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13  It may appear to be a problem that the lower repo-rate path gives a level of CPIF inflation of around 2.5 per cent at the end of the forecast period. The CPIF forecasts in these simulations in the Riksbank’s model Ramses have, however, been calculated under a standard assumption of a sustainable rate of unemployment of approximately 6.5 per cent, which I believe is too high. A lower sustainable unemployment rate gives lower inflationary pressures at the end of the forecast period and shifts down the CPIF forecasts somewhat, which would increase the advantage of the lower repo-rate path. 14  Ministry of Finance (2011). 8  BIS central bankers’ speeches  monetary policy can be improved by making the operational measures of inflation, resource utilisation and their stability more precise. For several reasons, I think that only one operational measure of inflation and only one operational measure of resource utilisation should be used. The inflation target is formulated in terms of the CPI, but I believe that the most appropriate operational measure of inflation is the CPIF. This would entail the stabilisation of the CPI in the slightly longer term. I also believe that the unemployment gap between the actual rate of unemployment and the sustainable rate of unemployment is the most appropriate measure of resource utilisation. Moreover, I believe that the mean squared gap is the most appropriate measure of the stability of inflation and resource utilisation.