Unit11QuantitativeEasing財(cái)經(jīng)專(zhuān)業(yè)英語(yǔ)教程（第四版）課件

[Para1]Quantitativeeasing(QE)isanunconventionalmonetarypolicyusedbycentralbankstostimulatetheeconomywhenstandardmonetarypolicyhasbecomeineffective.Acentralbankimplementsquantitativeeasingbybuyingspecifiedamountsoflongtermfinancialassetsfromcommercialbanksandotherprivateinstitutions,thusincreasingthemonetarybaseandloweringtheyieldonthosefinancialassets.Thisisdistinguishedfromthemoreusualpolicyofbuyingorsellinggovernmentbondsinordertokeepinterbankinterestratesataspecifiedtargetvalue.

[Para2]Expansionarymonetarypolicytypicallyinvolvesthecentralbankbuyingshort-termgovernmentbondsinordertolowershort-termmarketinterestrates.However,whenshort-terminterestratesareatorclosetozero,normalmonetarypolicycannolongerlowerinterestrates.Quantitativeeasingmaythenbeusedbymonetaryauthoritiestofurtherstimulatetheeconomybypurchasingassetsoflongermaturitythanshort-termgovernmentbonds,andtherebyloweringlonger-terminterestratesfurtheroutontheyieldcurve.Quantitativeeasingraisesthepricesofthefinancialassetsbought,whichlowerstheiryield.

[Para3]Quantitativeeasingcanbeusedtohelpensurethatinflationdoesnotfallbelowtarget.Risksincludethepolicybeingmoreeffectivethanintendedinactingagainstdeflation(leadingtohigherinflationinthelongerterm,duetoincreasedmoneysupply),ornotbeingeffectiveenoughifbanksdonotlendouttheadditionalreserves.AccordingtotheIMFandvariousothereconomists,quantitativeeasingundertakensincetheglobalfinancialcrisisof2007–08hasmitigatedsomeoftheadverseeffectsofthecrisis.Process

[Para4]Quantitativeeasingisdistinguishedfromstandardcentralbankingmonetarypolicies,whichusuallytargetstheinterbankinterestrate.Wheninterestrateshavebeenloweredtonearlyzero(becauseofeitherdeflationorextremelylowmoneydemand),whenalargenumberofnon-performingordefaultedloanspreventfurtherlending(moneysupplygrowth)bymemberbanks,andwhenthemainsystemicriskisarecessionordepressionbecausebankscannotlendanymoremoney,thencentralbanksneedtoimplementanewsetoftactics.Theseareknownasquantitativeeasing.[Para5]Thecentralbankmayenactquantitativeeasingbypurchasingapredeterminedquantityofbondsorotherassetsfromfinancialinstitutionswithoutreferencetotheinterestrate.Thegoalofthispolicyistoincreasethemoneysupplyratherthantodecreasetheinterestrate,whichcannotbedecreasedfurther.Thisisoftenconsideredalastresorttostimulatetheeconomy.

[Para6]Quantitativeeasing,andmonetarypolicyingeneral,canonlybecarriedoutifthecentralbankcontrolsthecurrencyused.ThecentralbanksofcountriesintheEurozone,forexample,cannotunilaterallyexpandtheirmoneysupplyandthuscannotemployquantitativeeasing.TheymustinsteadrelyontheEuropeanCentralBank(ECB)tosetmonetarypolicy.FinancialCrisisof2007–2012

[Para7]Sincetheadventoftheglobalfinancialcrisisof2007–08,similarpolicieshavebeenusedbytheUnitedStates,theUnitedKingdom,andtheEurozoneduringthefinancialcrisisof2007–2012.Quantitativeeasingwasusedbythesecountriesbecausetheirrisk-freeshort-termnominalinterestrateswereeitheratorclosetozero.IntheUnitedStates,thisinterestrateisthefederalfundsrate;intheUnitedKingdom,itistheofficialbankrate.

[Para8]Duringthepeakofthefinancialcrisisin2008,theUSFederalReserveexpandeditsbalancesheetdramaticallybyaddingnewassetsandnewliabilities.Inthesameperiod,theUnitedKingdomalsousedquantitativeeasingasanadditionalarmofitsmonetarypolicyinordertoalleviateitsfinancialcrisis.ReductionofQE

[Para9]TheU.S.FederalReservewillstartscalingbackitsmonthlybond-buyingprogramasearlyasnextmonth(Januaryof2014).Butthereductionwillbegradual.

TheFederalReservehasbeenbuying$85billionamonthingovernmentbondsinanefforttokeepinterestrateslowandboosteconomicgrowth.

AsMilArcegareports,outgoingchairmanBenBernankesaysthestimulusisworking.

[Para10]EversincetheU.S.centralbankintroducedthelatestroundofmonetarystimulus12monthsago,long-terminterestrateshaveremainednearzeroandunemploymenthasfallenafullpercentagepoint.

Asaresult,theFederalReservesaysit'stimetobeginreducingitsbondpurchasesby$10billionstartinginJanuary.

[Para11]FedChairmanBenBernankesaysthedecisionreflectsthecommittee’sconfidenceintheU.S.recovery.

