neutral rate of interest; neutral run

简明释义

中性利率

英英释义

例句

1.During economic expansions, the neutral run 中性运行 of the economy can help maintain stable inflation.

在经济扩张期间，经济的中性运行 neutral run可以帮助维持稳定的通货膨胀。

2.A neutral run 中性运行 indicates that the economy is neither overheating nor underperforming.

一个中性运行 neutral run表明经济既没有过热也没有表现不佳。

3.The neutral rate of interest 中性利率 is crucial for setting the right benchmark for lending rates.

中性利率 neutral rate of interest对于设定合适的贷款利率基准至关重要。

4.Analysts are closely watching for changes in the neutral rate of interest 中性利率 as it affects investment strategies.

分析师正在密切关注中性利率 neutral rate of interest的变化，因为这会影响投资策略。

5.The central bank aims to determine the neutral rate of interest 中性利率 to guide its monetary policy decisions.

中央银行旨在确定中性利率 neutral rate of interest以指导其货币政策决策。

作文

The concept of the neutral rate of interest refers to the interest rate that neither stimulates nor restrains economic growth. It is a critical benchmark for central banks when setting monetary policy. When the actual interest rate is below the neutral rate of interest, borrowing becomes cheaper, encouraging spending and investment, which can lead to economic expansion. Conversely, if the rate is above this neutral point, it can deter borrowing, leading to slower growth or even contraction. Understanding this balance is vital for maintaining economic stability.In the context of monetary policy, central banks aim to adjust their rates to reach this neutral rate of interest. For example, during periods of economic downturn, central banks may lower interest rates to stimulate borrowing and spending. This approach aims to bring the economy back to its potential output. On the other hand, in times of economic overheating, they might raise rates to cool down inflationary pressures. Thus, the neutral rate of interest serves as a guiding star for policymakers, helping them navigate the complex waters of economic management.Furthermore, the idea of a neutral run complements the neutral rate of interest. A neutral run refers to a situation where the economy operates at its full potential without causing inflation to rise uncontrollably. In this state, resources are utilized efficiently, and unemployment is at its natural rate. Achieving a neutral run is crucial for sustainable economic growth; it signifies that the economy is neither in recession nor overheating.Economists often debate the exact level of the neutral rate of interest, as it can change due to various factors, including technological advancements, demographic shifts, and global economic conditions. For instance, an aging population may lead to lower savings rates, affecting the neutral rate of interest. Similarly, innovations in technology can boost productivity, potentially raising the neutral rate of interest by increasing the demand for investment.In recent years, the neutral rate of interest has garnered significant attention, especially in the wake of the 2008 financial crisis. Many central banks found themselves at the zero lower bound, where traditional monetary policy tools became ineffective. This situation prompted discussions about alternative measures, such as quantitative easing, to stimulate the economy while trying to maintain a neutral run.Ultimately, understanding the neutral rate of interest and the concept of a neutral run is essential for both policymakers and investors. By recognizing these concepts, stakeholders can make informed decisions that contribute to economic stability and growth. As we move forward, the ability to accurately estimate and respond to changes in the neutral rate of interest will remain a pivotal challenge for central banks worldwide, ensuring that economies can thrive without falling into the traps of inflation or stagnation.

“中性利率”这一概念指的是既不刺激也不抑制经济增长的利率。这是中央银行在制定货币政策时的重要基准。当实际利率低于“中性利率”时，借款变得便宜，从而鼓励支出和投资，这可能导致经济扩张。相反，如果利率高于这一中性点，则可能会阻碍借款，导致增长放缓甚至收缩。理解这种平衡对于保持经济稳定至关重要。在货币政策的背景下，中央银行旨在调整其利率以达到“中性利率”。例如，在经济低迷时期，中央银行可能会降低利率以刺激借款和支出。这种方法旨在将经济带回其潜在产出。另一方面，在经济过热时期，他们可能会提高利率以冷却通胀压力。因此，“中性利率”作为政策制定者的指导星，帮助他们在复杂的经济管理中航行。此外，“中性运行”的概念与“中性利率”相辅相成。“中性运行”是指经济在其全部潜力下运作，而不会导致通货膨胀失控。在这种状态下，资源得到有效利用，失业率处于自然水平。实现“中性运行”对可持续经济增长至关重要；它意味着经济既没有衰退也没有过热。经济学家经常讨论“中性利率”的确切水平，因为它可能因各种因素而变化，包括技术进步、人口变化和全球经济条件。例如，老龄化人口可能导致储蓄率下降，从而影响“中性利率”。同样，技术创新可以提高生产力，潜在地通过增加对投资的需求来提高“中性利率”。近年来，“中性利率”引起了广泛关注，特别是在2008年金融危机之后。许多中央银行发现自己处于零下限的境地，在这种情况下，传统货币政策工具变得无效。这种情况促使人们讨论替代措施，例如量化宽松，以刺激经济，同时努力维持“中性运行”。最终，理解“中性利率”和“中性运行”的概念对于政策制定者和投资者都至关重要。通过认识这些概念，利益相关者可以做出明智的决策，从而有助于经济稳定和增长。随着我们向前发展，准确估计和应对“中性利率”的变化将始终是全球中央银行面临的关键挑战，确保经济能够繁荣而不陷入通货膨胀或停滞的陷阱。