首页
登录
职称英语
Much of the language used to describe monetary policy, such as "steering the
Much of the language used to describe monetary policy, such as "steering the
游客
2023-09-11
27
管理
问题
Much of the language 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 truth. The link 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 rear view mirror and a faulty steering wheel.
Given all these disadvantages, central bankers seem to have had much to boast about of late. 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 predicated. In late 1994 the pane] of economists which The Economist polls each month said that America’s inflation rate would average 3.5% in 1995. In fact, it fell to 2.6% in August, and is expected to average only about 3% for the year as a whole. In Britain and Japan inflation is running half a percentage point below the rate predicted at the end of last year. This is no flash in the pan; over the past couple of years, inflation has been consistently lower than expected in Britain and America.
Economists have been particularly surprised by favorable inflation figures in Britain and the United States, since conventional measures suggest that both economies, and especially America’s, have little productive slack. America’s capacity utilization, for example, hit historically high levels earlier this year, and its jobless rate (5.6% in August) has fallen below most estimates of the natural rate of unemployment—the rate below which inflation has taken off in the past.
Why has inflation proved so mild? The most thrilling explanation is, unfortunately, a little defective. Some economists argue that powerful structural changes in the world have up-ended(颠倒) the old economic models that were based upon the historical link between growth and inflation. [br] The word "thrilling" (second sentence, last paragraph) probably means ______.
选项
A、frightening
B、terrifying
C、exciting
D、disappointing
答案
C
解析
词汇题。根据最后——段前两句,不幸的是,即使是最令人兴奋的解释也是有缺陷的。 thrilling在此应为令人兴奋之意。
转载请注明原文地址:https://tihaiku.com/zcyy/3003552.html
相关试题推荐
Francemightbedescribedasan"all-round"country,onethathasachievedr
Francemightbedescribedasan"all-round"country,onethathasachievedr
Francemightbedescribedasan"all-round"country,onethathasachievedr
Francemightbedescribedasan"all-round"country,onethathasachievedr
Francemightbedescribedasan"all-round"country,onethathasachievedr
Francemightbedescribedasan"all-round"country,onethathasachievedr
Francemightbedescribedasan"all-round"country,onethathasachievedr
[originaltext]UnlikeBoas,whohadonlysuggestedlanguageasameasureof
PassageOneEnglishisoneofthemostimportantlanguagesoftheworld
PassageOneEnglishisoneofthemostimportantlanguagesoftheworld
随机试题
证明prove;testify
[originaltext]Everyonefacesdifficultiesfromtimetotime.Sometimesthed
Sinceancienttimes,thedestructiveeffectsofearthquakesonhumanlivesa
Weenjoyfinefoodfromthefirsttastetothelast.Similarly,goodwriting
I/O采用统一编址时,进行输入输出操作的指令是()A.控制指令 B.访存指
大包穴位于侧胸部腋中线上()A.当第3肋间隙处 B.当第4肋间隙处 C
患者,男,49岁,因车祸致伤,有骨折和多处开放性损伤,体检:脉搏细速,血压80/
下列作品中,被认为是刺激19世纪50年代废奴主义兴起的一大原因,对于美国奴隶制度
二氧化硫是造成酸雨的主要原因。某地区饱受酸雨困扰,为改善这一状况,该地区1—6月
一住店客人未付房钱即想离开旅馆去车站。旅馆服务员揪住他不让走,并打报警电话。客人
最新回复
(
0
)