In the years preceding the financial crisis, increasing globalization and technological advances made it much easier for central banks to deliver both solid growth and low inflation. This was not the case in the 1970s, when stagnating productivity and rising commodity prices turned central bankers into scapegoats, not heroes.
在全球金融危机爆发前的几年，越来越多的全球化和技术进步使中央银行更易于实现硬增长和低通胀。这跟上世纪70年代不一样，当时停滞不前的生产力和上涨的商品价格使得中央银行成为替罪羊而非大明星。