Seemingly irrefutable theoretical models underlie a paradigm that has changed in significant ways, and that, if preserved, is bound to cause serious political problems. Like it or not, policymakers must accept that central-bank independence will continue to weaken, and they should prepare to cope with the consequences.
央行独立行是一项特殊的制度创新。看似无可辩驳的理论模型支撑着一个范式，这个范式已经发生了重大变化，如果维持下去，注定会导致严重的政治问题。不管喜不喜欢，决策者必须接受央行独立行将继续削弱的前景，也应该做好准备应对它所带来的后果。