The effect of these policies might come through in 2009, since both monetary and fiscal policy always take a while to have an effect.

这些政策可能要在2009年才能初见成效，毕竟货币和财政政策总是需要一段时间才能产生效果。

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What causes the lags in the effect of monetary and fiscal policy on aggregate demand?

什么因素导致货币和财政政策对总需求影响的时滞？

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Fiscal and monetary policy have a profound effect on the financial marketplace.

财政和金融政策对金融市场有巨大的影响。

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Then recall that it usually takes at least two quarters for monetary policy to have an effect.

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And such hard exchange-rate regimes do not offer suitable policy instruments for domestic economic management: Argentina's monetary policy was, in effect, made in Washington and was often inappropriate for Argentina's needs.

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But policymakers' reluctance to let their currencies rise faster against the dollar means that their monetary policy is, in effect, being set by America's Federal Reserve, and is therefore too lax for these perkier economies.

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