紧缩政策

In the third quarter of this year, monetary policy implementation report, the central bank said "monetary policy to prevent deflation in the near future, in the long term to prevent inflation."

在今年第三季度货币政策执行报告中，央行表示，"货币政策，防止通货紧缩，在不久的将来从长远来看，防止通货膨胀。"

Financial crisis ; debt deflation ; monetary policy ; fiscal policy

金融危机；债务型通货紧缩；货币政策；财政政策

Through differentlunwen114 types of functions and budget policy flawed, for the deflation of our budget policy, paving the way to provide choice, and then in the analysis of the specific constraints of our budget policy choices on the basis of many factors that made our country should choose the appropriate budget Policy, the final budget for the understanding of how to make a number of policy views.

本文通过对不同类型预算政策的功能和缺陷的，为通货紧缩下的我国预算政策的选择提供铺垫，然后在具体分析制约我国预算政策选择的诸多因素的基础上，提出我国应选择的合适的预算政策，最后对如何理解预算政策提出几点看法。

This paper analyzes the state of effectiveness of the Japan"s monetary policy during deflation. The Japan"s monetary policy has stepped into liquidity trap. The "zero interest rate policy" cant increase investment and stimulate the economic growth.

本文分析了日本通货紧缩时期的货币政策的效力状况，日本货币政策已陷入流动性陷阱，零利率政策没有增加银行贷款和带动投资，最终刺激日本经济增长。

The goal of anti deflation can not be reached by unilaterally expanding money circulation,but should be based on the adjustment of monetary structure.Curing deflation by inflationary policy may cause stagflation Salary increase to civil servants can not bring up the income of...

作者的结论是："积极的财政政策"、"适当的货币政策"，这样的概括和称谓不科学；反通货紧缩用货币量的单纯扩张不能解决问题，重点应当放在调整货币分布结构上；"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。

Deflation has been paid close attentain to by academic circles and govern ment departments around the globe.On the basis of investigating the related literature of deflation at home and abroad,the auther of this paper puts emphasis on studying China"s deflation,including its cause of formation,mechanism of the formation and effectiveness of monetary policy during deflation by qualitative and quantitative analyses,positive and normative analyses,theoretical analysis and case confirmation;then points out the orientation of China"s monetary policy by raising the efficiency of monetary policy in the future and avoiding deflation.

本文在分析研究国内外在通货紧缩判断标准、形成机理、治理对策等方面研究方法及研究现状的基础上，采用实证分析与规范分析相结合，定性分析与定量分析相结合，理论概括与实践归纳相结合的方法，从多方位、多角度对产生中国目前通货紧缩的原因进行分析，从理论上梳理出中国目前通货紧缩形成的逻辑过程，并对通货紧缩时期货币政策的效果及未来货币政策的取向进行了深入分析和有效探索。

The orientation of Chinas policy of raising the efficiency of monetary policy and removing deflation is:(1) To reconstruct transmission channel of monetary policy;(2) To continue in carrying out positive monetary policy;(3) To well co-ordinate financial policy and monetary policy;(4) To carrv forward micro-mechanism reform safely.

6提高货币政策效率，走出通货紧缩困境的措施是：①输通货币政策传导渠道；②继续实行积极的货币政策：③财政政策与货币政策协调配合；④稳妥有序地推进微观机制改造。

Benjamin M has described this complex and absorbing topic as followed: in practice, few people expect the monetary policy is noneffective, and during the time when the interest rate ascends, the investors will anticipate the increase of output to be slowered and the idleness problem to be sharpened, at the same time the government also expects to regulate the economy through monetary policy.

Benjamin M， 1995）曾经客观和恰当地概括了这个问题：实践中，几乎没有人认为货币政策是无效的，当货币紧缩时，投资者会预期产出增长率将下降，失业现象会加重；政策制定者也都希望能通过货币政策操作来调整经济运行。

But instead, the European monetary system imposes a deflationary bias by restricting fiscal space, while Germany has shown persistent recalcitrance toward expansionary policies and exports deflationary pressures.

与之相反，欧洲货币系统通过约束财政空间的方式给经济强加一个通货紧缩倾向，而德国经济总是表现为持续的反抗扩张政策，并输出通货紧缩压力。

Furthermore, the thesis analyzes in depth how deflation influences the related behaviors and conductive processes of the mechanism, studies how deflation influences the whole mechanism, and makes a theoretical and empirical study of deflations influence over the effectiveness of monetary policy. It concludes that deflation makes the mechanism checked and thus weakens the effectiveness of monetary policy.

然后，深入分析通货紧缩对货币政策利率传导机制各利益主体和诸环节的影响，研究了通货紧缩对整个传导机制的影响，并从理论分析和实证分析的角度研究了通货紧缩对货币政策效应的影响，得出了通货紧缩使中国货币政策利率传导机制阻滞从而削弱政策效果的结论。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失