Will often cause monetary policy to be considered counterproductive because it makes it hard for the central bank to know when the policy will take effect?

Long and variable time lags

Explanation:

The monetary policy which will be counterproductive (it means that the policy will not give or provide the desired results which is expected), is the long and variable time lags. The policy which have a long period and it is variable in nature could be the one that makes hard for the bank to know that when the policy will take the effect.

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