Only an equally complex and highly adaptable monetary-policy approach – one that emphasizes risk management and reliance on policymakers’ judgment, rather than a clear-cut formula – can do that. Such an approach would be less predictable and eliminate forward guidance, thereby discouraging excessive risk-taking and reducing moral hazard.
在一个不断演化的复杂经济中，简单的通胀目标框架无法稳定货币价值。唯有同样复杂和高度适应性的货币政策方针——强调风险管理和依赖据侧着的判断而非非黑即白的公式——能够实现这一点。这一方针更难以预测，也断绝了前瞻指引，从而遏制过度冒险、降低道德风险。