After all, in the past, increases and decreases in the growth rate of the monetary base (currency in circulation plus commercial banks’ reserves held at the central bank) produced – or at least were accompanied by – rises and falls in the inflation rate. And, because the monetary base is controlled directly by the central bank, and is not created by commercial banks, many believe that it is the best measure of the impact of monetary policy.
美国剑桥—美国通胀率低是一个谜，特别是对于关注通胀和货币基础变化的关系的经济学家来说。毕竟，在过去，货币基础（流通中货币加上商业银行存在央行的准备金）的增加和减少制造——或至少伴随着——通胀率的上升和下降。此外，由于货币基础由央行直接控制而非由商业银行创造，因此许多人相信它是衡量货币政策影响的最佳指标。