Both price measures exclude tax changes in 1999–2000 and interest charges before the September quarter 1998. Underlying inflation is calculated using the Treasury Underlying Rate of Inflation in the 1976–1986 decade and trimmed mean CPI inflation for subsequent decades. Standard deviations are calculated from quarterly growth rates for the GDP and price series, and from the quarter-average unemployment rate.
Burkhard Balz: Opportunities and risks of central bank digital currencies Keynote speech by Mr Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank, at the virtual European Payments Conference “Key Trends in the European Payments Landscape”, virtual event, 17 June 2021.