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考研英语阅读:《经济学人》读译参考TEXT 276

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经济学人:美国货币政策:自查(2)


Leaders  American monetary policy: Check yourself


领导者 美国货币政策:自查

It is possible that more inflation is coming.An economy that is stimulated will eventually overheat.The central bank may believe that low unemployment is about to cause inflation.But the truth is that nobody is sure how far unemployment can fall before prices and wages soar.Not many years ago some rate-setters put this “natural” rate of unemployment at over 6%; the median rate-setter's estimate is now 4.7%.


译文


更多的通货膨胀可能正在到来。受刺激的经济最终将会过热。央行可能认为低失业率导致了通货膨胀。但事实上没有人可以确定在物价和工资飙升之前,失业率能下降多少。就在几年前,一些利率制定者将自然失业率定在6%以上,但是现在他们估测自然失业率中位数仅为4.7%。


The only way to find the labour market's limits is to feel them out.Falling inflation and middling wage growth both suggest that these limits are some way off, for two possible reasons.First, higher wage growth could yet tempt more of the jobless to seek work (those who are not actively job-hunting do not count as unemployed).The proportion of 25- to 54-year-olds in employment is lower than before the recession, by an amount representing almost 2.4m people.By this measure, which fell in May, joblessness is worse in America than in France, where the overall unemployment rate stands at 9.5%.Second, even the moderate pickup in wage growth to date might encourage firms to invest more, lifting productivity out of the doldrums and dampening inflationary pressure.


译文


找出劳动力市场的限制因素的唯一方法就是去亲自体会它们。不断下降的通胀率和中等的工资增长都表明,这些限制因素多少有些不合实际,其原因有二。第一,更高的薪水增长会吸引更多的失业者去寻找工作(不积极找工作的人不算失业者)。如今25至54岁就业者的比率比经济衰退时期前更低,大约为240万人。以这个方式来衡量,五月的就业率是下降的,美国的失业率比法国更高,整体失业率达到9.5%。第二,目前工资增长的明显好转可能会鼓励企业增加投资,来提升生产力以脱离不景气,减少通胀压力。


Jobs growth in America has already slowed from a monthly average of 187,000 in 2016 to 121,000 in the past three months.That is enough to reduce slack in the economy, but only just.Slowing it still further is needless so long as inflation remains quiescent.It makes still less sense when you consider the asymmetry of risks before the Fed.If tighter money tips the economy into recession, the central bank has only a little bit of room to cut rates before it hits zero.But if inflation rises, it can raise them as much as it likes.


译文


美国的就业增长从2016年的月平均187000人已经减少到了最近三个月的平均121000人。这足够减少经济的不景气所带来的影响了,但也仅仅是刚刚好。只要通胀率保持不变,进一步放缓就显得不重要了。当你在美联储之前考虑到风险的不对称性时,它就没有什么意义了。如果货币紧缩政策导致了经济衰退,那么央行在其到利率零点之前就仅有一点点空间来削减它了。但是如果通胀率继续上升,央行就可以任意加息了。


This asymmetry of risks extends to the Fed's credibility.Inflation has been below 2% for 59 of the 63 months since the target was announced in January 2012.Continuing to undershoot the goal would cast more doubt on the central bank's commitment to it than modest overshoots would.


译文


这种风险不对称性延伸倒了美联储的信誉。从2012年一月美联储宣布这个目标以来,通胀率已经在63个月中有59个月保持在2%以下。比起适度的超过,继续脱离这个目标会使央行遭到更多对其曾经承诺的目标的质疑。


For too long, hawks have made excuses for the persistence of low inflation.The latest is to blame new contracts offering unlimited amounts of mobile data, as if cheaper telecommunications somehow should not count.The Fed should keep its promise to base its decisions on the data, and leave interest rates exactly where they are.


译文


长久以来,鹰派以很多理由来保持低通胀率。最新的一个理由是指责那些新合同提供了不限量的移动数据,似乎廉价的电信数据不应计算在内。美联储应继续坚守自己的承诺,它基于数据做出决定,并且保持利率精确的走向。


注释


1.labour market 劳动力市场


例句:A million young people enter the labour market each year.


每年有100万年轻人进入劳动力市场。


2.as if 似乎


例句:They completely ignore these facts as if they never existed.


他们完全忽略了这些事实,就仿佛它们不存在似的。


3.feel out 试探出


例句:Let's feel out the situation first before we take any definite steps.


我们先把情况摸清楚,再采取具体措施。


4.The central bank 中央银行


例句:The central bank will provide special loans, and the banks will pledge the land as security.

中央银行会提供特殊贷款,而这些银行会以土地作为抵押。

 

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