Unit 11 Quantitative Easing 财经专业英语教程（第四版）课件

Unit11QuantitativeEasing财经专业英语教程（第四版）课件

[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.本句讲了央行执行量化宽松政策的具体内容，“央行从商业银行和另外一些私人机构购买一定数量的长期金融资产”；thus引导两个v-ingclause表示了结果，“这样就增加了金融基础，降低了这些金融资产的收益”。2.[Para2]Quantitativeeasingmaythenbeusedbymonetaryauthoritiestofurtherstimulatetheeconomybypurchasingassetsoflongermaturitythanshort-termgovernmentbonds,andtherebyloweringlonger-terminterestratesfurtheroutontheyieldcurve.前句说到“通常的金融政策已经无法再使利率降低了”，这句接着说“那就可以使用宽松量化手段继续刺激经济”；by+v-ing具体说明了量化宽松的办法，“购买比较长期的资产而不是短期国债，这就继续可以在收益曲线上显示长期利率的降低”。3.[Para3]Risksincludethepolicybeingmoreeffectivethanintendedinactingagainstdeflation(leadingtohigherinflationinthelongerterm,duetoincreasedmoneysupply),ornotbeingeffectiveenoughifbanksdonotlendouttheadditionalreserves.全句讲了量化宽松的风险包括的内容，宾语policy后有两个being短语，叙述了可能形成的两种可能的情况。全句的译文可以是：量化宽松的风险在于其抵抗通缩的效果高于预期（长远看，由于增加了货币供应有可能导致通胀），或者是如果不追加储备贷款，达不到理想的效果。4.[Para4]Wheninterestrateshavebeenloweredtonearlyzero(becauseofeitherdeflationorextremelylowmoneydemand),whenalargenumberofnon-performingordefaultedloanspreventfurtherlending(moneysupplygrowth)bymemberbanks,andwhenthemainsystemicriskisarecessionordepressionbecausebankscannotlendanymoremoney,thencentralbanksneedtoimplementanewsetoftactics.这个长句包含了三个when从句，表述了央行不得不采用量化宽松这个非常手段的时间，分别是“当利率降低到接近零的时候（由于通缩或货币需求量极低）”；“当大量的不良或拖欠贷款使得成员银行的贷款不能继续的时候（货币供应量增加）”；“由于银行失去放贷能力而遭遇萧条或衰退系统危机的时候”。5.[Para8]Duringthepeakofthefinancialcrisisin2008,theUSFederalReserveexpandeditsbal