That was not the case in the 1930s, which is why deflation remains the modern policy bogeyman. 20世纪30年代的情况则并非如此,这正是现代政策依然将通缩视为洪水猛兽的原因。
The organisation also warned that the risks of deflation still remain if monetary policy is tightened too aggressively. 该组织更警告谓,倘若日本加息过急,通缩风险将难以消除。
Note, too, that when the financial system finally does recover and the economy is on the mend, the timing of any return to fiscal and monetary rectitude, after the huge efforts to stave off deflation, poses a horrific policy challenge. 还需注意的是,当金融系统最终真正复苏、经济出现好转时,此前着力于防止通缩的财政及货币政策何时回归正轨,将是一个令人畏惧的政策挑战。
The big picture in Japan is that deflation continues and monetary and fiscal policy are both being tightened, he said. 他表示:日本的总体情况是通缩仍在持续,而货币政策和财政政策都在收紧。
Deflation is dangerous as it leads to a liquidity trap, a deflation trap and a debt deflation trap: nominal policy rates cannot fall below zero and thus monetary policy becomes ineffective. 通缩的危险性在于,它将导致流动性陷阱、通缩陷阱和债务通缩陷阱:名义政策利率不能降为负值,因此货币政策将会失效。
First, deflation makes it impossible for conventional monetary policy to deliver negative real interest rates. 首先,通缩使得传统的货币政策不可能让实际利率成为负数。
Deflation may be theresult of government policy ( such as a moveto raise interest rates and cut money supply) or can be caused by external factors, such asintense trade competition or the collapse ofan asset bubble. 通过紧缩可能是政府政策(如加息和减少货币供应量)导致的结果,也可能是受外来因素的影响,如贸易竞争激烈,资产泡沫破灭等。
But given the risks posed by worsening deflation policy is still too tight. 但鉴于逐渐恶化的通缩所带来的风险,政策仍然太紧缩了。
Theory Analysis of the Deflation of China by Monetary Policy 我国通货紧缩现象的货币理论分析
But in recent years, the effectiveness of the monetary policy has been reduced. Expanded policy failed to control deflation and tight policy by raising deposit reserve rate failed to restrain the trend of economic over-heat. Various factors can account for the situation. 但是近年来,货币政策的效果有所下降,扩张性的货币政策没有能够有效地抑制通货紧缩,当前提高法定存款准备金率的从紧的货币政策也没有很好的抑制经济过热的势头。
The Alternate Changing between Inflation and Deflation and the Policy Chosen 通胀与通缩的交替换位及政策选择
According to economic theories, in the deflation period, easy monetary policy should be carried out. 就经济理论而言,通货紧缩时期应实行扩张性货币政策。
As to China's macroeconomy, characterized by monetary deflation, deficit policy is no doubt an efficient measure. 对于表现为通货紧缩的中国宏观经济,赤字启动不失为一副猛醒剂。
Deflation policy should continue to obstruct economic superactive. 但为防止经济过热,更加紧缩的货币政策还要持续相当一段时期。
In chapter 7, analyzing overseas currency deflation and monetary policy, I summarize the edification of how to with deflation. 它山之石,可以攻玉。文章的第七章在对国外通货紧缩进行分析,对国外货币政策进行研究的同时,总结出在治理通货紧缩中货币政策的种种启迪。
Factors Restricting the Action against Deflation and Related Policy Measures 治理通缩的制约因素及政策措施
In the course of the periodical economic movements, the co existence of bad creditor's rights and currency deflation makes the currency policy in an awkward situation because the macroeconomic policies are not sufficiently supported by substantial micro environments. 在经济周期变动中,由于过去宏观经济政策缺乏微观运行基础,不良债权与通货紧缩并存状况,使货币政策无所适从。
SALARY INCREASE FOR PUBLIC SERVANTS Curing deflation by inflationary policy may cause stagflation Salary increase to civil servants can not bring up the income of others. 搞点通货膨胀的政策建议不可取,用通胀治通缩的结果很可能是滞胀;公职人员加薪不能带动其他社会成员增收,其它社会群体增加收入要从他们所处的现实经济关系中去寻找。
The effective ways of improving deflation are practising active financial policy and currency policy deepening corollary reform, adjusting industrial structure and so on. 实施积极的财政政策和货币政策、深化配套改革、调整产业结构等是治理通货紧缩的有效途径。
Using the monetary theory, this paper analyzes the causes of deflation from the aspects of fruitless analysis of monetary and deflation effect of monetary policy, it also discusses the harmfulness to chinese finance. 运用货币理论分析我国当前通货紧缩的成因,认为应当从货币性无效分析以及货币政策紧缩效应两个方面分析通货紧缩的原因;并进一步分析了通货紧缩对我国金融的危害;
This paper studied on the reason of deflation happened in China and the policy recommendations. pressure; 本文着重分析中国目前面临的通货紧缩压力的起因,不断发展的原因以及相应的治理对策。
Analysis about the deflation and effect of monetary financial policy 通货紧缩与促进经济增长目标的政策效应分析
Deflation and the Decision of Economic Policy 通货紧缩与经济政策选择
Currency Deflation, Asset Expansion and Monetary Policy 通货紧缩、资产膨胀与货币政策&兼论当前中国的货币总量和货币结构问题
Since our country has not walked out of the situation of insufficiency of effective demand and deflation, the positive financial policy with national debts playing an important role should not be canceled but developed even more. 由于目前我国还没有走出有效需求不足,通货紧缩的局面,以国债投资为主的积极财政政策还不能停止,还必须充分发挥财政政策的作用。
The Cause of Deflation and the Appropriate Monetary Policy of Our Country 我国当前通货紧缩的成因及相应的货币政策
Since the beginning of reform and opening policy, China has went through several times of inflation and deflation, facing the alternate reality of inflation and deflation, the traditional policy tools is obviously insufficient and invalid. 改革开放以来,中国多次出现通货膨胀和通货紧缩,面对通货膨胀与通货紧缩的交替出现的现实,传统的政策手段存在明显不足。
Under the situation of deflation, tax policy, as an important macro regulation method, is effective in holding back deflation and thus be helpful to the healthy and sustainable development of national economy. 在通货紧缩下税收政策是一项重要的宏观调控手段。税收政策能有效抑制通货紧缩,有助于国民经济的健康持续发展。
It is because of the impact of the financial crisis, Chinese macroscopical economy from inflation to deflation, therefore, the control policy and be quite different before. 正是因为金融危机的影响,中国宏观经济从通货膨胀变成通货紧缩,因此,本轮调控政策也与之前大相径庭。