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  3. The quantity theory of money holds that the money supply, multiplied by the rate at which it circulates(called velocity 称做周转率),

The quantity theory of money holds that the money supply, multiplied by the rate at which it circulates(called velocity 称做周转率),

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问题     The quantity theory of money holds that the money supply, multiplied by the rate at which it circulates(called velocity 称做周转率), equals nominal income. Nominal income in turn is the product of real output and prices. But does money supply directly boost nominal income, or does nominal income affect velocity and the demand for money? The mechanism is murky.
    Central banks control the narrowest measure of the money supply, called the monetary base(货币基数)— typically, currency plus the reserves that commercial banks hold with the central bank. But the relationships between the monetary base, broader monetary aggregates and nominal income is highly unstable.
    Central banks have mostly given up trying to target inflation via the money supply. Instead, they study the "output gap" between total demand and the economy’s potential to supply goods and services, determined by such things as the labour force and capital stock, as well as inflation expectations. When demand exceeds supply, inflation rises. When it falls short, inflation falls, and in the extreme becomes deflation. To influence demand, the central banks move a short-term interest rate up or down by adjusting the supply of bank reserves. Changes in the policy rate ripple out to all interest rates paid by borrowers.
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答案 货币数量理论认为，货币供给量乘以流通比率(被称为周转率)等于名义收入，而名义收入又是实际产出和价格的产物。但是，货币供给是否直接刺激名义收入的增长，或是名义收入影响货币的周转率和需求呢?货币数量论原理在这一问题上含糊不清。 中央银行控制着货币供给最精细的尺度，称之为货币基数——典型的货币基数为流通货币加上商业银行同央行所持有的储备金。但是，货币基数与更广义的货币总数和名义收入三者之间的关系极不稳定。 中央银行大都放弃了通过货币供应对付通货膨胀的努力。他们转而研究总需求量与经济提供商品和服务的潜在能力(由劳动力、资本储备以及对通货膨胀的预期所决定)之间的“产出缺口”。当需求大于供给时，通货膨胀增长。当需求小于供给时，通货膨胀减小，并且在极端情况下变为通货紧缩。为了影响需求，中央银行通过调节银行储备的供应来抬高短期利率。政策性利率的改变会波及借款者支付的所有利率。
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