既然在短期目标和中期目标之间存在不可避免的冲突，那么实现价格稳定并不是项简单的任务。货币管理机构必须在日复一日的基础上作决策，而且这些决策通常对一个国家的短期经济发展有重大的效果。中央银行常常面临的进退两难的困境之一是在能为长期价格稳定打下较好基础、带来长期发展前景的政策行为和那些政策行为对短期内经济发展的负面影响之间作选择。当通货膨胀正在发展之中，紧缩信贷的努力可能会抬高利率，这最初会使经济增长放慢。但是如果要达成其首要职能，中央银行必须能够看到这些短期负面影响之外的事，并将注意力集中于价格稳定的长期目标。

Achieving price stability is no easy task, since there are inevitable conflicts between short-term and medium term goals. Monetary authorities must make decisions on a day-to-day basis, and often these decisions have significant effects on short-run economic development in a country. One of the dilemmas that a central bank frequently faces is to choose between policy actions that would establish a better basis for longer-term price stability, and thus long-term growth prospects, and the negative effects of those policy actions on economic growth in the short run. When inflation is on the march, an effort to tighten credit creation is likely to push interest rates higher, and this may initially slow down economic growth.  But if it is to fulfill its primary responsibility, a central bank must be able to look beyond these short-run negative effects and concentrate on the long-term goal of price stability.

 

 

 

 

来一段关于中央银行的吧。（central bank)
中央银行的最重要的职能有：”1控制一国的信贷额 2，监督商业银行的活动  3，处理政府的财经业务   4 为政府开帐户  5，控制货币的发行量和国家的储备金   6，维护本国货币在外汇市场上的币值。

A central bank''s primary responsibilities include:
1, Controlling the amount of credit in the country;
2 Supervising the operations of the commercial banks;
3, Handing the bussiness of the government; 
4,Maintaining accounts for the government  
5,Controlling the note issue and the country''s reserves;
6,Preserving the value of the domestic currency on the foreign exchange market.

法定存款准备金，公开市场业务和贴现机制是中央银行控制货币供应量和信贷规模，调节宏观经济的三大强有力的武器。
Reseve requirements, open market operations and discount rates
are the three powerful weapons that a central bank uses to
control the money supply and credit creation and  adjust
the macroeconomy.

英格兰银行是英国的中央银行，成立于1694年，由于该行历史悠久，有人将它称为“近代中央银行的鼻祖”
The bank of England is the central bank of U.K. It was founded
in 1694. Because of its long history, it is called "the first
modern central bank."

 

 

 

 

解决赤字（deficit)的办法
出售国营企业是一种解决政府赤字的方法。但同时我们必须记住：来自私有化的收入只是一种一次性的收入，很快就会被花完。
Selling state-owed enterprises is one way to solve the
government's deficit problem. but meanwhile we
should keep in mind that privatization revenues are
only one-off windfalls and will run out soon.

一些拉丁美洲国家为了避免财政赤字，正在进行公共部门的改革，包括将多余的政府代理机构进行兼并，重组或者关闭，以及将政府控制的亏损企业私有化等。
In order to aviod fiscal deficit,some Latin American countries are
reformming their public sector. They are merging,reorganizing or
shutting down redundant fovernment agencies and privatizing
losss-making enterprises still in state hands.

 

 

 

 

 

 

定义和关系
联邦储备银行系统（简称“美联储”）是美国的中央银行，其职能是：政府的银行，银行的银行，发行的银行和执行货币政策。
The Federal Reserve System (or the FED) is the central bank of
 the U.S. It acts as the government's bank,banker's bank, issue
 bank and conducts monetary policy.

公开市场操作涉及到对政府证券的买卖，政府证券包括短期国库券和长期债券两种，出售这些政权可以减少货币供应，而当购买这些证券时，可以使利率下降，增加货币供应，从而加快经济发展。
Open market operations involve the buying and selling of government securities, which take the form of treasury bills of long-term government bonds. Sellling the securities can contract the money supply , but buying them can lower interest rates, increase the money supply and thus speed up the economy.

