The current high-stakes conundrum faced by policymakers suggests that they should apply inflation-targeting principles more flexibly in the context of a major economic shock. This would involve raising the target to a level in line with the actual inflation rate observed in the post-crisis period – a level that the public would perceive as realistic, honest, and credible.
当前政策制定者所面对的堪称一个极端左右为难的困局，这意味着在重大经济危机的背景下他们应该更灵活地使用通胀目标原则。这将包括将目标提高到与后危机时代实际通胀率相符合的程度——也是一个公众感觉现实，诚实以及可信的程度。