But if the idea of the countercyclical buffer is now generally accepted, what of the “nuclear option” to prick a bubble: Is it justifiable to increase interest rates in response to a credit boom, even though the inflation rate might still be below target? And should central banks be given a specific financial-stability objective, separate from an inflation target?
但如果反周期缓冲的理念如今被普遍接受的话，采用“核选项”刺破泡沫的做法又该如何认定：在通胀率可能仍然低于既定目标的情况下，提高利率以应对信贷热潮是否合理？是否应在原有通胀目标之外赋予央行一个特定的金融稳定目标？