In contrast to the policy recommendations of most economists, relying on monetary incentives to tackle collective choice problems like global warming can actually have perverse effects.

与大部分经济学家的政策建议相比，通过对货币激励政策的依赖而抓住共同选择的问题，例如全球变暖，这样做会造成不良影响。

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But the unpredictable effects of such operations mean they will not be the principal method by which the Fed tightens monetary policy.

但这些操作会造成何种影响难以估计，因此不太可能成为美联储的主要货币紧缩手段。

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With short-term policy rates at or near zero, getting more of a monetary boost means expanding a set of instruments whose efficacy, and side-effects, are ill-understood (see article).

由于短期政策利率接近或已经达到零，因此获得更多的货币提振意味着扩展一系列手段，而这些手段的效果和副作用却并不知道。

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Furthermore, the effects of monetary policy tend to be spread less evenly across the economy than those of fiscal policy.

ECONOMIST: Fiscal flexibility

One school of thought is that a high unemployment rate is structural and immune to the stimulative effects of monetary policy.

ECONOMIST: Central bankers wonder why success eludes them

Then there is the Fed and the effects of its monetary policy.

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