In principle, the answer is straightforward. If a central bank has two policy targets, then it needs two instruments: monetary policy to influence aggregate demand, and regulatory policy to limit financial risks.
问题在于斯特恩的新观点是否能够得到论证。理论上，答案是直观的。如果中央银行有两个政策目标，那么就需要两种工具：货币政策影响总需求；监管政策限制金融风险。