Noda, Hideo; Kyo, Koki; Fang, Fengqi - In: Economies : open access journal 14 (2026) 1, pp. 1-19
In this article, we examine the dynamic interdependencies among components of Japan's consumer price index (CPI) using a two-lag time-varying loading factor (TLTVLF) model. Whereas previous studies have typically decomposed CPI series into long-term trends, seasonal patterns, and cyclical...