Should central banks warehouse shoes?

An important point, actually, since the Fed likes a trimmed median estimate of retail prices.  The optimum consumer index has to be the price of the  median casual shoe.

But central bankers, like any currency banker, shares risk; the Fed will have to temporarily buy and sell lots of shoes.  It can do this indirectly by creating the shoe warehouse index, then buying and selling it as an ETF.

I will speculate that this will actually work, then Mankiw can prove it. Shoe warehousing is very closely related to clothing and general retail.  Coherent is the proper term, shoes share the truck space with bunches of regularly bought retail goods.  The shoe box, like the cigar box before, has become a standard carrying basket, a key vector in the container algebra, especially at department stores.  Four make a shopping basket, it fits in every shelf of the house. and will hold a nice lunch.

The denomination algebra for paper cash

It is: In Shoe We Trust.  The standard unit of currency is the median shoe paper bill.  It shows, it some detail, the typical median shoe on one side, on the other is a government promise that this bill will buy one pair of median casual shoe in 30 metropolitan districts of the USA.