Excessive focus on inflation meant that some central banks ignored what was happening to their financial markets. The costs of mild inflation are miniscule compared to the costs imposed on economies when central banks allow asset bubbles to grow unchecked.
第四个教训是，货币政策不仅仅是对抗通货膨胀。过度关注通胀致使某些国家的中央银行忽略了该国金融市场的问题。央行放任资产泡沫无限膨胀会令经济付出高昂代价，相比之下，温和通胀的成本真是不足挂齿。