货币利率

First, the article introduces main theories of interest rate transmission mechanism in western countries, and then studies the actuality of the effect of interest rate transmission mechanism in China demonstratively. After that, based on the essential analysis of the efficiency about present transmission mechanism, the article discusses the factors that restrict and influence interest rate transmission mechanism of monetary policy in China, from microeconomic factors and macroeconomic environment respectively. Finally, the article puts forth the reformation target of monetary policy interest rate transmission mechanism and the corresponding innovation proposals to enhance the effect of the interest rate transmission mechanism in China.

本文在借鉴和吸收前人研究成果的基础上，采用了规范性研究和实证研究相结合的方法，构建了关于货币政策利率传导机制有效性研究的合理的分析框架：文章首先介绍了西方货币政策利率传导机制理论，着重分析了这些理论发挥作用的途径和模式；其次，通过各种数据分析了我国货币政策利率传导机制的现状；接着针对我国利率传导机制表现出的独特现象分别从微观因素和宏观环境两个层面研究了弱化其有效性的各种因素；最后，针对上述因素提出了加强我国货币政策利率传导效率的政策建议。

At current monetization rates, this is an approximately $800 million annual revenue opportunity.

在目前的货币利率，这是一个约8亿美元，每年的收入机会。

The coming into vogue of investigations concerning the relation between the "natural rate of interest" and the "money rate of interest," the ascendancy of the monetary theory of the trade cycle, and the entire demolition of the doctrine of the simultaneousness and evenness of the changes in the purchasing power of money were marks of the new tenor of economic thought.

关於「自然利率」与「货币利率」之间的关系之研究成为风尙，商业循环的货币理论之占优势，以及货币购买力同时而一致的变动这一学说的完全放弃，是经济思想新趋势的一些标志。

This timeworn fixation on foreign exchange markets detracts from the heavy lifting of structural change that is required to meet the competitive challenges of globalization head-on.

全球经济需要为应对未来全球化带来的各种压力做更多的工作。关键词： G7会议，货币利率，美国经济，欧洲经济，全球经济

Treasury bond market, the interest- rate- transmission-effect-testing model has significant parameter estimation, displaying undeclinable influence of monetary policy on interest rate latent factors, negative effect on output and inflation, positive effect on short-term interest rate, and negative effect on long-term interest rate due to inflation expectation decreasing under positive shock of monetary policy.

对于美国为代表的成熟金融市场，利率效应检验的利率期限结构模型参数估计具有高显著性，货币政策对利率潜在因素的影响无法忽略，对产出和通货膨胀都产生负效应，对短期利率产生正向影响、对长期利率则产生负向影响——因为货币政策正冲击显示了货币当局对通货膨胀率的调控态度，长期利率会因预期通货膨胀的下滑而降低。

Among them, the long term interest rate is chosen as the intermediary target by Keynes school, and money supply chosen by Monetarism, the interest rate chosen by horizontalism with consideration that the interest rate elasticity of the monetary demand is very high, and William Poole thinks that the choice of intermediary s targets must depend on two factors: First is which is more unstable between the actual economy and money. Second is the slope of IS and LM curve.

现将每章的主要内容分述如下：论文第一章对货币政策中介目标国内外的理论作了一个研究综述，提出理论界在选择货币政策中介目标方面的不同观点，其中国外有：凯恩斯主义认为应将长期利率作为中介目标，货币学派认为应将货币供应量作为货币政策的中介目标，普尔认为中介目标的选择必须取决于两个因素：一是实际领域和货币领域哪个部门更不稳定，二是IS和LM曲线的斜率；水平主义理论主张，在货币需求的利率弹性很高的前提下，利率也就成为货币政策的中介目标。

The steps of the reform: First, pushing forward the local and overseas places to gather together interest rate liberalization at first; Second, relaxing RMB interest rate control and strengthening money market construction reform; Third, formation of the national market interest rate system under bank with Central Bank reloan interest rate, money market interest rate, secondary market of national debt interest rate,etc.

改革的步骤：一是首先推进境内外汇利率市场化；二是以放松人民币利率管制和加强货币市场建设作为利率市场化改革重点；三是逐渐形成一个以中央银行再贷款利率、货币市场利率、国债二级市场利率等分布合理的银行间市场利率体系。

Measured by the gap between current interest rates and expected nominal GDP growth in 2010, China has the world's loosest monetary policy-too loose for its booming economy.

从2010年货币利率和名义GDP增长预期角度讲，中国有着世界上最松散的货币政策，甚至影响到了其蓬勃发展的经济。

Exchange traded options include: stock options, commodity options, bond options, interest rate options index options, currency cross rate options, and swaptions.

外汇买卖的期权包括：股票期权，期货期权，债券期权，利率期权指数的选择，交叉货币利率期权，掉。

Based on both western scholars' study such as Taylor on a monetary policy reaction function and Chinese condition, this article makes a new forwardlooking monetary policy reaction function, in terms of market interest rate, regulated interest rate and interest rate spread.

本文在泰勒等西方学者对货币政策反应函数研究的基础上，构造一个适合我国国情的前瞻性货币政策反应函数，从市场利率、管制利率以及两者利差三个层次，通过该反应函数对我国货币政策的实证检验结果发现，一方面，该反应函数能够很好地描述同业拆借利率、存贷款利率和两者利差的具体走势，能够为我国货币政策的制定提供一个参考尺度，以衡量货币政策的松紧。

Finally, according to market conditions and market products this article paper analyzes the trends in the development of camera technology, and designs a color night vision camera.

最后根据市场情况和市面上产品的情况分析了摄像机技术的发展趋势，并设计了一款彩色夜视摄像机。

Only person height weeds and the fierce looks stone idles were there.

只有半人深的荒草和龇牙咧嘴的神像。