积极货币

美联储（fed）理事弗雷德里克米西金（fredericmishkin）上周末在杰克逊霍尔研讨会上发表的讲话，为美联储采取积极货币政策应对美国住宅价格下跌打下了基础。

Federal Reserve governor Frederic Mishkin set the stage for an aggressive monetary policy response by the US central bank to any fall in house prices in his presentation to the Jackson Hole Symposium this weekend .

美国缓解经济而实施的积极货币政策走到尽头了吗？

Is America 's aggressive monetary easing about to end ?

积极货币政策在实施过程中的障碍

Obstacles in the Operation of the Positive Monetary Policy

几周之后，他就转投积极货币政策阵营了。

A few weeks later he was joining the ranks of the monetary activists .

这一说法确实是非积极货币政策所推崇的论点，欧洲大陆普遍青睐这种看法。

The latter is really an argument for a non-activist monetary policy , the kind that is generally preferred in continental Europe .

2002年当通胀水平较低、增长突然放缓时，伯南克有关采取积极货币政策的观点，就清楚地暗示了这些举措。

They are clearly implied by Mr Bernanke 's 2002 argument for aggressive monetary policy measures when inflation is low and growth slows suddenly .

因此，通过积极货币政策缓解通货紧缩压力，可以增强股票市场的规模活性并形成收益率上升的稳定预期。

Therefore , by implementing the active monetary policy , we could loosen the pressure of deflation , expand the stock market scale , and form the stable expectation of increasing stock return .

与西方国家不同的是，我国的通货紧缩还存在有趣的悖论：西方是紧货币政策下的通货紧缩，而我国是积极货币政策下的通货紧缩；

Unlike that in west countries , there has a interesting paradox in our country : deflation in our country emerges under positive monetary policy while in west it emerges under tighten monetary policy ;

更好的战略是推行更加积极的货币政策，就像美联储（Fed）在美国正在做的。

A better strategy is pursuing a more aggressive monetary policy , such as the one the Federal Reserve is undertaking in the US .

过去一年里，为了对抗居高不下的通胀，印度是20国集团（G20）中最积极的货币政策收紧者之一。

Over the past year , India has been one of the most active tighteners of monetary policy among the Group of 20 leading nations , as it has battled stubbornly high inflation .

此外，积极的货币政策未能阻止名义GDP的大幅下降&在截至2009年第四季度的一年内，欧元区名义GDP收缩了2%。

Moreover , the aggressive monetary policy has failed to halt a sharp fall in nominal GDP , which shrank by 2 per cent in the year to the fourth quarter of 2009 inside the eurozone ( see charts ) .

两人都因未能推出更积极的货币政策而令投资者失望。

Both men disappointed investors hoping for more aggressive monetary action .

正因如此，积极的货币政策和暂时累积下巨额财政赤字才具有重要意义。

That is why aggressive monetary policy and large temporary fiscal deficits matter .

这是美联储今年做出的最重要且最积极的货币政策决定。

It was the most important and least flagged monetary policy decision it took this year .

本文中，我们得出结论，即央行应采取积极的货币政策应对资产价格上涨。

The conclusion is that the Central Bank should adopt proactive policy to contain the rocketing housing price .

与此同时，欧洲央行应推行尽可能积极的货币政策。

At the same time , the ECB should go all the way down the road of monetary policy .

要治愈日本的疾患，更大的经常帐户盈余和更积极的货币政策都是必要条件。

A bigger current account surplus and a more aggressive monetary policy are necessary conditions for ending the Japanese malaise .

于此同时，积极的货币政策成为那些深陷于危机之中的国家的良药。

At the same time , active monetary policy has become the medicine of the countries that mired in the crisis .

它会在产生意想不到的副作用，尤其是在其他国家央行也积极干预货币市场的时候。

It gives rise to unintended secondary effects , especially when other central banks are also aggressively intervening in money markets .

最新的制造业指数将加强出台更积极的货币和财政政策以提振经济的呼声。

The latest reading on the manufacturing sector will strengthen calls for more aggressive monetary and fiscal stimulus to boost the economy .

美国积极的货币政策和走软的美元导致中国人民币贬值，出现巨额外汇储备和强劲的信贷扩张。

Aggressive US monetary policy and the weakening dollar generate a falling renminbi , a huge reserve accumulation and strong credit expansion .

20年代早期，美联储开始放弃以这一理论为基础的消极的货币政策，转而实行积极的货币政策。

In the early 1920s , the American Federal Reserve gave up the passive currency policy based on this theory and turned to an active currency policy .

话虽如此，但一种普遍存在的观点应该受到质疑，即认为积极的货币政策造成的经济和社会后果，没有持续大规模财政赤字的后果严重。

Nevertheless , the widespread assumption that aggressive monetary policy has less costly economic and social consequences than do large and sustained fiscal deficits needs to be challenged .

为保证经济持续、稳定增长，中国采取了积极的货币政策，其结果导致货币大量发行。

The Chinese government took an active monetary policy to obtain a sustained and steady growth of economy , which result in a large number of issued money .

近年来，为了抑制通货紧缩、启动投资和消费，中央银行实施了积极的货币政策，但效果不显著；

In recent years , to control the deflation , startup investment and consumption , central bank has carried out positive monetary policy , but the effect is not significant .

从政策目标的角度而言，我国相对积极的货币政策在防范金融风险，提高金融资产质量方面起到了一定作用；

The relative active monetary policy in China has had an effect on guarding against financial venture and improving the quality of financial assets in terms of the aim of policy .

政府的对策是在大力完善我国证券市场的同时，积极发展货币市场和期货市场，建立健全基金监管体系，提高上市公司的质量。

It suggests that the government should develop the currency market and the future market positively when it tries hard to perfect domestic security market . And the government should complete the supervising system .

相反，积极的货币政策遵循的是放松实体经济信贷限制的战略，而通胀威胁得到正确判断：在当前环境下，这不过是纯粹的理论风险，可不予理会。

Instead , an active monetary policy has pursued a strategy of easing credit restraints on the real economy , and the threat of inflation has been rightly dismissed as a purely notional danger under present circumstances .

首先从理论角度，本文概述了定量宽松货币政策的定义和理论根源，详细阐述了货币政策的四种操作方式和六项传导机制，最后分析其与传统的积极宽松货币政策的区别。

In the second section , this paper outlines the definition of the QEP and its theoretical roots , then details the four ways it operates and its six mechanisms , and finally seriously analyzes the differences between it and the traditional easing monetary policy .

提高民间投资与消费的能力，要适当提高财政转移性支出的比重，调整税收政策，改革投融资体制，加大对农村的投资力度，以积极的货币政策引导民间消费等。

To strengthen nongovernmental investment and consumer wishes , we should raise the proportion of fiscal transfer expenditure , re-adjust the tax policies , reform the system of investment and financing , increase the investment on the rural and guide the consumption with expansion monetary policy .