美聯(lián)儲(chǔ)的目標(biāo)進(jìn)行貨幣政策

1、美聯(lián)儲(chǔ)的目標(biāo)進(jìn)行貨幣政策國會(huì)成立的法定貨幣政策目標(biāo)充分就業(yè)、物價(jià)穩(wěn)定 和溫和長期利率在聯(lián)邦儲(chǔ)備法 。The Federal Open Market Committee (FOMC) is firmly committed to fulfilling this statutory mandate.聯(lián)邦公開市場委員會(huì) (FOMC) 是堅(jiān)定地致力于履行這一法定 使命。In pursuing these objectives, the FOMC seeks to explain its monetary policy decisions to the public as clearly as poss

2、ible.追求這些目標(biāo) ,聯(lián)邦公開市場委員會(huì)試圖解釋它的貨幣政策 決定向公眾盡可能清楚地。Clarity in policy communications facilitates well-informed decisionmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are ess

3、ential in ademocratic society.清晰的政策交流促進(jìn)消息靈通的家庭和企業(yè)的決策,降低了經(jīng)濟(jì)和金融的不確定性 ,增加了貨幣政策的效力 ,并且增強(qiáng)透 明度和問責(zé) ,而在民主社會(huì)是必要的。Following its meeting in January 2012, the FOMC issued a statement regarding its longer-run goals and monetary policy strategy.2012 年 1 月的會(huì)議之后 ,聯(lián)邦公開市場委員會(huì)發(fā)表了一份聲 明,關(guān)于它的長期目標(biāo)和貨幣政策戰(zhàn)略。The FOMC noted in

4、its statement that the Committee judges that inflation at the rate of 2 percent (as measured by the annual change in the price index for personal consumption expenditures, or PCE) is most consistent over the longer run with the Federal Reserve's statutory mandate.聯(lián)邦公開市場委員會(huì)在聲明中指出 ,委員會(huì)認(rèn)為 ,通貨膨脹率 為

5、2%（ 按年度變動(dòng)價(jià)格指數(shù)的個(gè)人消費(fèi)支出 , 或 PCE） 是最穩(wěn)定的長期運(yùn)行與美聯(lián)儲(chǔ)的法定使命Communicating this inflation goal clearly helps keep longer-term inflation expectations firmly anchored, thereby fostering price stability and moderate long-term interest rates and enhancing the FOMC's ability to promote maximum employment.傳播這種通脹目標(biāo)

6、顯然有助于保持長期的通脹預(yù)期扎根 ,從 而促進(jìn)價(jià)格穩(wěn)定和溫和的長期利率和提高聯(lián)邦公開市場委 員會(huì)促進(jìn)充分就業(yè)的能力。The maximum level of employment is largely determined by nonmonetary factors that affect the structure and dynamics of the job market.最大的就業(yè)水平 ,很大程度上取決于非貨幣影響因素 ,結(jié)構(gòu)和 動(dòng)力學(xué)的就業(yè)市場。These factors may change over time and may not be directly measurable

7、.這些因素可能會(huì)隨著時(shí)間改變 ,不得直接測量。As a result, the FOMC does not specify a fixed goal for maximum employment; rather, the FOMC's policy decisions must be informed by its members' assessments of the maximum level of employment, though such assessments are necessarily uncertain and subject to revision.因此

8、 ,聯(lián)邦公開市場委員會(huì)不指定一個(gè)固定目標(biāo)就業(yè)最大化 相反 ,聯(lián)邦公開市場委員會(huì)的政策決策必須依據(jù)其成員的評(píng) 估的最大級(jí)別的就業(yè) ,不過這樣的評(píng)估是一定不確定性和 修。In the FOMC's most recent Summary of Economic Projections, Committee participants' estimates of the longer-run normal rate of unemployment had a central tendency of 5.2 to 6.0 percent, roughly unchanged from A

9、pril 2011 but substantially higher than the corresponding interval several years earlier.在聯(lián)邦公開市場委員會(huì)的最新經(jīng)濟(jì)預(yù)測的總結(jié),委員會(huì)參與 者的估計(jì)長期正常失業(yè)率有一個(gè)中央的傾向 ,5.2 至 6.0%, 大 致持平于 2011 年 4 月 ,但大大高于相應(yīng)的時(shí)間間隔幾年前In setting monetary policy, the Committee seeks to mitigate deviations of inflation from its longer-run goal and devi

10、ations of employment from the Committee's assessments of its maximum level.在制定貨幣政策時(shí) ,委員會(huì)尋求緩解通貨膨脹的偏差和偏差 的中長期目標(biāo)的就業(yè)委員會(huì)的評(píng)估它的最高水平。These objectives are generally complementary.這些目標(biāo)通常是互補(bǔ)的。However, under circumstances in which the Committee judges that the objectives are not complementary, it follows a balanced approach in promoting them, taking into account the magnitude of the deviations and the potentially different time horizons over which employmen