15 Given the difficulties of operationalizing the strong form, I suggest that, at the very least, central banks reinterpret their domestic  13  See Prasad (2014, p 198) and Eichengreen and Gupta (2013). 14  See Feroli et al. (2014). 15  Though see Caruana (2012), Eichengreen et al.
Risks to prices I now would like to talk about two points that I consider risks to the baseline scenario of the outlook for prices. 7  The first point is future developments in real wage growth. From a long-term perspective, wages and prices generally have moved in tandem with each other.