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1、考研英语核心词汇速成胜经Unit45一、真题文章（1997年Text5）Muchofthelanguageusedtodescribemonetarypolicy,suchas“steeringtheeconomytoasoftlanding”or“atouchonthebrakes”,makesitsoundlikeaprecisescience.Nothingcouldbefurtherfromthetruth.Thelinkbetweeninterestratesandinflationisuncertain.Andtherearelo
2、ng,variablelagsbeforepolicychangeshaveanyeffectontheeconomy.Hencetheanalogythatlikenstheconductofmonetarypolicytodrivingacarwithablackenedwindscreen,acrackedrear-viewmirrorandafaultysteeringwheel.Givenallthesedisadvantages,centralbankersseemtohavehadmuchtoboastaboutoflate.A
3、verageinflationinthebigsevenindustrialeconomiesfelltoamere2.3%lastyear,closetoitslowestlevelin30years,beforerisingslightlyto2.5%thisJuly.Thisisalongwaybelowthedouble-digitrateswhichmanycountriesexperiencedinthe1970sandearly1980s.Itisalsolessthanmostforecastershadpredicated.
4、Inlate1994thepanelofeconomistswhichTheEconomistpollseachmonthsaidthatAmerica'sinflationratewouldaverage3.5%in1995.Infact,itfellto2.6%inAugust,andexpectedtoaverageonlyabout3%fortheyearasawhole.InBritainandJapaninflationisrunninghalfapercentagepointbelowtheratepredictedatthee
5、ndoflastyear.Thisisnoflashinthepan;overthepastcoupleofyears,inflationhasbeenconsistentlylowerthanexpectedinBritainandAmerica.EconomistshavebeenparticularlysurprisedbyfavorableinflationfiguresinBritainandtheUnitedStates,sinceconventionalmeasuressuggestthatbotheconomies,andes
6、peciallyAmerica's,havelittleproductiveslack.America'scapacityutilization,forexample,hithistoricallyhighlevelsearlierthisyear,anditsjoblessloanapprovalandpostcreditapprovalofficer/atalllevelsinaccordancewithcreditapprovalrules,licensingandeventualexerciseofcreditdecisionpowe
7、rofpersonsorinstitutions.Reviewfindingsandreviewcomments,accordingtotheBank'screditrate(5.6%inAugust)hasfallenbellowmostestimatesofthenaturalrateofunemployment—theratebelowwhichinflationhastakenoffinthepast.Whyhasinflationprovedsomild?Themostthrillingexplanationis,unfortuna
8、tely,alittledefective.Someeconomistsarguethatpowerfulstructuralchangesintheworldha
