1  2  See Benati (2007)  BIS Review 142/2007  Overall, recent academic research in general and the papers to be presented and discussed today and tomorrow in particular contribute in important respects to advance our understanding of the mechanisms by which inflation erodes welfare and compresses consumption opportunities over extended horizons.
Thus, the stance of monetary policy remains accommodative and thereby continues to lend considerable support to economic activity and job creation. Recent economic data confirm that the underlying momentum of economic activity continues to be positive, with uncertainty remaining elevated. We will continue to monitor very closely all developments with respect to upside risks to price stability.