Many sentences used to describe monetary policy, such as "steering the economy to a soft landing" or "a touch on the brakes", makes it sound like a precise science. Nothing could be further from the troth. The relation between interest rates and inflation is uncertain. And there are long, variable lags before policy changes have any effect on the economy. Hence the analogy that likens the conduct of monetary policy to driving a car with a blackened windscreen, a cracked rearview mirror and a faulty steering wheel.
Given all these disadvantages, central bankers seem to have had much to boast about. Average inflation in the big seven industrial economies fell to a mere 2.3 % last year, close to its lowest level in 30 years, before rising slightly to 2.5 % this July. This is a long way below the double-digit rates which many countries experienced in the 1970s and early 1980s.
It is also less than most forecasters had predicted. In late 1994
A. there is a clear relationship between inflation and interest rates.
B. the economy always follows particular trends.
C. the current economic problems are entirely predictable.
D. the present economic situation is better than expected.
Many sentences used to describe monetary policy, such as "steering the economy to a soft landing" or "a touch on the brakes", makes it sound like a precise science. Nothing could be further from the troth. The relation between interest rates and inflation is uncertain. And there are long, variable lags before policy changes have any effect on the economy. Hence the analogy that likens the conduct of monetary policy to driving a car with a blackened windscreen, a cracked rearview mirror and a faulty steering wheel.
Given all these disadvantages, central bankers seem to have had much to boast about. Average inflation in the big seven industrial economies fell to a mere 2.3 % last year, close to its lowest level in 30 years, before rising slightly to 2.5 % this July. This is a long way below the double-digit rates which many countries experienced in the 1970s and early 1980s.
It is also less than most forecasters had predicted. In late 1994
A. is comparable to driving a car.
B. is similar to carrying out scientific work.
C. will not influence the economy immediately.
D. will have an immediate impact on the inflation rate.
Many useful tools and techniques are used in developing schedule()is a schedule network analysis technique that modifies the project schedule to account for limited resource.
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