从沃尔克的反通货膨胀看降低通货膨胀的权衡取舍

Focus on Trade-offs for Lower Inflation from the Experience of Volcker

通货膨胀将对国民经济带来巨大的风险,决策者有责任抑制通货膨胀,然而菲利普斯曲线揭示了降低通货膨胀是以增加短期失业为代价的。文章通过分析上世纪八十年代美联储主席保罗.沃尔克的反通货膨胀,对决策者降低通货膨胀所面临的权衡取舍以及如何使代价最小化进行探讨。

Inflation cause huge risks to national economy, and policymakers have the responsibility to curb inflation, which will cost the short-term increasing unemployment according to Philips Curve. By analyzing the policy against inflation from Paul Volcker, the chairman of the Federal Reserve in the 1980s, the paper intends to explore the trade-offs for lower inflation and the way to make the cost minimization.