适度提高通货膨胀目标:收益与成本分析

Moderately Raise the Inflation Target:Analysis of Benefit and Cost

在通货膨胀目标制框架下,如果美联储能够将通货膨胀率从2%提高至3%,不仅有利于扩大货币政策操作空间、降低国内经济波动,而且可以在就业和产出两个方面使美国经济获得一个短期的但实实在在的收益,且这种收益不会对经济造成多重冲击。建议美联储在下一次货币政策框架审查过程中将适度提高通货膨胀目标的建议纳入审查范围。

Under the framework of the inflation target system,if the FED can increase the inflation rate from 2%to 3%,it will not only help to expand the operating space of monetary policy and to reduce domestic economic fluctuations,but it can also boost the U.S.economy in terms of employment and output,obtaining a short-term but tangible benefit.And this benefit will not cause multiple shocks to the economy.It is recommended that in its next review of the monetary policy framework a proposal for a modest increase in the inflation target.