Inflation targets have left central banks in a bind
通胀目标让央行陷入困境

Monetary policy does not lean against booms but eases aggressively in busts while debt keeps rising inexorably
普伦德：通胀目标让央行陷入长期的困境，即货币政策不是在繁荣时逆风而行，而是在萧条时大幅放松，而债务则继续无情地上升。