How Do Central Banks Control Inflation? A Guide for the Perplexed
梳理了中央银行控制通胀的经济理论，包括利率、资产负债表和财政分红等工具，并基于历史经验讨论其有效性，强调不同方法的一致性。
Central banks have a primary goal of price stability. They pursue it using tools that include the interest they pay on reserves, the size and the composition of their balance sheet, and the dividends they distribute to the fiscal authority. We describe the economic theories that justify the central bank’s ability to control inflation and discuss their relative effectiveness in light of the historical record. We present alternative approaches as consistent with each other, as opposed to conflicting ideological camps. While interest-rate setting may often be superior, having both a monetarist pillar and fiscal support is essential, and at times pegging the exchange rate or monetizing the debt is inevitable.