Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the 21st Geneva Conference on the World Economy, 16 May 2019

欧洲央行执行委员会成员Benoît Cœuré在第21届世界经济日内瓦会议上的讲话，2019年5月16日

One of the biggest mysteries currently facing central banks around the world is why inflation has failed to pick up more forcefully after years of extraordinary monetary stimulus.[1] This is one of the most fiercely debated topics in macroeconomics, with few definitive answers.

世界各国央行目前面临的最大谜团之一就是为什么在多年的非常规货币刺激措施之后，通胀未能有力地回升。这是宏观经济学中最激烈争论的话题之一，几乎没有明确的答案。

Many explanations have been put forward, including discussions on the appropriate measure of economic slack, the role of inflation expectations and the effects of globalisation and digitalisation.[2]

人们已经提出了许多解释，包括经济松弛的适当指标，通胀预期的作用以及全球化和数字化的影响。

One aspect that has received much less attention in the public discussion, however, relates to the impact of the structural transformation of our economies on inflation dynamics and monetary policy transmission.

然而，在公众讨论中受到较少关注的一个方面涉及我们的经济结构转型对通货膨胀动态和货币政策传导的影响。