通货

The existence of sunspot equilibria expresses another situation of currency competition depending on the possibility of people's expectations and supports complementally the investor-emotion view of the empirical studies in the currency-asset holding and the euro exchange rate movements.

太阳黑子均衡的存在显示了通货竞争取决於人们预期可能性的另一种情况，同时为实证上投资人因情感而持有通货资产的观点以及欧元汇率变动提供佐证。

Firstly, corruption leads to distortion of income, which leads to deflation by extrusion of output. Secondly, the basic consumption is distorted by distortion of resource, which result in deflation. Thirdly, exit of money because that the wealth of corruptionist can not use their money with fair and square, so corruption also leads to deflation by reduction of money.

也将从另外三个方面直接导致通货紧缩：一是腐败的收入分配产生的"挤出"效应，从而导致通货紧缩；二是腐败的"资源扭曲"造成的资源配置错误或者扭曲，导致通货紧缩；三是腐败分子"偷偷地"在没有通知银行的情况下将货币"退出"流通领域减少货币供应量，从而引发了通货紧缩等。

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。

China"s deflation is a kind of "Compound deflation.

3中国目前的通货紧缩是一种"复合型"的通货紧缩。

NARRATOR: The Allies introduced a new currency, the Deutsche Mark, to replace the 24 worthless German money.

旁白：盟国发行了新的通货-德国马克-以取代已经一文不值的旧通货。

At present inflation rates, we believe individual owners in medium or high tax brackets (as distinguished from tax-free entities such as pension funds, eleemosynary institutions, etc.) should expect no real long-term return from the average American corporation, even though these individuals reinvest the entire after-tax proceeds from all dividends they receive. The average return on equity of corporations is fully offset by the combination of the implicit tax on capital levied by inflation and the explicit taxes levied both on dividends and gains in value produced by retained earnings.

而以目前的通货膨涨率来看，我们相信对适用中高级距所得税率的投资人而言(除非你是透过退休基金、慈善团体等免税机构来投资)，将无法从投资一般美国企业获得任何实质的资本利得，即使他们把分配到的股利一再重复地投资下去也一样，因为其获利早已被隐藏的通货膨涨与台面上的所得税给吸收殆尽。

Obviously, the current structure and form of this kind of "the ship impassability goods","the currency impassability ship" has already cant adapt a cross-straits economy development, it result in the lose for freight to be up to several hundred millions of USD annually, while injure the economic benefits of the cross-straits operator, hinder the common development of the cross-straits economy.

显然，这种"通船不通货"、"通货不通船"的现行格局已无法适应两岸经济发展，其造成的运费损失每年高达几亿美元以上，损害了两岸业者的经济利益，妨碍了两岸经济的共同发展。

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。

Roosevelt believed in reflation rather than further deflation.

罗斯福相信通货再膨胀而不是更进一步的通货紧缩。

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。

The concept of equivalent rotationally rigidity is offered and the formula of rotationally rigidity is obtained.

主要做了如下几个方面的工作：对伸臂位于顶部的单层框架—筒体模型进行分析，提出了等效转动约束的概念和转动约束刚度的表达式。

Male cats normally do not need aftercare with the exception of the night after the anesthetic.

男猫通常不需要善后除了晚上的麻醉。