观点货币政策

Central banks face a set of hard choices
FT社评:加薪与抑制通胀之间的矛盾

Any trade-off between inflation and growth is at heart of monetary policy
劳动者从自身利益出发争取最好的工资待遇没什么不对,然而央行官员对劳动力成本上升带来的通胀风险敏感也合情理。

The last time UK inflation was as high as it is now the British pound was linked to the now-defunct Deutschmark. In the US, the rate of price growth is the highest since 1982, which economic historians see as roughly the end of the 1970s “Great Inflation”. Eurozone inflation, meanwhile, is the highest it has been in the currency bloc’s history — unsurprising, perhaps, given soaring natural gas prices and the spectre of an inflationary war in Europe. Only Asia seems immune from the pressures.

英国通胀率上一次达到现在这样的高位时,英镑仍与现已消失的德国马克挂钩。在美国,价格涨幅已达到自1982年以来的最高水平,manbetx20客户端下载 历史学家认为那一年差不多是上世纪70年代“大通胀”时期的终点。与此同时,欧元区通胀达到这个单一货币集团的史上最高位——考虑到天然气价格飙升和欧洲可能爆发助燃通胀的战争,这或许不足为奇。只有亚洲似乎不受通胀压力影响。

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