Discussion of Inflation Measurement for Central Bankers
نویسندگان
چکیده
Robert Hill has made a valuable contribution to the conference in a number of respects. First, he has provided a succinct and thought-provoking discussion of the broad range of issues relevant to measuring infl ation. Second, he has highlighted a number of developments that could potentially alter the way in which we measure infl ation. For example, as Robert has explained, a reduction in the measurement bias would, by itself, reduce average CPI infl ation, while a shift to more frequent updating of expenditure weights could increase the short-term volatility of CPI infl ation. And third, he has issued a challenge for infl ation-targeting central banks to consider the likely impact of these potential changes in infl ation measurement on monetary policy. It is this third area on which I will focus my attention.
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