In search of a better measure of inflation

Intel Xeon wafer
Intel Xeon chips being manufactured

Accurate measurement of inflation is essential for central banks looking to set monetary policy, but it also has broader implications for the debate on secular stagnation and the potential ‘rise of the machines'. Hedonic quality adjustments are an important piece of that puzzle.

Hedonic methods offer a way of better capturing price changes in some goods than the more widely used matched method, but recent research suggests they may still produce biased results in some cases.

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