but they probably are planning for some given cushion relative

它们可能会根据自身的资本金限制
to their capital constraint.

采取一些缓冲措施
In this environment, it is likely that

在这种情况下
the multiplier for monetary policy is less

货币政策的乘数效应会减弱
and it is surely more uncertain

不确定性也必然增加
and that is an inhibition to the use of monetary policy.

并且只要动用货币政策都会有这种问题
Second inhibition to the use of monetary policy as a sole tool is:

单独使用货币政策的第二个问题在于
most of the time, with respect to most economic policies,

在大多数情况下对于大部分经济政策
we may not know

我们都无法确定
what the multiplier associated with the instrument is

政策的乘数效有多大
but we know where we have set the policy dial.

但我们知道我们所设置的政策基准
Through all of modern economic experience until nine months ago,

经历了九个多月的现代经济学研究