Furthermore, economists now understand inflation as a rise in consumer prices, not as a decline in the value of money resulting from an excessive increase in the money supply. Making matters worse, central banks routinely deny responsibility for any prices other than consumer prices, ignoring that the value of money is reflected in all prices, including commodities, real estate, stocks, bonds, and, perhaps most important, exchange rates.
此外，今天的经济学家将通胀理解为消费物价的上涨，而非货币价值因为货币供给增加过度而导致的下降。更糟糕的是，央行常常否认它们对除消费物价外的任何价格负有责任，完全不顾货币价值反映在所有价格中，包括大宗商品、房地产、股票、债券以及——也许也是最重要的——汇率。