[The Coronavirus Crisis, the Inflation Target of the ECB and Inflation Measurement]

The ECB is discussing how to raise its inflation target slightly to 2 %, just as the US Federal Reserve is raising it slightly and aiming to achieve it over several years on average. In reality, however, the inflation rate is well below 2 % despite the very relaxed monetary policy. Will the measures against the corona crisis increase the inflation rate? This did not happen during the financial crisis despite the increase in the money supply. Even current economic developments do not explain the high price increases. So what rate should be measured as an indicator of "true" inflation? Should asset prices be taken into account? What about the GDP deflator, or the consumer price index? How should a hedonic quality adjustment be assessed? These are the questions that Zeitgespräch participants will discuss.