| Others question whether trade has peaked at all: they put the apparent decline down to mismeasurement. |
| Moreover, the evidence suggests that mismeasurement of the degree of economic slack was largely irrelevant for explaining the Great Inflation while favouring a passive-policy description of monetary policy. |
| If more of the mismeasurement is in the emerging world, the total current-account surplus of emerging markets is probably much smaller than that officially recorded. |
| Ultimately, the new rule reduces the influence of output gap mismeasurement relative to the baseline rule by half. |
| In addition, mismeasurement may lead to unintended real transfers of wealth among various groups. |
| For that to be the case, the mismeasurement of productivity growth would have to be getting worse by the year and evidence for this is lacking. |
