BEIJING – Fixated on inflation targeting in a world without inflation, central banks have lost their way. With benchmark interest rates stuck at the dreaded zero bound, monetary policy has been transformed from an agent of price stability into an engine of financial instability.
北京—在一个没有通胀的世界以通胀目标为核心，这让央行迷失了方向。基准利率被锁定在骇人听闻的零区间，货币政策已经从物价稳定的代表转变成金融动荡的发动机。我们急需新的方针。