实行固定汇率制的中央银行可能会牺牲其制定国内货币政策的自主权。有一种说法认为,如果以上情况属实的话,那
A central bank that adopts a fixed exchange rate may sacrifice its autonomy in setting domestic monetary policy.It is sometimes argued that when this is the case,the central hank also gives up the ability to use monetary policy to combat the wage-price spiral.The argument goes like this:“Suppose workers demand higher wages and employers give in,but that the employers then raise output prices to cover their higher costs.Now the price level is higher and real balances are momentarily lower,so to prevent an interest rate rise that would appreciate the currency,the central bank must buy foreign exchange and expand the money supply.This action accommodates the initial wage demands with monetary growth and the economy moves permanently to a higher level of wages and prices.With a fixed exchange rate there is thus no way of keeping wages and prices down.” What is wrong with this argument?