 

 

 

 

有人反对法兰西银行行长任欧洲中央银行行长。理由又两条：其一 他的政策有时缺少透明度；其二，德国人会不高兴。
Some oppose having the governor of the bank of France as president
of the ECB for the following two reasons: First, his policies sometimes
lack openness, second, the German will displeased.

不少欧盟成员国的经济学家认识曾担任过荷兰中央银行行长的威姆。兑森伯格完全有资格当选为欧洲中央银行行长的第一任行长，因为他是一个有名的敢与通货膨胀作斗争的银行家。
Economists in many EU member contries think that Wim Duisionkery who was once the governor of the Dutch central is fully qualified for the first presidency of the ECB because of his creadentials as a strong, inflation-bashing central banker.

 

 

欧盟（EU）
不是所有欧盟成员都可以参加单一货币，所有允许参加欧元的成员国必须满足马斯特里赫特条约的标准。
EU mumbership does not entitle EU members automatically to join the single currency. Any member wanting to join the euro has to meet the criteria set forth in the Masstrichat Treaty.

新的法国政府也许希望未来的欧洲中央银行能够修改自己的职责，要求它多关注失业，少注意一点通货膨胀。
The new French government seems to hope that the future European Central bankk could modify its responsibilities to pay more attention to unemplyment and less to inflation.

 

 

 

stock
股市分两种，一种叫“牛市”，指股票价格持续上扬的股票市场，另一种叫熊市，指股价不断下跌的股票市场。
There are two type of stocks: a bull market in which
stock prices keep rising and a bear market where stock
prices keep dropping.

除了付股票价格以外，购买者还得向经纪商行支付服务佣金，佣金一般是股票交易总价值的1~2%。
In addition  to price of the stock, the purchaser has to pay the
brokerage firm a commission for its services, which generally
ranges from 1 to 2 percent of the total value of the stock
transation.

 

 

 

经济学中长期争论的一个问题就是：“固定汇率是否优先于浮动汇率，对此问题做出过分简单的回答是不适当的，因为无论哪种汇率都是不完美的，它们都有自己的优点和缺点
One of the longest-running debates in economics is about
whether it is  better to fix exchange rates or let currencies
float. An oversimplified answer to this is inappropriate
 because neither is perfect and they both have their meritis
and drawbacks.

由于最近泰国实施了一些极端的控制手段，泰国银行已不被允许向进行投机的外国投资者出售其本国货币，外国投资者也不能再出售泰国股票换成泰铢。
Since Thailand has recently implemented some extreme contrals.
Thai banks are prohibited from selling baht to foreign investors
suspected of speculation,and foreign investors can no longer
 obtain baht by selling Thai equities.

 

 

 

 

策略的种类
有两种策略可以降低存在的风险。一个策略是持有组合期权，例如空头套做(strips）、多头与空头套做（straddles）、多头套做（strap）。把两个看跌期权（即股票出售权——译者注，put）和一个看涨期权（即股票买入权——译者注，call）组合起立称作空头套做，把一个看跌期权和一个看涨期权以相同的预购
股票价格和到期日组合起来称作多头与空头套做，而把两个看涨期权和一个看跌期权组合起来称作多头套做。多头与空头套做的操作方法对认为股票价格将明显上涨或下跌但不能确定究竟是上涨还是下跌的一些投资者而言是适宜的。另一个策略是把期权和股票组合起来。遵循这个策略的投资者不是仅仅拥有股票，在股票价格较低时要增加投资报酬率，而当股票价格较高时要减少投资报酬率。证券投资者在呆滞市场中可能使用这个策略来试图提高组合投资报酬率。(象绕口令一样，有点晕了吧）

Type of Strategy
There are two strategies to reduce the risks involved.  One is holding options in combination, such as strips, straddles and strap.  Combining two puts and a call is termed a strip, and combining a put and call with the same exercise price and expiry date is called straddle, while the combination of two calls and a put is called strap.  A straddle position would be appropriate for some who believes that the price of shares will show significant movement either up or down but is unsure of the direction of movement.  The other strategy is combining options with the share.  An investor who follows this strategy, rather than just owning the share, increases the return at low share prices while reducing returns at higher prices.  This strategy might be used by a portfolio investor in slack markets to try and increase portfolio return.
     

