As a result, the central bank can “look through” such  Consumers is not phrased in terms of a specific measure of prices, so its level – as opposed to its contour – cannot be directly compared with a particular measure of inflation such as the change in the PCE price index.
21  See Tobin (1972) and Friedman (1968) for early discussions of the theory underpinning the expectationsaugmented Phillips curve. Theoretical descriptions of the inflation process remain an active area of research in economics.