The effectiveness of interest rate policy is determined by the elasticity of monetary demand.

利率政策的有效性取决于货币需求的利率弹性。

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Banks' reluctance to lend as they strive to repair their overstretched balance-sheets is impairing the effectiveness of monetary policy.

ECONOMIST: Britain's economy: Combating the recession | The

However, Mr. Draghi didn't announce any more such measures but reiterated that the unconventional measures already in place have served to improve the effectiveness of the ECB's monetary policy.

WSJ: European Stocks Post Small Losses

The data send mixed signals to the Federal Reserve and the public about the effectiveness of the Fed's policy of monetary easing.

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