经济学人276:新任联邦储备局长 鸽派主政

　　Finance and economics
财经商业
The new head of the Federal Reserve
新任联邦储备局长
Dove ascendant
鸽派主政
Janet Yellen will stick to her predecessor's expansionary policies
詹尼特将会继续推行前任扩张性经济政策
FOR most of the past few years, monetary¹ policy has urged the economy on while dysfunctional fiscal² policy has held it back.
过去的几年货币政策促进了美国经济的发展而运行不正常的财政政策却阻止其发展。
Barack Obama's decision to nominate Janet Yellen to succeed Ben Bernanke as the Fed's chairman in February raises the odds³ that stimulative⁴ monetary policy will continue.
巴拉克·奥巴马提名Janet Yellen 接过Ben Bernanke的衣钵于二月担任联邦储备局主席一职，这将加大继续推行刺激性的货币政策的优势。
But disquiet⁵ about that stance is growing.
然而人们对于这一立场的担忧不断增长。
2_副本.jpgIn addition to being the first woman to run the Fed, Ms Yellen is also the first acknowledged dove.
她不仅是首位入主联邦储备局的女性，而且是著名的鸽派人物。
Presidents once felt compelled to appoint monetary-policy hawks⁶ such as Paul Volcker and Alan Greenspan to reassure⁷ markets that the Fed would not succumb⁸ to the political system's inflationary bias⁹.
总统为情况所迫曾任命鹰派强硬支持货币政策的Paul Volcker和Alan Greenspan确保市场运行良好，避免联邦储备局遭受来自政治体系的通货膨胀趋势。
In appointing Ms Yellen Mr Obama has implicitly¹⁰ acknowledged how much the world, and the Fed's priorities, have changed.
通过任命Ms Yellen，奥巴马含蓄地表明世界的转变，联邦储备局重心的转变。
Since 2008 America, like many other countries, has struggled with slack demand and high unemployment.
如许多其他国家一样，自2008年以来，美国一直为疲软的需求及较高的失业率所困扰。
Meanwhile, energy prices excluded, inflation has persistently¹¹ fallen short of the Fed's 2% target.
与此同时，排除能源价格的影响，通货膨胀率一直未能达到联邦储备局2%的目标。
Ms Yellen is not alone in believing that unemployment is a bigger problem than inflation.
并非Ms Yellen一人认为较之通货膨胀失业率居高不下是更为严重的问题，
So do most of her colleagues on the Federal Open Market Committee, through which the Fed sets interest rates.
她很多在联邦公开市场政策委员会制定联邦利率的同事也这么认为。
But she has felt that way longer and more strongly.
但她比他们更早更强烈地意识到这一点。
She pushed publicly last year to hold interest rates near zero for longer than the Fed then planned, to hasten the fall in unemployment, even if that caused inflation to rise briefly¹² above 2%.
去年她公开推进利率趋零以促进就业降低失业率，使这一货币政策比联邦计划的时间要长，即便这一行动使通胀率高于2%。
She was the principal author of the Fed's current statement of long-term goals and operating principles, which stresses the equal importance of its twin statutory goals of full employment and low inflation.
她是此次联邦现行长远目标及管理原则的主要推行者，这一政策将促进就业和压低通胀率这两个法定目标置于同等重要的地位。
As vice-chairman, Ms Yellen helped Mr Bernanke nudge the FOMC towards its commitments to keep its benchmark interest rate at zero at least until unemployment has dropped to 6.5% and to keep buying $85 billion-worth of bonds a month with newly printed money until the labour market has improved substantially.
过去作为联邦储备局副主席，Ms Yellen协助Mr Bernanke推进联邦公开市场政策委员会实践其承诺，保持基准利率为零的状态直至失业率至少降至6.5%，继续印刷新钱购买850亿美元的债券直至劳动力市场情况持续好转。
These policies have not fuelled inflation, as hawks feared they might.
这些政策并没有像鹰派预估的那样加速通胀。
Indeed, Ms Yellen would probably welcome having to tighten¹³ due to inflationary pressure, because that would mean demand was buoyant.
