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Monetary Policy And The Measurement Of Inflation: Prices, Wages And Expectations

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Executive Summary

Inflation measurement is fundamental to the conduct of monetary policy. Price indices form the foundation of central bank policy frameworks around the world. They serve as guides to decision-making, as well as providing the primary mechanism for holding independent policymakers accountable. The purpose of this paper was to explore three issues: price indices used by central banks; the role of wages and productivity in inflation policy; and the measurement and assessment of inflation expectations. In this paper, the author will introduce each of these topics.

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