The job of sparking the economy to life thus falls to the Bank of England. It has kept interest rates at a low of 0.5% and might yet launch another round of quantitative easing if the euro crisis turns even nastier. But the banks loose-money stance is awkward given that inflation was 4.4% in July and has exceeded the 2% target for most of the past four years.
这样,经济复苏的任务就落在了英国央行的头上。英国央行已经将利率保持在0.5%的历史低位,甚至可能会在欧债危机继续恶化的时候采取新一轮量化宽松政策 。可是英国在7月份的通胀率为4.4%,已然超过了英国央行过去四年2%的通胀目标,这使银行宽松的货币政策显得笨拙与不合时宜。
One interpretation of the banks policy is to think of it as setting interest rates that allow nominal GDP growth at a rate that would be consistent with its inflation target, absent unexpected price shocks such as a sudden rise in the cost of oil . On that basis, policy has not been unduly slack: the growth rate of nominal GDP is in line with its average rate in recent years . The bad news for Britain is that too much of this has been inflationbecause of high oil prices, a weak pound and increased VATand too little from real growth.
对量化宽松政策的一种解释是认为该政策的实施如同设定了一种银行利率。这种利率使得名义GDP增长率与通胀目标保持一致,并排除意外的价格冲击如原油价格上涨的影响 。在此基础上的政策就不会过度宽松:名义国民生产总值的增长率与近年来的平均汇率相一致。但不利的是,在高油价,英镑疲软和增值税上调的情况下,过度的量化宽松政策会导致严重的通货膨胀,而过于保守也会难以得到真正的经济增长。
【2015考研英语阅读只要人民高兴】相关文章:
最新
2016-10-18
2016-10-11
2016-10-11
2016-10-08
2016-09-30
2016-09-30