Abstract Current discussions over the behavior of central banks show that more and more political leaders are demanding that the monetary authorities abandon a single-goal mandate of solely combating inflation. Many are considering a multi-goal commitment that would include not only concern with inflation, as had been the case before the global financial crisis. Central banks should also give due consideration to the problem of unemployment, income distribution and macro-prudential risks in their interest-rate setting. By looking at the experience of fourteen inflation-targeting countries since the global financial crisis, empirical evidence suggests that central banks have shifted significantly their behavior and have shown a high degree of pragmatism in dealing with the aftermath of the financial crisis, by loosening their focus on inflation. Using an alternative post-Keynesian analytical framework, the article then proceeds with an analysis of how central banks can effectively achieve a multi-goal commitment that would include full employment and a more equitable distribution of income in their pursuit of monetary policy.

中文翻译：

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通胀目标的错觉：自全球金融危机以来，中央银行是否已经弄清楚他们实际上在做什么？主流观点的另一种选择

摘要 当前对中央银行行为的讨论表明，越来越多的政治领导人要求货币当局放弃单一目标的任务，即单纯打击通货膨胀。许多人正在考虑一项多目标承诺，其中不仅包括对通货膨胀的担忧，就像全球金融危机之前的情况一样。各国央行在制定利率时也应适当考虑失业、收入分配和宏观审慎风险等问题。通过观察自全球金融危机以来 14 个通胀目标国家的经验，经验证据表明，中央银行已显着改变其行为，并通过放松其关注点，在处理金融危机的后果方面表现出高度的务实态度。关于通货膨胀。