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。
2
So the net effect of all that Fed monetary tightening has not raised mortgage rates at all.
美联储所有货币紧缩措施的净效果，根本没有抬高按揭利率。
3
Its own earlier experience of monetary stimulus since 1995, when it more than doubled the monetary base with little discernible effect on nominal growth, has left it unimpressed.