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  3. Much of the language used to describe monetary policy, such as "steering the economy to a soft landing" or "a touch on the brake

Much of the language used to describe monetary policy, such as "steering the economy to a soft landing" or "a touch on the brake

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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 panel of economists which The Economist polls each month said that America’s inflation rate would average 3. 5% in 1995. In 1995, in fact, it fell to 2. 6% in August, and 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 bellow 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 the old economic models that were based upon the historical link between growth and inflation.
The sentence "This is no flash in the pan"(Line 5, Paragraph 3)means that______.
选项 A、the low inflation rate will last for some time
B、the inflation rate will soon rise
C、the inflation will disappear quickly
D、there is no inflation at present
答案A
解析 本题中，B项和C项之意明显与文章的意思不符。D项不正确，文中只是说“通胀率低”，并没有说没有通胀。从文章第3段的内容可知，通胀率也比大多数预测人员的预测低；由经济学家组成的专门研究小组说，美国1995年的平均通胀率将达到3．5％，而实际上，通胀率8月份就降到了2．6%，并且全年的通胀率有望达到大约3%的平均水平；在英国和日本，通胀率比去年年底预测的要低O．5％；这不是暂时的现象；在过去的两年里，英国和美国的通胀率一直比预测的低。据此可知，英美两国的通胀率低并不是偶然现象，而是一直比预测的低，并且可能持续一段时间。A项与文章的意思相符，因此A项为正确答案。
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