Central banks’ exclusive focus on consumer prices may even be counterproductive. By undermining the efficient allocation of capital and fostering mal-investment, CPI-focused monetary policy is distorting economic structures, blocking growth-enhancing creative destruction, creating moral hazard, and sowing the seeds for future instability in the value of money.
央行只关注消费物价甚至可能会拖累生产。专注CPI的货币政策破坏资本的有效配置、导致投资失当，从而扭曲经济结构、阻碍有利于增长的创新性破坏、制造道德风险，并给未来货币价格动荡埋下祸根。