Although experts had known many of the problems for quite a long time, it took the Boskin Report to reawaken public awareness. This forced statistical offices – and, of course, also central banks – to sit up and take note of the situation in their countries. The Boskin Report prompted the Bundesbank, too, to devote more attention again to the problems of inflation measurement.
Today, I would like to revisit this topic of structural change, first talking about some of the adjustments that are taking place within the Australian economy and then, second, discussing some of the implications of these adjustments for monetary policy. Structural Change in the Australian Economy Structural change is, of course, something that is not new.