Ultra-low interest rates are not a plot by central bankers. They are a consequence of contractionary forces in the world economy. 超低利率不是央行的阴谋,而是紧缩性力量在全球经济中制造的后果。
Furthermore, sustained job cuts, ongoing destocking activities and reduced purchasing activity all suggest that the sector may remain in contractionary territory as we head into mid-year. 她说:持续的裁员、仍在继续的去库存以及采购活动的减少,都预示着制造业在今年年中这个时段将继续收缩。
Berlin is accused of lacking solidarity, imposing contractionary policies and gaining competitiveness at others 'expense. 他们指责柏林方面缺乏团结精神、将紧缩政策强加于人、而且为提高自身竞争力不惜损害他国利益。
In a crisis of deficient demand, however, they are dangerously contractionary. 但在需求不足的危机时期,它们具有危险的紧缩效应。
Second, the actual stance of Japanese fiscal policy then was, on balance, contractionary. 第二个条件是,总体上说日本当时财政政策的实际立场是主张经济紧缩。
Yet the West's economies have embarked on contractionary policies. 然而西方经济体已经开始实行紧缩政策。
Despite an interest rate of zero, monetary policy would become highly contractionary. 尽管实行零利率,但货币政策将变得具有高度收缩性。
These actions, contractionary by definition, could occur before a full recovery has asserted itself. 这些肯定具有紧缩效应的举措,可能在全面复苏巩固之前就会出台。
The net effect is a reduction in spending, a contractionary shift in the IS curve, and lower national income. 净效用就是支出的减少,IS将向相反的方向变动,从而导致更低的国民收入。
There is no doubt that the direct effect of tightening fiscal balances is contractionary. 毫无疑问,收紧财政平衡的直接影响是紧缩性的。
Yet the balance of economic forces is contractionary: financial crises and property price collapses in the US and a number of other high-income countries; soaring commodity prices; and inflationary pressures, particularly in emerging countries. 不过,总的经济动力正在减弱:美国及其它高收入国家正遭遇金融危机和楼市崩盘;大宗商品价格日益飙升;以及通胀压力,尤其是在新兴国家。
They do not understand that interest rates cannot fall much in an open economy and that a weaker currency has contractionary effects on output supply that could spoil the expansion coming from the effects on export and import demands. 他们不懂得,在开放型经济中,利率不可能大幅度下跌;而汇率下降会对产出供给产生收缩效应,这可能会破坏进出口需求效应引发的扩张。
For this time the contractionary forces have not been intensified, in the name of sound money. 在健全货币的名义下,这次紧缩力度没有加强。
Contractionary policies, if followed by many industrialised countries, could provoke a double-dip recession with very negative effects on developing countries. 如果众多工业国纷纷选择紧缩,可能会引发双底型衰退,对发展中国家产生极其负面的影响。
External demand will be weak, largely because many members are adopting contractionary policies at the same time. 外部需求将会不足,在很大程度上是因为很多成员国同时实施紧缩政策。
If, for example, debtors suffer an unexpected loss in net wealth or are forced suddenly to repay, the impact on the economy is bound to be fiercely contractionary. 比方说,如果债务人财富净值蒙受意外损失、或突然被强迫偿付债务,必然会对经济产生严重的收缩效应。
Following his re-election in 1936, FDR plunged the US economy back into depression with a sharply contractionary budget. 在1936年连任总统之后,罗斯福大幅紧缩预算,结果让美国经济重新陷入萧条。
Fiscal policy, rather than expansionary, is already on track to be sharply contractionary. 财政政策非但不会具有扩张性,而且已经在走向大幅收缩性了。
First, the contractionary fiscal policies that are decreasing aggregate demand and GDP in these countries cannot be offset by the expansionary effects of currency devaluations. 第一,这些国家实行的紧缩性财政政策对总需求和gdp具有抑制作用,却无法从货币贬值的扩张效应中得到弥补。
But the contractionary shock from the severe disruptions in the financial markets that we have been experiencing lately has shifted the economic landscape completely. 但我们最近遭受的金融市场严重瓦解带来了收缩性冲击,并完全改变了经济形势。
Any tax increase would be confined to the top 2 per cent, which would not be sharply contractionary. 任何增税措施都将把对象限定为收入最高的2%人群,这样的增税将不会产生强烈的紧缩效应。
Several studies show that the expansionary effect of lower interest rates has often outweighed the contractionary effect of lower government spending. 几项研究表明,低利率的扩张性效应通常比减少政府支出的紧缩性效应更为突出。
Even so, macroeconomic policy has remained contractionary. 尽管如此,日本的宏观经济政策却一直保持着紧缩性。
The Fed, in particular, found itself having to offset the contractionary effects of the vast flow of private and, above all, public capital into the US. 尤其是美联储,该机构的决策者们意识到,必须抵消掉大量私人资本、特别是公共资本流入美国所产生的紧缩效应。
Thus, the US needed to expand domestic demand, in order to offset the contractionary effect of the external deficits. 因此,美国需要扩大国内需求,以抵消外部赤字的收缩效应。
Then monetary and fiscal policy both turned contractionary, triggering the "depression within a depression" in 1937-38. 然而紧缩货币政策和财政政策,则引发了“衰退中的衰退”。
But a trade deficit is contractionary: for any given level of domestic demand, it lowers domestic output. 但贸易逆差具有收缩性:对于任一给定的国内需求,贸易逆差将降低国内产出。
The Mechanisms and Tests for Contractionary Effects of Active Fiscal Policy in China's Economy 我国积极财政政策紧缩效应的形成机制及其检验
While, others advocate a contractionary monetary policy and dogged defense of the exchange rate during crises. 而另一种观点认为,应该采取紧缩的货币政策和坚守固定汇率。
And constraints on capital requirements put a contractionary effect on macroeconomy through reduction in bank lending. 同时资本充足性管制会导致银行贷款供给的下降,从而对宏观经济产生紧缩性效果。