In short, while price stabilization through inflation targeting is a commendable objective, central banks’ narrow focus on consumer prices – within a relatively short time frame, no less – is inadequate to achieve it. This was highlighted by the surge in many countries’ housing prices in the run-up to the 2008 financial crisis, the steep decline in asset and commodity prices immediately after Lehman Brothers collapsed, the return to asset-price inflation since then, and recent large currency fluctuations.
简言之，通过设定通胀目标稳定物价是一个很好的目标，但央行狭隘地关注消费物价——并且只限于相对较短的时间框架——这不足以实现这一目标。2008年金融危机前多国房价的飙升、雷曼兄弟公司倒闭后资产和大宗商品价格应声暴跌、此后资产价格通胀的回归，以及最近的剧烈货币波动都是显著的例子。所有这些都与货币价值稳定不符。