貨幣政策

Central banks face a set of hard choices
FT社評:加薪與抑制通膨之間的矛盾

Any trade-off between inflation and growth is at heart of monetary policy
勞動者從自身利益出發爭取最好的工資待遇沒什麼不對,然而央行官員對勞動力成本上升帶來的通膨風險敏感也合情理。

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.

英國通膨率上一次達到現在這樣的高位時,英鎊仍與現已消失的德國馬克掛鉤。在美國,價格漲幅已達到自1982年以來的最高水準,經濟歷史學家認爲那一年差不多是上世紀70年代「大通膨」時期的終點。與此同時,歐元區通膨達到這個單一貨幣集團的史上最高位——考慮到天然氣價格飆升和歐洲可能爆發助燃通膨的戰爭,這或許不足爲奇。只有亞洲似乎不受通膨壓力影響。

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