紧缩政策

By contrast, in a depression caused by falling asset prices, a credit crunch and deflation, conventional monetary policy is much less potent than fiscal policy.

相反，传统的货币政策对由资产价格下跌、信贷萎缩和通货紧缩而引发的大萧条的作用不敌财政政策。

Fiscal policy ; monetary policy ; insufficient effective demand ; deflation ; systematic shrinking ; policy expansion

财政政策；货币政策；有效需求不足；通货紧缩；体制性收缩；政策性扩张

In the paper the monetary policy ineffectiveness proposition can"t repudiate the effectiveness of the China"s monetary policy under deflation because of the imperfect markets and the information asymmetry.

本文认为，由于市场的非完全性、信息的不对称性，货币政策无效命题否定不了通货紧缩下我国货币政策的效力。

Especially, since 1997, the central bank has adopted series of active monetary policy to control deflation, increase investment and consumption in order to make macro economy prosperous.

特别是自1997年以来，为了抑制通货紧缩、启动投资和消费，使宏观经济运行尽快进入景气状态，中央银行实施了积极的货币政策，如连续八次降低存款准备金率、灵活出台窗口指导政策、扩大再贴现和中央银行再贷款规模等。

In Japan, following the collapse of the bubbles, the government reduces the rate forwardly, then the economy fall into the state of low inflation rate and low interest rate. Being afraid of inflation, the Bank of Japan is reluctant to further relax the monetary policy leading to the economy reviving very crisp. Under the external impact, the economy fall into the deflation, and the rate policy loses its effectiveness.

日本则是在泡沫经济崩溃后，政府为了促进经济增长，主动降低利率，进而使经济进入了低通胀低利率状态，但由于日本央行害怕通货膨胀，不愿意进一步放松货币政策，导致日本经济的复苏非常脆弱，在外部经济的冲击下，经济进入了通货紧缩状态，利率政策失效。

The traditional approach to disinflation assumes that people do not change the way they form expectations when monetary policy changes, so that the relation between inflation and unemployment is unaffected by the change in policy.

通货紧缩的通用方法是假设当货币政策变动时，人们不会改变他们形成预期的方式，所以通货膨胀与失业之间的关系没有受到政策变动的影响。

" To continue tightening monetary policy, appropriate fine-tuning, but there is not much room for a larger space for fiscal policy."

"将继续实行紧缩的货币政策，适当微调，但没有一个更大的空间，财政政策的余地。"

It is a price index which tracks the prices of a specified set of consumer goods and services, providing a measure of inflation.

如果消费者物价指数升幅过大，表明通胀已经成为经济不稳定因素，央行会有紧缩货币政策和财政政策的风险，从而造成经济前景不明朗。

By reviewing Chinese economic developing process from 1997 to the present, the cause of the transformation of Chinese economy from deflation to inflation and even the alternation and simultaneousness of the two phenomenon in short-term which made Chinese economy can not develop healthily and quickly will be unveiled. In this article I also will bring forward some countermeasures that would overcome the instability of Chinese economic development from the views of the industrial development, the regional development, the monetary policy and the fiscal policy.

本文通过对1997年至今这段时期我国经济发展历程的回顾，指出了造成我国经济发展从通货紧缩到通货膨胀甚至短期交替、共存，不能保持健康快速发展的原因，并从产业发展，区域发展，货币政策及财政政策方面对如何克服经济发展不稳定进行了对策探讨。

The favorable environment can be attributed to improvements in economic fundamentals in emerging markets, a reduction in external borrowing requirements, the abundant global liquidity that has allowed many sovereigns to prefinance their 2005 external financing needs, and more reliance on domestic capital markets.

许多新兴市场国家经济的基本要素正在不断改善－－包括加强他们政策框架可信性和债务结构质量的工作－－已经使主权信贷等级得到一系列提升，有助于形成良性的金融市场环境。关键词：金融稳定，私人部门，利率政策，通货紧缩，流动性，资本市场在过去的两年里，新兴市场主权债务国享受到了大为改善的金融环境。

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