When forced to choose between full employment and price stability, the international finance economists say that the Fed will choose price stability, because its institutional memory of the 1970’s, when inflation ran rampant, remains very strong. Therefore, since a fall in the value of the dollar raises import prices, and thus functions as a negative shock to the supply side of the economy, the Fed will have to raise, not lower, interest rates, and sell, not buy, bonds.
对于这种说法，国际金融经济学家认为美联储根本不具备这样的能力。一旦被迫在扩大就业和稳定价格之间做出选择，国际金融经济学家认为美联储肯定会选择后者，因为它对20世纪70年代猛烈的通货膨胀至今记忆犹新。因此，由于美元贬值会提高进口价格，进而对经济的供应领域产生负面的影响，美联储将选择提高而非降低利率，也就是出售而非购买债券。