【正文】 I broke up the classical gold standard, all of these regimes have been tried repeatedly. The conventional wisdom about which regime is most desirable has itself gone through cycles. But two years ago the majority opinion among economists—and less decisively in the international policy munity—was clearly in favor of floating rates. There had once been considerable sympathy for attempts to limit exchange rate variation: for example, the “adjustable pegs” of the Bretton Woods Unit Six The Return of Depression Economics — Paul Krugman era, under which rates were normally held within narrow bands but adjusted on occasion as circumstances warranted. But experience showed that the mere hint of a possible devaluation in the face of highly mobile capital provoked massive speculative attacks. So such promise systems broke down, with countries either giving up and floating their rates or averting speculation by ruling out any possibility of future changes in currency values. And that meant that adopting any sort of fixed exchange rate required in effect giving up pletely on moary adjustment. Hong Kong offers a classic example. Economic turmoil in the rest of Asia and the devaluation of many neighboring countries’ currencies have left Hong Kong clearly overpriced and led to record unemployment. No law would prevent the textbook solution—a onetime devaluation of the Hong Kong dollar. But the city’s economic authorities have concluded that the only way to prevent massive speculation against that currency every time there is an economic downturn is to mit themselves firmly to keeping its value in . dollars constant. A recession must therefore simply be endured. Unit Six The Return of Depression Economics — Paul Krugman A country could avoid locking its exchange rate by reinstituting capital controls of the kind that prevailed for the first two decades of Bretton Woods, which allowed the pegs of that system to be truly adjustable, but the costs of such controls seem a high price to pay. A freely floating exchange rate, then, appears to be the lesser of three evils. Even economists who are generally profloating agree that tightly integrated regions that form “optimal currency areas” should adopt the ultimate form of fixed exchange rates, a mon currency. (Whether the new eurozone constitutes such an area is another question.) But as a general rule, the preferred alternative of most economists is a floating exchange rate. In particular, it is the one most consistent with the neoclassical synthesis, because it leaves countries free to pursue both freemarket and fullemployment policies. (from Foreign Affairs, January/February 1999) Unit Six The Return of Depression Economics — Paul Krugman Exercises ? Ⅰ . Translate the following into English, using the words or phrases in the text: 1. 使一國(guó)外匯儲(chǔ)備大大減少的資本外逃 capital flight depleting a country’s foreign exchange reserves 2. 貶值所引起的國(guó)內(nèi)惡性通貨膨脹 domestic hyperinflation caused by devaluation 3. 為增加國(guó)民收入而采取擴(kuò)張性財(cái)政政策 to adopt expansionary fiscal policy to increase national ine Unit Six The Return of Depression Economics — Paul Krugman Unit Six The Return of Depression Economics — Paul Krugman 4. 面臨總需求日益萎縮的危險(xiǎn) 5. 受流動(dòng)性陷阱困擾的資本市場(chǎng) capital market harassed by liquidity trap 6. 排除大規(guī)模投機(jī)活動(dòng)的可能性 to rule out the possibility of massive speculative activities 7. 以經(jīng)濟(jì)停滯為代價(jià)來(lái)壓低國(guó)內(nèi)的價(jià)格 to drive down domestic prices at the expense of economic stagnation be faced with the danger of increasingly shrinking aggregate demand Unit Six The Return of Depression Economics — Paul Krugman 8. 以固定匯率為特征的國(guó)際金本位制 9. 熱幣流動(dòng)對(duì)貨幣產(chǎn)生的壓力 the pressure of hot money flow on currencies 10. 以市場(chǎng)自發(fā)調(diào)節(jié)為中心的新古典主義理論 the neoclassical theory centering on the spontaneous adjustments of market 11. 運(yùn)用多種手段來(lái)實(shí)現(xiàn)經(jīng)濟(jì)目標(biāo)的聰明的決策者 intelligent policymakers who will use various means to achieve economic goals the international gold standard system characterized by fixed exchange rates Unit Six The Return of Depression Economics — Paul Krugman 12. 能夠幫助經(jīng)濟(jì)走出蕭條的靈活的財(cái)政、金融政策 13. 發(fā)展中國(guó)家和成熟經(jīng)濟(jì)體所面臨的不同困境 the different dilemmas that the developing countries and the mature economies are faced with 14. 以犧牲充分就業(yè)來(lái)實(shí)現(xiàn)高產(chǎn)出率 to sacrifice full employment to achieve high output rate 15. 會(huì)導(dǎo)致另一國(guó)貨幣貶值的對(duì)這種貨幣的需求增加 the increased demand for this currency that will lead to the devaluation of anot