Inflation Control: Do Central Bankers Have It Right?

Discussion of Inflation Measurement for Central Bankers

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 m...

We have it easy , but do we have it right ? Todd

We show two severe problems with the state-of-the-art in empirical computer system performance evaluation, observer effect and measurement context bias, and we outline the path toward a solution.

What have central bankers learned from modern macroeconomic theory?

In this essay I argue that modern macroeconomic theory has fallen behind the practice of central banking. After briefly summarizing the current state of macro theory, I focus on what strikes me as the two most important developments in monetary policy in the last two decades – inflation targeting and dealing with financial crises. My analysis rejects the claims made by several authors to the ef...

Central Bankers and Uncertainty

For the majority of my professional life, I have had the good fortune to be simultaneously involved both as a participant in, and as an academic observer of, central banks. Today, and as is suitable for this occasion and audience, I shall be primarily emphasising my academic observations. Nevertheless, my study of central bank behaviour is inevitably informed and coloured by my previous years a...

The Scouts Have It Right-BE PREPARED!