Studies suggest that central banks have had limited success in managing households’ and ﬁrms’ expectations to date. [22] But these inﬂation expectations matter when it comes to pricing on the goods markets: when households make decisions about their purchases, when companies set the prices of their products or when employers and trade unions negotiate wages.
As you can see, there are various open points that we have to discuss in depth in our review. For me, it is important that we have a strategy which doesn’t just produce good results in economic models but also works in practice. 4.3 Measuring inflation The measurement of inﬂation is also up for discussion in the strategic review.