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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.Andtherearelong,variablelag
2、sbeforepolicychangeshaveanyeffectontheeconomy.Hencetheanalogythatlikenstheconductofmonetarypolicytodrivingacarwithablackenedwindscreen,acrackedrear-viewmirrorandafaultysteeringwheel.Givenallthesedisadvantages,centralbankersseemtohavehadmuchtoboastaboutoflate.Averageinflationinthebigseven
3、industrialeconomiesfelltoamere2.3%lastyear,closetoitslowestlevelin30years,beforerisingslightlyto2.5%thisJuly.Thisisalongwaybelowthedouble-digitrateswhichmanycountriesexperiencedinthe1970sandearly1980s.Itisalsolessthanmostforecastershadpredicated.Inlate1994thepanelofeconomistswhichTheEcon
4、omistpollseachmonthsaidthatAmerica'sinflationratewouldaverage3.5%in1995.Infact,itfellto2.6%inAugust,andexpectedtoaverageonlyabout3%fortheyearasawhole.InBritainandJapaninflationisrunninghalfapercentagepointbelowtheratepredictedattheendoflastyear.Thisisnoflashinthepan;overthepastcoupleofye
5、ars,inflationhasbeenconsistentlylowerthanexpectedinBritainandAmerica.EconomistshavebeenparticularlysurprisedbyfavorableinflationfiguresinBritainandtheUnitedStates,sinceconventionalmeasuressuggestthatbotheconomies,andespeciallyAmerica's,havelittleproductiveslack.America'scapacityutilizati
6、on,forexample,hithistoricallyhighlevelsearlierthisyear,anditsjoblessrate(5.6%inAugust)hasfallenbellowmostestimatesofthenaturalrateofunemployment—theratebelowwhichinflationhastakenoffinthepast.Whyhasinflationprovedsomild?Themostthrillingexplanationis,unfortunately,alittledefective.Someeco
7、nomistsarguethatpowerfulstructuralchangesintheworldhaveup-endedtheoldeconomicmodelsthatwerebaseduponthehistoricallinkbetweengrowthandinflation.二、译文很多用来描述货币政策的词，例如“引导经济软着陆”和“触动经济刹车”，听起来象是一门精确的科学。事实远非如此。利率和通货膨胀之间的关系难以确定。在政策的变化对经济起实际作用之前，会有很长而难以确定的时间差。所以，很多人把货币政策实施过程比作驾驶一辆遮住
