货币政策效应的区域差异模式[文献翻译]

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

2、andregions,andanumberofstudieshaveexaminedhowmonetarypolicymayaffectregionsdifferentlyandwhy.Areviewofthesestudiesrevealsthatcertainpartsofthecountryareconsistentlymoreaffectedbymonetarypolicythanothers.Identifyingthereasonsforregionaldifferencesintheeffectsofmonetarypolicymayhelp

3、usbetterunderstandhowchangesinmonetarypolicyripplethroughtheeconomy.Inthisarticle,TedCronereviewswheretheresearchhasbroughtussofar.FederalReserveofficialsaresometimesaskedhowmonetarypolicycanhelpsolveregionaleconomicproblems.Thestandardanswerisstraightforward;Thereisonlyonenationa

4、lmonetarypolicy,anditisnodesignedtoaddresspurelyregionalissues.Thisdoesnotmean,however,thatmonetarypolicydoesnotaffectsomeregionsofthecountrymorethanothers.Businesspeople,civicleaders,andgovernmentofficialsmaywanttoknowhowmuchtheirregionwillbeaffectedbychangesinmonetarypolicyrelat

5、ivetotherestofthecountry.Weknowthatbusinesscyclesdifferacrossstatesandregions,andoverthepastdecade,anumberofstudieshaveexaminedwhatrolemonetarypolicymayplay—i.e,,howmonetarypolicymayaffectregionsdifferentlyandwhy.Areviewofthesestudiesrevealsthatcertainpartsofthecountryareconsisten

6、tlymoreaffectedbymon-etarypolicythanothers.Sofar,theonlyconvincingexplanationforthesedifferencesisthedifferentmixofindusttiesintheregions.Butthesearchforotherreasonsislikelytocontinue.consistentlymoreaffectedbymonetarypolicythanothers.Sofar,theonlyconvincingexplanationforthesediff

7、erencesisthedifferentmixofindustriesintheregions.Butthesearchforotherreasonsislikelytocontinue.Identifyingthereasonsforregionaldifferencesintheeffectsofmonetarypolicymayhelpusbetterunderstandhowchangesinmonetarypolicyripplethroughtheeconomy.Thisarticlewillreviewwheretheresearchhas

8、broughtussofar.Ⅱ.BUSINESSCYCLESDI