英語 での Monetary easing effects の使用例とその 日本語 への翻訳
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Along with this, the natural rate of interest is projected to rise,thereby enhancing monetary easing effects.
It also is an attempt to break the limit to monetary easing effects resulting from the zero lower bound.
Market stability is also a vital precondition for the currentlow interest rates to produce their maximal monetary easing effects.
This framework is designed to amplify monetary easing effects when the outlook for economic activity and prices improves.
The Bank of Japan's new policy framework is constructed in such away that it can avoid this problem while maximizing the monetary easing effects.
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One member said that monetary easing effects would increase further in line with a rise in the expected inflation rate.
Of course, even at the current level where nominal interest rates are virtually zero percent,we have managed to devise ways to create monetary easing effects.
These monetary easing effects have stimulated economic activity both in the corporate and household sectors, and the output gap has improved substantially.
In addition, as the natural rate of interest increases together with therise in the growth potential of Japan's economy, monetary easing effects are likely to be enhanced.
Conditions for exerting monetary easing effects However, we have to face the reality that even such drastic monetary easing has not been sufficiently effective in igniting private demand.
Excessively low interest rates could make financial institutions reluctant to lend, such as through capital constraints,and thereby diminish the monetary easing effects.
In such a situation, with a virtually zero lower bound,there is the possibility that monetary easing effects stemming from an additional decrease in JGB yields will be more limited than before.
The public will anticipate that monetary easing will surely be protracted, leading to a more flattened yield curve,thereby strengthening monetary easing effects.
By doing so, the Bank can keep long-term real interest rates stably at low levels andthereby secure the accumulated monetary easing effects seen so far, which I believe is most important for the Bank's monetary policy.
Some argue that a low interest rate impairs the functioning of financial intermediation through a deterioration of financial institutions' profitability,and thereby undermines monetary easing effects.
In other words, without reducing nominal interest rates to negative territory as in Japan,sufficient monetary easing effects can be obtained in the United States while alleviating impacts on financial institutions of low interest rates.
As Japan has continued to struggle with a trend decline in the potential growth rate since the bubble burst,the Bank has lowered its policy rate to ensure the monetary easing effects Chart 3.
With QQE's strong monetary easing effects, long-term interest rates have stably remained at extremely low levels. While this has brought down yields on financial institutions' interest-earning assets, firms' funding costs have declined substantially.
Such observations lead us to the other challenge, which is to explore optimal levels andshapes of the yield curve that can maximize monetary easing effects on the economy and prices.
Although some hold the view that monetary easing effects have not been reaching local economies, small and medium-sized firms, and individuals, improvements have been seen in the active job openings-to-applicants ratios in local regions, the profits of small and medium-sized firms, and compensation of employees.
On that occasion, although Japan also reduced the policy interest rate to around 0 percent, as the United States and Europe did,it was only able to exert limited monetary easing effects of 0.5 percentage point.
The Bank has been making efforts to make credit intermediation in the market more diversified andefficient so that monetary easing effects permeate further throughout the economy, and these efforts are expected to improve the Japanese capital market in the long term.
Financial Intermediary Function and Deflation Some argue that the flattening of the yield curve has a negative impact on financial institutions' profits andin turn hinders the monetary easing effects.
The first criterion, which may overlap somewhat with what I have mentioned earlier, is whether the Bank's purchases of aparticular type of asset will help the monetary easing effects to permeate through the real economy; and whether such a purchase offers any actual improvement over the existing transmission mechanism.
When short- and long-term interest rates were well in positive territory, a common understanding was that, so far as the impact on the economy was concerned, the lower the interest rates,the greater the monetary easing effects.
From a theoretical perspective, a commitment to continuing with zero interest rates for a prolonged periodnot only allows borrowing unlimited monetary easing effects from the future, but such policy effects also materialize immediately.
This new commitment was an evolution of the previous version of the commitment that had been adopted alongside the zero interest rate policy, as it linked the condition of that commitment to the observed CPI andthereby aimed at gaining more powerful monetary easing effects.
Since the introduction of QQE in 2013, the basic transmission channel of monetary easing has been the reduction in real interest rates, and the current framework-- QQE with Yield Curve Control--is designed to amplify monetary easing effects when the outlook for economic activity and prices improves.
In such situation, if more firms take advantage of accommodative financial conditions, capital investment will be reinforced and technological innovation will progress,leading the potential growth rate to rise and monetary easing effects to become larger.