Here, too, the record since 1980 has been patchy, despite the huge deflationary pressure exerted by low-wage competition from Asia. Inflation in 1950-1973 and 1980-2007 was about the same – just over 3% – while inflation targeting has failed to prevent a succession of asset bubbles that have brought recessions in their wake.
控制通胀的目的是什么呢？1980年通货膨胀率已经达到了顶点，尽管有来自亚洲的低工资的竞争而产生的通货紧缩的压力，1980年之前1950年到1973年以及随后的1980年到2007年的通货膨胀率都在3%多一点。——看来，控制了通胀并没有防止随后资产泡沫的出现，最终导致经济进入萧条期。