In Germany, for example, the Federal Statistical Oﬃce is increasingly using hedonic methods of quality adjustment for its price statistics, mainly in order to accurately capture changes in the prices of short-lived technology products, such as smartphones or printers. [13] To be able to ensure price stability, the monetary policy toolkit has to contain the right instruments – including when policy rates are already low.
This is precisely why the Bank has maintained its easy stance of monetary policy since September 1995. In connection with the Bank’s current stance of monetary policy management, I would like to mention another important point. The Bank aims to achieve price stability and thereby noninflationary, sustainable economic growth over a medium to long term.