货币政策效应的区域差异模式【外文翻译】

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1、出处：BusinessReview作者：TheodoreM.Crone原文：APatternofRegionalDifferencesintheEffectsofMonetaryPolicyⅠ.IntroductionAlthoughthereisonlyonenationalmonetarypolicy,thatdoesnotmeanthatmonetarypolicydoesnotaffectsomeregionsoithe"countrymorethanothers.Weknowthatbusinesscycl

2、esdifferacrossstatesandregions,andanumberofstudieshaveexaminedhowmonetarypolicymayaffectregionsdifferentlyandwhy.Areviewofthesestudiesrevealsthatcertainpartsofthecountryareconsistentlymoreaffectedbymonetarypolicythanothers.Identifyingthereasonsforregionaldiffer

3、encesintheeffectsofmonetarypolicymayhelpusbetterunderstandhowchangesinmonetarypolicyripplethroughtheeconomy.Inthisarticle,TedCronereviewswheretheresearchhasbroughtussofar.FederalReserveofficialsaresometimesaskedhowmonetarypolicycanhelpsolveregionaleconomicprobl

4、ems.Thestandardanswerisstraightforward;Thereisonlyonenationalmonetarypolicy,anditisnodesignedtoaddresspurelyregionalissues.Thisdoesnotmean,however,thatmonetarypolicydoesnotaffectsomeregionsofthecountrymorethanothers.Businesspeople,civicleaders,andgovernmentoffi

5、cialsmaywanttoknowhowmuchtheirregionwillbeaffectedbychangesinmonetarypolicyrelativetotherestofthecountry.Weknowthatbusinesscyclesdifferacrossstatesandregions,andoverthepastdecade,anumberofstudieshaveexaminedwhatrolemonetarypolicymayplay—i.e,,howmonetarypolicyma

6、yaffectregionsdifferentlyandwhy.Areviewofthesestudiesrevealsthatcertainpartsofthecountryareconsistentlymoreaffectedbymon-etarypolicythanothers.Sofar,theonlyconvincingexplanationforthesedifferencesisthedifferentmixofindusttiesintheregions.Butthesearchforotherrea

7、sonsislikelytocontinue.consistentlymoreaffectedbymonetarypolicythanothers.Sofar,theonlyconvincingexplanationforthesedifferencesisthedifferentmixofindustriesintheregions.Butthesearchforotherreasonsislikelytocontinue.Identifyingthereasonsforregionaldifferencesint

8、heeffectsofmonetarypolicymayhelpusbetterunderstandhowchangesinmonetarypolicyripplethroughtheeconomy.Thisarticlewillreviewwheretheresearchhasbroughtussofar.Ⅱ.BUSINESSCYCLESDI