英語翻譯
This monetary policy strategy involves a closed circle of interconnections in the model between the instruments of monetary policy and some intermediate variables on the one hand and between these last variables and the policy objectives in the real sector (production,employment and so on) on the other hand.Because monetary actions of the authorities operate upon economic activity with substantial but variable time lags,monetary authorities cannot observe an immediate impact of their actions on the ultimate policy targets in the real sector of the economy.Therefore monetary policy makers introduce the following pragmatic indicator-operational target-approach to improve the implementation of monetary policy.Because there is in practice a lack of information about the complicated transmission processes,through which the ultimate effects of monetary actions are spread throughout the period concerned,the authorities introduce two intermediate variables,Le.The operational target and the indicator.
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