 

 

 

浮动汇率或灵活汇率
浮动汇率是指一种货币和另一种货币的交换比率，而且根据各种市场因素允许这种货币的交换比率发生变化或浮动。根据灵活汇率模式，一国的货币值将由供需定律决定，政府不通过中央银行进行干预。一些经济学家把浮动汇率细分为纯浮动汇率（汇率完全由供需的市场因素决定）和管理浮动汇率或肮脏浮动汇率。管理浮动汇率制度的一个重要特点是强调中央银行或货币管理当局维持一定水准外汇储备的必要性。

Floating or Flexible Exchange Rate

This refers to rate of exchange between one currency and others
that is permitted to vary or float according to market forces.  Under
a flexible exchange rate regime, the value of a country’s currency
would be determined by the law of supply and demand with no
intervention by the government through its central bank.  Some
economists subdivide floating exchange rates into pure floating rate
(being determined entirely by such market considerations as demand
and supply) and managed or dirty floating rate.  An important feature
of the managed float system is the necessity for the central or the
monetary authorities to maintain a certain level of foreign exchange reserves.

 

 

 

 

税收主要有两种：直接税和间接税。直接税是征税，其结果是预期由付税的个人或机构承担。首要的直接税是所得税，由有收益的个人付税。公司税是一种直接税，但有证据表明它能通过下述方式转移其负担者：对消费者制定较高的价格或对雇员支付较低的工资。遗产税也可被视作对死者征收的直接税，虽然其负担者归属与遗产的继承人。

Taxes are mainly of two types: direct taxation and indirect taxation.  Direct taxation is taxation, the effect of which is intended to be born by the person or organization that pays it.  The principal direct tax is income tax, in which the person who receives the income pays the tax.  Corporation tax is a direct tax but there is evidence that its incidence can be shifted to consumers by higher prices or to employees by lower wages.  Inheritance tax could also be thought of as direct tax on the deceased, although its incidence falls on the heirs of the estate.

 

 

 

 

 

极度通货膨胀存在于现代经济社会能够忍受的最具破坏性的经济的经验教训中。一旦碰上这样的通货膨胀，唯一可行矫正方法是放弃人们已对其丧失信心的支付手段，而再次唤起人们信任感的一种新支付手段的建立将起着合理的“等值储存”的作用。

Hyperinflation is among the most destructive economic experiences that a modern economic society can undergo.  If there is such kind of inflation, the only cure is the abandonment of the currency in which everyone has lost faith and the institution of a new currency that people can be once again induced to believe will serve as reasonable ‘store of value’

 

 

 

 

上述行为的结果是通货膨胀的速度显著放慢，但由于军费开支增长的缘故，赤字继续增加。联邦所得税的减少，以及经济衰退使整体税收收入减少。 这些持续增长的赤字将需要通过进一步增长货币供应量或可观地提高利率的方法予以解决。 提高利率无疑会导致立即抑制经济活动中的任何增长。对付赤字的另一种选择是增加货币供应量以维持低利率，但这样做将为加剧通货膨胀埋下伏笔。

The effect of the above actions was substantial slowing of inflation, the deficit continues to grow as a result of increased military expenditures.  Federal income tax reductions, and the recession which reduces total tax revenues.  These increasing deficits will require either a further increase in money supply or a substantial increase in interest rates.  An increase in interest rates will undoubtedly result in an immediate stifling of any increase in economic activity.  The alternative to this is an increase in money supply to keep interest rates low and this will lay the basis for increased inflation.