From the standpoint of balancing aggregate demand and potential aggregate supply, the central bank should start by simply issuing a straightforward statement that, five years after the crisis began, a 0-2% target for annual inflation clearly runs unwarranted downside employment risks, and a 2-4% target is called for. But, while such an announcement is an obvious no-brainer for those in the Macroeconomic Camp, it would make all bankers who hold nominal assets or who think in nominal terms physically ill.
从平衡总需求和潜在总供给的角度看，中央银行应该从发布直接简单的目标开始——危机爆发五年后，0—2%的年度通胀目标显然不能保证就业风险下降，人们需要的是2—4%的通胀目标。但是，尽管如此宣告对于宏观经济阵营来说理所当然，但持有名义资产、以名义角度看问题的银行家就要如坐针毡了。