摘要：Flexible inflation targeting implies that the central bank must in the short term strike a balance between pricestability and stability in the real economy. With some types of disturbance, for example a demand shock, therewill be little or no conflict between these two objectives. Other disturbances, for example a cost-push shock,may create a conflict between price stability and stability in the real economy in the short term. The centralbank then faces a trade-off. The horizon for achieving the inflation target implicitly provides some indicationof how much weight the central bank gives to stability in the real economy. Considerable emphasis on stabil-ity in the real economy implies a relatively long horizon. In Norges Bank's view, a two-year horizon forachieving the inflation target normally provides a reasonable trade-off between the objectives of price stabil-ity and stability in the real economy
