金融的

"But given the bluntness of monetary policy as a tool for addressing developments that could lead to financial instability, the side effects of using policy for this purpose, and other difficulties, such circumstances are likely to be very rare."

"但是由于工具性的货币政策所导致的直接后果就是可能导致金融的不稳定，这也是这一政策的副作用，还有其他的一些问题，因此推出额外货币政策的可能很小。"

An early comprehensive attempt to incorporate the Schwabe cycle into a business cycle framework was suggested by William Stanley Jevons (18351882), who early in his career was a practicing meteorologist. In JevonsInvestigations in Currency and Finance, he discussed economic fluctuations and isolated three components of economic activity: seasonal fluctuation, business cycles and trends. Jevons attempted to statistically link the business cycle with fluctuations in sunspot activity.

早期努力将施瓦布周期并入商业周期的框架由早期是实习气象学家的William Stanley Jevons (18351882)提出在他流通与金融的研究一文中，他讨论了经济波动和经济活动独立的三个内容：季节性波动商业周期和趋势他还努力统计商业周期与太阳黑子活动波动的关系另外有由Jevons的儿子H.S。

"Unfortunately the growth of the nonbank sector as well as all the complexities and financial instruments outstripped those old regulatory regimes," Mr. Obama said in an interview on Tuesday with The New York Times and CNBC.

&不幸的是，非银行部分的成长和所有的复杂和金融的工具已经超过了老的法规制度的管理范围，&奥巴马在周二面对纽约时报和CNBC的采访中说道。

However, 30 years later, we are letting a hundred flowers bloom, contend 10,000 from the guide star of the Oscar to the Nobel Prize, Professor Tan, from the red-class network of tiger population at large to rule the roost of the international debate on post-secondary students of the game, all filled The red flag of the mind; 30 years later, pluralism, color-ming, an international fast-paced urban culture has gradually replaced the Xiaonongyishi as the main theme of the old, 30 years later, China's commitment to play in the Asia-Pacific region The financial Dinghaishenzhen, Shenzhen and Shanghai Stock Exchange of butterflies flap their wings to bring Wall Street, New York, the El Nino, Zhongnanhai has become the spokesman for the interests of the Third World, the 2008 Beijing Olympic affect the entire global village.

但是，30年后的今天，我们百花齐放、万家争鸣，从奥斯卡名导明星到诺贝尔奖坛的教授，从红级网络的大众打虎群体到称雄国际大专辩论赛的莘莘学子，无不飞扬着解放思想的红旗；30年后的今天，多元化、明色彩、快节奏的国际都市文化已逐步取代了小农意识为主体的旧主题， 30年后的今天，中国的承诺担当了亚太地区金融的定海神针，深沪交易所的蝴蝶扇动翅膀能带来纽约华尔街的厄尔尼诺，中南海成了第三世界利益的代言人，2008北京奥运牵动了整个地球村。

Secondly,based on the sense of money equilibrium and AO-test technique,this paper recalculates the degree of excess money,and finds that there exits greater degree excess money during 1979 to 2007,but the degree has been dropped greatly since 1990s.

从&超额货币&的内涵来看，其不仅包括执行流通手段职能的货币量，而且还应该包括执行贮藏等各种职能的货币量；第二是采用供求均衡意义上的&超额货币&程度的算法，在变量中引入制度及虚拟经济发展的因素，在方法中采用AO检验法对长期因素做了阶段性划分，并在此基础上运用协整检验法对我国的&超额货币&程度进行了测算，结果发现在1979年-2007年间，我国的确存在着较大规模的超额货币，但是，在20世纪90年代之后，我国的超额货币程度出现了较大幅度的下降；第三是采用阶段分析法对我国超额货币的引致原因进行了实证分析，检验结果显示，货币化、虚拟经济的发展和边际消费倾向的变化都在不同程度上造成了我国超额货币程度发生变化，其中：货币化在1979-1990年间和1991-2007年间对&超额货币&程度的影响方向是相反的，虚拟经济的发展与&超额货币&程度的变动具有反向的影响，货币结构的变化对&超额货币&程度的变动具有正向影响，而居民消费对&超额货币&程度在1979-1990年间无显著影响，但是在1990-2007年间有正向的影响；第四是对&超额货币&程度的变化对我国经济金融的影响进行了理论和实证分析，结果显示：&超额货币&程度的变化对我国的经济增长、物价和汇率的变动都有着较为明显的影响，其中，对物价和汇率的影响是正向的，对经济增长的影响在长短期是不一致的。

The content of finance can be generalized into the issue and call-back of currencies, the attraction and payment of deposit, the approval and pay-off of loans, the exchange of bullions and foreign currency, the issue and transfer of priced securities, insurance, trust, domestic and international currency clearance, etc.

金融的内容可概括为货币的发行与回笼，存款的吸收与付出，贷款的发放与回收，金银、外汇的买卖，有价证券的发行与转让，保险、信托、国内、国际的货币结算等。

Based on those analyses and conformed international and national economic condition in china and some intrinsic defects of target zone regime, author transform target zone exchange rate regime by dividing two layers and bring forward a new exchange rate regime: double-layer-monitor exchange rate regime, the new model have possessed two merits, one is that the new model make "hollymoon effect" of target zone recurrence,and the merit can alleviate the fluctuation of exchange market;another merit is that the new model is a self-regulation system, that is say, the model can avoid long-term misalignment of exchange rate, those merit have major significance for china economy sustainable development and Chinese financial system more perfection, in paper we also present some fiscal policy and money policy served as a foil to double-layer-monitor exchange rate regime in order to make it work well, at last, we conclude that the new model will be the prior selection of RMB exchange rate regime reform for a long time form now on, and it also can serve as the bridge of RMB exchange rate regime steering to one of bipolar—free float.

在这些分析的基础上，并考虑到当前中国所面临的国际国内经济环境，针对汇率目标区的一些固有缺陷，笔者又对汇率目标区模型进行了分层改造，提出了一个新的汇率机制模型：汇率目标区双层监控模型，该模型有两个主要优势，一是可以使&蜜月效应&得以重现，从而避免外汇市场的过度波动；二是该模型是一个自稳定系统，能够进行自我调整，使实际汇率同长期均衡汇率保持一致，从而避免实际汇率的长期错位。这些优点对于我国经济的可持续发展，对于我国金融的更加完善，有着十分重要的意义。为使汇率目标区双层监控模型良好运行，论文还就相应配套的财政政策、货币政策措施作了探讨。最后得出结论，按照汇率制度&并存继起&假说，今后很长一段时间内，汇率目标区双层监控模型都将是人民币汇率制度的合意选择，另外，它也可作为人民币汇率制度向独立浮动制过渡的桥梁。

Unemployment rates are dropping and there has been no appreciable pickup in real wages in the developed world.

但我们的大多数模型——不管是经济的，还是金融的，仍局限于单个国家的观察视角。

New York at the time was home to a small and tight-knit group of Chinese students studying law and finance -- subjects almost completely alien to a generation that had grown up with Maoism.

当时的纽约是一小群学习法律和金融的中国学生的根据地，这个环境与这些在毛泽东主义下长大的一代人几乎是格格不入的。

Nanning is the political, economic, and financial center of the Guangxi Zhuang Autonomous Region.

南宁市是广西壮族自治区的政治的、经济的和金融的中心。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。