货币总量

货币总量在一国货币政策制定和宏观经济决策方面起着重要的作用，因此，科学测度货币总量具有重要的理论价值和现实意义。

Monetary aggregate plays an important role in the formulation of monetary policy and macro-economic policy for every country . Thus , it is of great theoretical value and realistic significance to scientifically measure monetary aggregate .

货币政策能够发挥效用有一个关键前提：货币总量与货币政策目标如通货膨胀、名义收入增长等存在稳定的关系，即需要一个稳定的货币需求函数。

Making monetary policy has a key assumption which requires a stabile relationship between monetary aggregate and its determinants such as gross income , interest rate or inflation .

此外，尽管各国央行作出了英勇努力，但广义货币总量的增长仍然不大，主要是因为传导机制被破坏：在最近的12个月期间，美国和欧元区的M2仅增长了1.6%。

Moreover , despite the heroic efforts of central banks , growth of broad monetary aggregates is subdued , mainly because the transmission mechanism is impaired : over the latest 12-month period , US and eurozone M2 grew just 1.6 per cent .

其中之一在于，央行可以放心地忽视货币总量和信贷的因素。

One of them is that central banks can safely ignore monetary aggregates and credit .

随后央行又通过公开市场操作减少货币总量，在一定程度上扭转了这一动作的效果。

It then partially reversed the effect of that move by draining money via its open-market operations .

此外，美联储既控制不了广义货币总量，也控制不了信贷总量。

Moreover , the Fed is no more able to control credit aggregates than it can broad monetary aggregates .

拓展货币总量理论目的在于为理论研究和现实货币政策的选择提供新的视角和理论依据。

Expand monetary theory aims to provide a new angle and theoretical basis for theoretical study and practical monetary policy .

本文第二部分则从货币总量和实体经济总量的相互关系中进一步反思了货币的本质。

We reflect upon the nature of money with regard to interrelations of monetary aggregates with those of the real economy .

联邦储备系统拥有三个主要工具来控制经济中的货币总量和信贷。

The Federal Reserve has three main tools for maintaining control over the total supply of money and credit in the economy .

目前，主流学术观点似乎认为，货币总量不应影响货币政策的决定。

At present , the dominant academic view seems to be that monetary aggregates should have no part in monetary policy decisions .

因为，国民经济的健康发展，需要完善三个机制：技术进步、维护适度社会公平、货币总量调控。

The healthy development of national economy needs to consummate three systems : technical progress , moderate social equality maintaining , money aggregates control .

变量不仅包括货币总量和产出缺口，还包括弥合产出缺口和推高价格的追逐行为。

It is not just about the quantity of money and the output gap ; it requires chasing behaviour to close the output gap and drive prices higher .

因此，过去十年里，汇市投资者（不是政府）持有的货币总量达到了不切实际的水平，他们或通过银行、或通过大型宏观对冲基金进行投资操作。

Thus the past decade saw currencies held at unrealistic levels not by governments but by currency investors , whether operating through banks or large macro hedge funds .

定量宽松或放宽信贷意味着货币总量将加速增长，但没有货币原则或经验证据可以支持这种爆炸。

Quantitative easing or credit easing means that the growth rate of the quantity of money increases , but there is no monetary principle or empirical evidence supporting such an explosion .

准备金增加导致更广义货币总量的加速增长，但由于银行仍持有超额准备金，后者的增长低于比例。

The growth of reserves has led to an increase in the growth rate of the broader money aggregates , but less than proportionately because banks are still holding excess reserves .

年，弗里德曼在去世前的第三年自己说道：“使用货币总量作为（美联储）的一个目标并不是很成功，我不确定自己是否还会像之前那样坚信它”。

The use of quantity of money as a target has not been success . I am not sure I would as of today push it hard as I once did .

经过几年的发展，中国人民银行已经能够根据经济发展的走势，运用公开市场操作较灵活地调控基础货币总量。

After a few years ' development , according to the tendency of economic development , People 's Bank of China can already adjust and control the total amount of basic currency flexibly .

对于经济过热、投资和信贷扩张、通货膨胀、资产价格波动、货币总量扩张和国际短期资本流动等问题的不同判断，成为最终左右加息与否的重要因素。

Different judgments in economic overheating , investment-and-credit expansion , inflation , the fluctuation of assets prices , the growth of total amount of money and the flow of international short-term capital , have become important factors that ultimately control whether to increase interest rate or not .

广义货币供应总量远低于参考值。

Broad money supply is well below the reference rate .

因此，人们会根据货币供应总量的增长变化，判断宏观经济的运行情况。

As a result , macroeconomic conditions are usually judged by the changes of the money supply .

第一部分分析我国货币政策总量调控下的区域差异表现及其原因。

Part one analyzes the regional differences and its reasons under the unified regulation of Chinese monetary policy .

由于这些原因，过去经济活动与货币供应总量之间曾经存在的关系就被打破了。但在另一方面，所有的经济学家都会同意，政府能够而且事实上影响着货币的价格，也就是利率。

And so for these reasons the relationship that existed before between economic activity and M-3 has been broken down .

货币供给总量（包括硬币，通货和公众所持有的即期存款）为306亿美元。

The money supply-coins , currency , and demand deposits in the hands of the public was about $ 306 billion .

基本结论为第一，受高投资增长率等因素支撑，滨州市近年资金净流入额呈加大趋势，但货币供给总量不足与低效配置仍然是造成资金缺口的主要原因；

Conclusions are as follows . Firstly , inadequate credit mobilization and inefficient fund allocation is the basic cause for supply gap .

今年，央行将继续保持货币信贷总量适度增长。

This year , the central bank will continue to ensure increases in money supply and aggregate credit at an appropriate rate .

虽然竞争供给会存在某种无序，但也实现了国际货币供应总量的可调，保持了国际货币币值的相对稳定。

Although supply will exist some kind of disordered competition , but also achieve the international monetary supply amount adjustable , maintains the stability of the international currency .

中国央行昨日表示，将“保持银行体系的流动性充裕，保证货币信贷总量满足经济发展需要”。

The central bank said yesterday it would " maintain liquidity in the banking system , and ensure that monetary supply is sufficient to meet the needs of economic development " .

金融机构要建立健全内部资金运用总量约束和风险管理机制，以保证货币信贷总量的健康适度。

A financial institution shall establish and improve the total amount restriction and risk management systems for internal capital uses to guarantee the health and appropriateness of the total amount of currency credit .

要在有效实施宏观经济政策、管好货币信贷总量、促进社会总供求基本平衡的基础上，搞好价格调控，防止物价反弹。

China will control prices and prevent inflation from rebounding by effectively carrying out macroeconomic policies , managing the supply of money and credit , and striving for basic equilibrium in aggregate supply and demand .

促进货币信贷供应总量合理增长。

The total supply of money and credit will be increased by an appropriate amount .