The Federal Reserve is empowered by Congress to keep inflation in check, but its definition is even more wanting than the monetarist view.

美联储是由国会授权保持通货膨胀可控的部门，但这个机构对于通胀的定义甚至比货币主义者更加空洞。

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Investors snapping up 30-year Treasury bonds paying less than 5 percent are betting that the Fed will keep these inflation risks in check.

那些抢购30年期低于5%利率的国债的投资者打赌，美联储将会有效控制通货膨胀的风险。

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Furthermore, Wilson, the only president with a doctorate, tried to use the newly created Federal Reserve system and an elastic money supply to keep inflation in check, but the U.S. still saw double-digit inflation from 1917 to 1920.

WSJ: Checks & Balances | Museum of American Finance | Of Debt and Taxes | By Mark Yost

Productivity increases have been strong in recent years, due in large part to improvements in technology - helping keep inflation in check while the economy expands.

BBC: US productivity grows 5%

Central banks' second function is macroeconomic stabilisation, setting interest rates to keep inflation in check without causing the economy to stop and start.

ECONOMIST: CSI: credit crunch | The