What should central banks target? Since the early 1990s the answer has increasingly been “consumer price inflation”. But this has never been unchallenged. Today, there are four alternative positions. One thinks central banks should target asset prices. Another thinks they should target a “just” interest rate. Yet another thinks they should target real activity. The last thinks they should target some other nominal goal, such as the price level or nominal gross domestic product. These are important debates. But the reality remains: central banking is art, not science. The art must be guided by sensible goals coupled to deep awareness of uncertainty.
央行应该以什么为目标？自1990年代早期以来，越来越多的答案是“消费者价格通胀”。但这一点一直以来都遭受到质疑。今天还存在另外四种观点。第一种认为央行应该以资产价格为目标。第二种认为央行应该以“适当的”利率为目标。第三种认为央行应该以实体manbetx20客户端下载 活动为目标。第四种认为央行应该制定其他的名义目标，如价格水平或者名义国内生产总值(GDP)。这些讨论很重要。但现实仍然是：央行搞的是艺术，而不是科学。这门艺术必须以合理的目标和对不确定性的深刻认识为指导方针。