It is time for central banks to accept this fact and adopt a comprehensive, long-term monetary-policy approach – even if it means that, in the short term, consumer-price inflation deviates from what is currently understood as “price stability.”
Es hora de que los bancos centrales acepten este hecho y adopten un marco de política monetaria amplio a largo plazo, incluso si en el corto plazo eso implica desviaciones del índice de precios al consumidor que se considere en ese momento “estable”.