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由于货币政策成功地支持了需求并稳定了通胀预期,所以从长远来看,这两个驱动因素的作用都应有所减弱。然而,这些因素对工资增长的拖累作用需要花费一段时间才能消除。在危机期间,货币政策的制定变得愈加复杂。当传统货币政策工具的边际效果已被测量,并且这些货币政策的效果越来越捉襟见肘时,我们不得不采取了一些非常规货币政策工具。这就涉及货币政策的调整问题,当前货币政策是否达到其政策目标?需要货币政策的制定者以及观察员对此进行校准。因此,今天在这里举行的观察员会议具有特别的重要意义。
Since monetary policy has successfully supported demand and stabilized inflation expectations, the role of these two drivers should be weakened in the long run. However, the drag on these wage increases can take some time to eliminate. During the crisis, the formulation of monetary policy has become more complicated. When the marginal effects of traditional monetary policy instruments have been measured and the effectiveness of these monetary policies becomes more stretched, we have to take some unconventional monetary policy instruments. This involves the adjustment of monetary policy. Whether the current monetary policy meets its policy objectives? It requires the makers of monetary policy and observers to calibrate this. Therefore, the observer meeting held here today is of special importance.