물가안정목표 대상지표와 자가주거비에 관한 논의
Discussion on the CPI and Owner-occupied Housing Costs
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초록
최근 들어 한국은행의 물가안정목표 대상지표로 활용되는 소비자물가에 자가주거비를 반영해야 한다는 의견들이 증대되고 있다. 이는 자가주거비가 경제주체들의 衣 食住와 연계된 필수 생계비이므로 자가주거비가 반영되지 않은 소비자물가지표는경제전체의 물가압력을 나타내는 데 상당한 한계가 있기 때문이다. 이에 따라 본고에서는 한국은행의 물가안정목표 대상지표인 소비자물가에 자가주거비를 반영하기위한 주요 논의에 참고하기 위하여 미국, 캐나다, 뉴질랜드 등 주요 선진 10개국을대상으로 자가주거비 산출 현황과 특징 등을 조사해 보았다. 아울러 선진국 중 소비자물가지표에 자가주거비를 포함하지 않고 있는 유로지역의 경우 최근 ECB가 통화정책전략 재검토를 통해 물가안정목표 대상지표에 자가주거비를 포함하겠다고 발표한 바 있는데, 이와 관련한 주요 검토과정도 함께 살펴보았다. 주요국 조사 결과와소비자물가 작성 취지 등에 비추어 볼 때 우리나라에서도 물가안정목표 대상지표에자가주거비를 반영할 필요성이 높은 것으로 판단된다. 앞으로 소비자물가지수 작성주체인 통계청과 통화정책을 운영하는 한국은행 등 관련 유관기관들이 긴밀한 협의를 통해 자가주거비가 명시적으로 반영된 소비자물가의 주 지표 전환 여부 등에 대한 심도있는 논의와 검토를 진행할 필요가 있겠다.
Abstract
Recently, there has been a growing number of opinions that the owneroccupied housing cost(OOH costs) should be reflected in the Consumer Price Index(CPI), which is used as an indicator for the Bank of Korea’s inflation target. This is because the CPI, which does not reflect the OOH costs, has a significant limit in expressing the entire price pressure of the economy. This paper investigates the current status and characteristics of the case of OOH costs in 10 advanced countries, including the United States, Canada, and New Zealand, in order to refer to the main discussion to reflect the OOH costs in Korea’s CPI in the future. In addition, the ECB’s recent decision to reflect the OOH costs in the target measure of inflation is also investigated. It is judged that there is a high need to reflect the OOH costs in the inflation target measure of the Bank of Korea for it’s efficient monetary policy operation. Considering this, it is highly necessary in Korea to reflect the OOH costs in the CPI, which is being used as a target index for price stability by the Bank of Korea, and for this purpose, it is judged that extensive discussion and in-depth review should be initiated. However, as there is currently no international standard method for calculating the OOH costs, and CPI volatility may increase. Therefore, it is necessary to derive the most suitable method for calculating the OOH costs for our economic conditions through in-depth consultations and reviews between the National Statistical Office and the Bank of Korea, and the gathering of opinions from experts.
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