The downside risk was that a sharp slowdown in the economy, associated with weak real income growth and the tightening in the supply of credit, pulled inflation materially below the target.

下跌的风险是，急剧放缓的经济，与薄弱的实际收入增长和紧缩的信贷供给，退出重大低于通货膨胀率的目标。

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With inflation that ingrained, the U.S. central bank finally pulled out the big guns, raising the benchmark Fed funds rate to 13.77% in October 1979 from 11.43% in September.

随着通胀愈发凶猛，美国央行最终把鸟枪换成大炮，在1979年10月将银行利率从9月份的11.43%提高到13.77%。

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The European experience is that we get inflation, thus interest rate rises, long before these long term unemployed are pulled back into employment.

FORBES: After Six Months Unemployment Turns Into Permanent Unemployment