的确，要是通胀压力过大，Ms Yellen势必会实施紧缩的货币政策，因为这意味着市场需求旺盛。
But hawks still worry that the Fed is distorting prices in financial markets, breeding excessive risk-taking and preventing investors¹⁴ in Treasury¹⁵ bonds from demanding fiscal discipline.
然而鹰派依然担心联邦储备局打乱了金融市场的价格，导致过多的风险从而使投资者因为繁多的财政纪律放弃购买国库券。
Such concerns are widespread among Republicans in the Senate.
参议院的共和党人普遍担心这一趋势。
Several voted against her nomination¹⁶ to be vice-chairman in 2010.
2010年几个议员在提名她为联邦储备局副主席时投了反对票。
She was not particularly modest about the role of monetary policy in the economy and I don't see any evidence that that's changed, one such Republican, Bob Corker ofTennessee, said this week.
一位来自田纳西州的共和党议员Bob Corker本周称，对于货币政策在经济中所扮演的角色，Yellen似乎不是很审慎，并且我并没有看到她作出的改变。
With the support of the Senate's Democratic majority, Ms Yellen is almost certain to be confirmed.
因为得到参议院大多数民主党议员的支持，Ms Yellen在联邦储备局的地位已经确立。
But with many Republicans opposed, she will probably get fewer than the 70 votes Mr Bernanke did for his second term in 2010, at the time the lowest on record for a Fed chairman.
但由于许多共和党人反对，她的得票很可能会比Bernanke2010年连任时的70票更低，而这在当时创造了联邦储备局主席最低的得票率记录。
Moreover, one of the seven seats on the Fed's board is vacant and another five may come up for grabs in the coming year, given expirations and the tug¹⁷ of other opportunities.
此外，联邦董事会7个席位尚有一个空缺，在下一年换届时，倘若还有其他有利机会将有5人竞争该席位。
The weight of opinion within the institution could change markedly as a result.
因此，联邦储备局内部观点很可能会带来巨大转变。
Minutes of the Fed's last meeting, in September, show that it is already divided on QE.
联邦储备局9月份的会议记录显示，人们对量化宽松的货币政策已有分歧。
Many officials wanted to slow its pace.
很多官员想要放缓量化宽松的步伐。
But the view that the economy was not strong enough prevailed, and the Fed surprised the market by sticking to its current pace of bond-buying.
然而经济状况并不允许紧缩货币政策的观点盛行，联邦继续推行现行证券交易的步伐出乎市场的预测。
Once in office, Ms Yellen is likely to pursue a gentle taper¹⁸ coupled with a firm commitment to keep interest rates at zero.
一旦就任，Yellen很可能会追求趋缓温和的货币政策但是会坚持维持利率为零。
If the economy falters—an all-too-real possibility givenAmerica's budget mess—she may want to increase QE, but might struggle to persuade her colleagues.
倘若经济衰退—美国混乱的经济预算负主要责任—她可能会提高量化宽松的程度，但她要费力地说服她的同事们支持她。
The Fed's strength, she said in accepting the nomination, is its capacity to vigorously debate diverse views, and then to unite.
在接受任命的时候，她说联邦储备局的优势在于它能够让不同的观点相互辩论最后获得统一。
Maintaining that trait may be her biggest challenge.
而发扬这种优良传统或许是她面临的最大挑战。
1.stick to 遵守；保留；紧跟
Stick to a bank account and debit¹⁹ card.
坚持使用银行账户或者是签证卡。
The government must stick to its promises.
政府必须坚守它自己的承诺。
2.such as 像， 例如；譬如；诸如
What about future steps such as euro bonds?
诸如欧元联盟之类的未来计划怎样？
Such as, this is a wonderful film.
例如，这是一出美好的电影。
3.struggle with 与…打架，与…斗争；在内心与进行斗争
They work hard and struggle with difficulties in life.
他们努力工作和生活中的困难作斗争。
We will struggle with its aftermath for years.
我们还要在今后的几年了继续挣扎。
4.even if 即使
Apologize, even if it was her fault.
道个歉，即使是她错了。
Yet even if that were true, words matter.
但就算此言属实，言论也十分重要。

