The tool was the short-terminterestrate, the target was price stability.
这里说的工具就是短期利率，而目标则是物价稳定。
2
To influence demand, the central banks move a short-terminterestrate up or down by adjusting the supply of bank reserves.
为了影响需求，中央银行通过调节银行储备货币的供应来抬高或降低短期利率。
3
It is not going to be easy in an economy where highly controlled financial markets render normal instruments of monetary control (for example, the short-terminterestrate) relatively ineffective.