For example, the correlation with the output gap is much higher for the new measures than with CPIX.17 Finally, it is important to note that, like CPIX, the three new measures are roughly unbiased estimates of CPI inflation.
The theme for today’s conference is very fitting and timely: “From the global financial crisis to more robust regulatory frameworks and resilient financial systems” I like this theme because it is forward looking and is in perfect consonance with the idea I am about to propose.