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

3 odds   

n.让步，机率，可能性，比率；胜败优劣之别

参考例句：

• The odds are 5 to 1 that she will win.她获胜的机会是五比一。
• Do you know the odds of winning the lottery once?你知道赢得一次彩票的几率多大吗？

4 stimulative   

n.刺激，促进因素adj.刺激的，激励的，促进的

参考例句：

• Do you want to enjoy the absolutely stimulative experience? 你想享受魔兽游戏带来的绝对刺激的体验吗？ 来自互联网
• Discussed follow pattern of demand, the way that stimulative technology progresses. 探讨了遵循供求规律，促进技术进步的途径。 来自互联网

5 disquiet   

n.担心，焦虑

参考例句：

• The disquiet will boil over in the long run.这种不安情绪终有一天会爆发的。
• Her disquiet made us uneasy too.她的忧虑使我们也很不安。

6 hawks   

鹰( hawk的名词复数 )； 鹰派人物，主战派人物

参考例句：

• Two hawks were hover ing overhead. 两只鹰在头顶盘旋。
• Both hawks and doves have expanded their conditions for ending the war. 鹰派和鸽派都充分阐明了各自的停战条件。

7 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

8 succumb   

v.屈服，屈从；死

参考例句：

• They will never succumb to the enemies.他们决不向敌人屈服。
• Will business leaders succumb to these ideas?商业领袖们会被这些观点折服吗？

9 bias   

n.偏见，偏心，偏袒；vt.使有偏见

参考例句：

• They are accusing the teacher of political bias in his marking.他们在指控那名教师打分数有政治偏见。
• He had a bias toward the plan.他对这项计划有偏见。

10 implicitly   

adv. 含蓄地, 暗中地, 毫不保留地

参考例句：

• Many verbs and many words of other kinds are implicitly causal. 许多动词和许多其他类词都蕴涵着因果关系。
• I can trust Mr. Somerville implicitly, I suppose? 我想，我可以毫无保留地信任萨莫维尔先生吧？

11 persistently   

ad.坚持地；固执地

参考例句：

• He persistently asserted his right to a share in the heritage. 他始终声称他有分享那笔遗产的权利。
• She persistently asserted her opinions. 她果断地说出了自己的意见。

12 briefly   

adv.简单地，简短地

参考例句：

• I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
• He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。

13 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

14 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

15 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

16 nomination   

n.提名，任命，提名权

参考例句：

• John is favourite to get the nomination for club president.约翰最有希望被提名为俱乐部主席。
• Few people pronounced for his nomination.很少人表示赞成他的提名。

17 tug   

v.用力拖(或拉)；苦干；n.拖；苦干；拖船

参考例句：

• We need to tug the car round to the front.我们需要把那辆车拉到前面。
• The tug is towing three barges.那只拖船正拖着三只驳船。

18 taper   

n.小蜡烛，尖细，渐弱；adj.尖细的；v.逐渐变小

参考例句：

• You'd better taper off the amount of time given to rest.你最好逐渐地减少休息时间。
• Pulmonary arteries taper towards periphery.肺动脉向周围逐渐变细。

19 debit   

n.借方，借项，记人借方的款项

参考例句：

• To whom shall I debit this sum?此款应记入谁的账户的借方？
• We undercharge Mr.Smith and have to send him a debit note for the extra amount.我们少收了史密斯先生的钱，只得给他寄去一张借条所要欠款。