[Para12]“Notablydespitesignificantfiscalheadwinds,theeconomyhasbeenexpandingatamoderatepace,andweexpectthatgrowthwillpickupsomewhatincomingquarters,"saidBernanke.

[Para13]Althoughinflationremainswellbelowlevelsthatwouldsuggestgrowth,theFedsaystheeconomyislikelytoexpandatanannualizedrateofabout3percent-withunemploymentfallingtoabout6.5percentbytheendof2014.

[Para14]Bernankesaysfurtherreductionsinbondpurchaseswilltakeplaceinmeasuredsteps,dependingoneconomicconditions.

[Para15]“Iftheeconomyslowsforsomereasonorwearedisappointedintheoutcomes,wecouldskipameetingortwo.

Ontheotherside,ifthingsreallypickup,thenofcoursewecouldgoabitfaster.

Butmyexpectationisforsimilarmoderatestepsgoingforwardthroughoutmostof2014,"hesaid.

[Para16]StockssurgedonWallStreetfollowingtheannouncement.

EventhoughmanyinvestorswereexpectingtheFed’sbondpurchasestoremainatcurrentlevelsuntilMarch,economistUriDadushsaidtheimpactoftheso-called“taper”wasanticipatedthemomentBernankehintedatthepossibilityinMay.

[Para17]“Inasense,theeffectoftaperinghasalreadyoccurred,youknowbecause[REPORTER:it’salreadybeenfactoredintothemarkets?].

WhatI’msayingisthatthemomentMr.Bernankemadehisspeech,mortgagerateswentupbyahundredbasispoints,"saidDadush.

[Para18]Despitetheimprovedoutlook,BernankewarnstheeconomystillneedstheFed'ssupport.Bernanke,whoissettostepdowninJanuary,sayshisreplacementiscommittedtokeepinginterestratesnearrecordlowsuntilunemploymentfallswellbelow6.5percent.1.[Para1]Acentralbankimplementsquantitativeeasingbybuyingspecifiedamountsoflongtermfinancialassetsfromcommercialbanksandotherprivateinstitutions,thusincreasingthemonetarybaseandloweringtheyieldonthosefinancialassets.本句講了央行執(zhí)行量化寬松政策的具體內(nèi)容，“央行從商業(yè)銀行和另外一些私人機(jī)構(gòu)購(gòu)買(mǎi)一定數(shù)量的長(zhǎng)期金融資產(chǎn)”；thus引導(dǎo)兩個(gè)v-ingclause表示了結(jié)果，“這樣就增加了金融基礎(chǔ)，降低了這些金融資產(chǎn)的收益”。2.[Para2]Quantitativeeasingmaythenbeusedbymonetaryauthoritiestofurtherstimulatetheeconomybypurchasingassetsoflongermaturitythanshort-termgovernmentbonds,andtherebyloweringlonger-terminterestratesfurtheroutontheyieldcurve.前句說(shuō)到“通常的金融政策已經(jīng)無(wú)法再使利率降低了”，這句接著說(shuō)“那就可以使用寬松量化手段繼續(xù)刺激經(jīng)濟(jì)”；by+v-ing具體說(shuō)明了量化寬松的辦法，“購(gòu)買(mǎi)比較長(zhǎng)期的資產(chǎn)而不是短期國(guó)債，這就繼續(xù)可以在收益曲線上顯示長(zhǎng)期利率的降低”。3.[Para3]Risksincludethepolicybeingmoreeffectivethanintendedinactingagainstdeflation(leadingtohigherinflationinthelongerterm,duetoincreasedmoneysupply),ornotbeingeffectiveenoughifbanksdonotlendouttheadditionalreserves.全句講了量化寬松的風(fēng)險(xiǎn)包括的內(nèi)容，賓語(yǔ)policy后有兩個(gè)being短語(yǔ)，敘述了可能形成的兩種可能的情況。全句的譯文可以是：量化寬松的風(fēng)險(xiǎn)在于其抵抗通縮的效果高于預(yù)期（長(zhǎng)遠(yuǎn)看，由于增加了貨幣供應(yīng)有可能導(dǎo)致通脹），或者是如果不追加儲(chǔ)備貸款，達(dá)不到理想的效果。4.[Para4]Wheninterestrateshavebeenloweredtonearlyzero(becauseofeitherdeflationorextremelylowmoneydemand),whenalargenumberofnon-performingordefaultedloanspreventfurtherlending(moneysupplygrowth)bymemberbanks,andwhenthemainsystemicriskisarecessionordepressionbecausebankscannotlendanymoremoney,thencentralbanksneedtoimplementanewsetoftactics.這個(gè)長(zhǎng)句包含了三個(gè)when從句，表述了央行不得不采用量化寬松這個(gè)非常手段的時(shí)間，分別是“當(dāng)利率降低到接近零的時(shí)候（由于通縮或貨幣需求量極低）”；“當(dāng)大量的不良或拖欠貸款使得成員銀行的貸款不能繼續(xù)的時(shí)候（貨幣供應(yīng)量增加）”；“由于銀行失去放貸能力而遭遇蕭條或衰退系統(tǒng)危機(jī)的時(shí)候”。5.[Para8]Duringthepeakofthefinancialcrisisin2008,theUSFederalReserveexpandeditsbal