If you want to impress central bankers, inject " long and variable lags" into a conversation and heave a heavy sigh.

如果你想给央行官员留下深刻印象，那就在对话中提到“漫长而多变的滞后”，然后沉重地叹一口气。

The typical phrase is that monetary policy works with long and variable lags.

典型的说法是货币政策的作用具有长期且可变的滞后性。

And there are long, variable lags before policy changes have any effect on the economy.

在政策变化对经济产生任何影响之前，还有很长的可变滞后。