An ideal economy is one in which there’s as much growth in prosperity and wealth creation, ideally in a balanced way that benefits most people, are happening at the same time as there’s not too much inflation. So in other words, both inflation and growth matters and so on. And there’s a problem that we have related to staglation and the nature of staglation. It happens when there is too much debt, too much, and there needs money to pay for the debt. And so you see the creation of a lot of money to pay for the debt. And when there are shocks, such as conflicts in the world that mean that there’s less efficiency, then it becomes tougher to balance those things. And the key for monetary policy is to balance those things, because once it tips way too much in one direction, then it gets out of control, and then the pendulum swings so that you start the inflation spiral, for example. And then that requires tighter interest rates and bubbles burst, and those types of things happen. So think about the middle ground, know? And so if inflation is too high and growth is too low, then you have to work monetary policies and middle ground. If you have a situation, I think, that we’re having now where there’s maybe too much inflation and there’s also maybe too much exuberance and parting and perhaps not enough adequate distribution of opportunities and wealso, the population is feeling it differently. I think you have to engineer, but the right monetary policy, right fiscal policies have to engineer how to achieve balances of those things, balances of inflation and growth and of opportunity, so that the broad based population has a good set of circumstances. That’s the challenge of monetary policy. And that’s how staglation is a threat and can become more than a threat in doing a lot of damage if it’s not managed well.
理想的经济是一种繁荣和财富创造尽可能多地增长、理想上以惠及大多数人的平衡方式增长，同时通胀又不太高的经济。换句话说，通胀和增长等因素都很重要。我们面临一个与滞胀及其性质相关的问题。当债务过多、过多，需要资金来偿还债务时，就会发生滞胀。于是你会看到大量货币被创造出来以偿还债务。当出现冲击时，比如世界上的冲突导致效率降低，那么平衡这些事情就变得更加困难。货币政策的关键在于平衡这些事情，因为一旦它向一个方向倾斜得太多，就会失控，然后钟摆摆动，例如你就会开始通胀螺旋。然后这就需要收紧利率，泡沫破裂，诸如此类的事情就会发生。所以要考虑中间立场，知道吗？因此，如果通胀太高而增长太低，那么你就必须运用货币政策和中间立场。我认为，如果我们现在面临的情况是，通胀可能过高，同时也可能存在过多的繁荣和狂欢，也许机会分配不够充分，而且民众的感受也各不相同。我认为你必须进行设计，但正确的货币政策、正确的财政政策必须设计出如何实现这些事情的平衡，实现通胀、增长和机会的平衡，从而使广大民众拥有良好的环境。这就是货币政策的挑战。这就是滞胀如何成为一种威胁，并且如果管理不善，它可能不仅仅是威胁，还会造成巨大损害。