This “Volcker moment” was, as students of economic history know, the catalyst not only for “winning the war against inflation,” but also for a multi-decade shift in conventional wisdom about central banking. Most important, inflation targeting and independence from the fiscal authorities became core features of mainstream policy – a requirement for any country seeking the macroeconomic stability deemed crucial for sustained economic growth and high rates of job creation.
研习经济史的学生都知道，“沃尔克时刻”不仅是“打赢抗通胀战争”的催化剂，也成为数十年央行传统智慧变革的历史根由。最重要的是，通胀目标和独立于财政管理机构成为主流政策的核心特征——同时也是追求对长期经济增长和高就业率创造至关重要的宏观经济稳定的国家所必须满足的要求。