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.” Temporary fluctuations in a narrow and imprecisely measured CPI are a small price to pay to secure the long-term stability of money.
短期消费物价稳定并不能保证经济、金融或货币稳定。央行应该接受这一事实，采取全面、长期的货币政策方针——即使这意味着短期消费物价通胀偏离目前所认为的“物价稳定”。和确保长期物价稳定比起来，暂时性的窄幅波动和CPI测量不准的代价微不足道。