, therefore, it's not an issue to the central bank to respond to this variations, this could indeed create an unnecessary volatility to the monetary politics with consequences to the economic activity in the period. This way, central banks around the world calculate and use in ation core. This paper applies a new methodology to calculate the in ation core to the Brazilian in ation, using the generalized dynamic factor model. With this approach it's possible to di erentiate the localized factors from the common (generalized) shocks in a great data set. We use IPCA on its more disaggregated level and create a common shock in the data set, and we name this shock the in ation core. We test the advance of this core to the in ation in the short run using a VEC, and compare with the results of the Exclusion core, we show that your core by using dynamic factor model is more e cient then Exclusion core.

Núcleo da inflação como fator comum do IPCA: uma abordagem do modelo de fator dinâmico generalizado