If anything has survived the global financial crisis, it is inflation targeting. This is odd. After all, pre-crisis, many economists and policy makers in developed markets enthusiastically embraced the “Great Moderation” – the idea that wise monetary policies had not only helped bring inflation to heel but also, as a result, delivered more stable economic activity. “No more boom and bust” was not the boast of politicians alone: it became a core belief?of the economics establishment.
如果說(shuō)什么東西挺過(guò)了全球金融危機(jī)，那就是通脹目標(biāo)制。這很奇怪。畢竟，危機(jī)之前，發(fā)達(dá)市場(chǎng)的許多經(jīng)濟(jì)學(xué)家和政策制定者曾熱情地?fù)肀А按缶徍汀?Great Moderation)——這個(gè)理念是指，明智的貨幣政策不但有助于把通脹率保持在低水平，而且由此帶來(lái)更加穩(wěn)定的經(jīng)濟(jì)活動(dòng)?！安辉俪霈F(xiàn)大繁榮和崩盤(pán)的交替”當(dāng)時(shí)不僅是政客們的吹噓，它也成了經(jīng)濟(jì)學(xué)體制內(nèi)人士的一個(gè)核心信念。