our state-space model is constructed with a variable parameter hypothesis which contains the course of the natural rate of unemployment changes and the phillips curve. the time-variant curve of the natural rate of unemployment during 1992& 2004 is estimated with kalman filtering.

the phillips curve relationship and the inflation-money growth relationship which are very classical in macroeconomic study are tested by china data in this paper.

本文用中国数据检验两个经典宏观经济关系：菲利普斯曲线关系和通货膨胀&货币增长关系。

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the phillips curve is an attempt to describe the trade-off between the rate of price inflation and the rate of unemployment of labour.

菲利普斯曲线是试图描述物价上涨率和劳动力失业率之间消长关系的曲线。

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if the fed funds futures market is to be believed, the chances of another cut in the fed funds rate next week have increased decisively in the past week.

如果美国联邦基金利率期货市场值得信赖，那么过去一周，美联储在下周再次降息的几率无疑已经上升。

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a related issue is that it will be more difficult to measure the stance of fed policy: there will be no simple analogue to the fed funds rate.

一个相关问题是人们将更难以衡量美联储的政策立场：联邦基金利率没有简单的相似物。

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mr bernanke suggested, for instance, that the fed could temporarily target the interest rate it paid on excess reserves, rather than the federal funds rate.

譬如，伯南克建议美联储应该暂时从超额存款准备金的支付利率下手，而不是联邦基金利率。

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that would halve the interest penalty on discount window borrowing compared to the main interest rate, the fed funds rate, which is currently 4.5 per cent.

此举将把贴现窗口贷款与主要利率之间的息差减半。目前美国的主要利率联邦基金利率为4.5%。

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the timing of an increase in the benchmark federal-funds rate a fed-influenced rate at which banks lend to each other overnight is a centerpiece of fed discussions.

美国的基准利率是联邦基金利率，这是一种银行间隔夜拆借利率，由美联储对它实施影响。何时提高这一利率，是美联储讨论的焦点。

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the federal funds rate in the us is now 4.75 per cent, with expectations of a cut of at least 25 basis points this week.

目前美国联邦基金利率为4.75%，预计本周可能下调至少25个基点。

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high joblessness and weak inflation will keep the fed funds rate near zero at least through next year and perhaps longer, hatzius and tilton write.

哈祖斯和蒂尔顿在报告中预测，高失业率和低通胀将使美国联邦基金利率保持在零附近直至明年年底或更久。

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this correlation between home prices and mortgage rates was highly significant, and a far better indicator of rising home prices than the fed-funds rate.

房价与抵押贷款利率之间的这种关联度意义重大，是比联邦基金利率更能预示房价上涨的一个指标。

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the fed was quick to slash the federal funds rate by 550 basis points to 1 per cent and the us economy eventually recovered.

美联储迅速将联邦基金利率下调550个基点，至1%，而美国经济最后终于复苏。

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the federal funds rate is the interest rate at which depository institutions lend balances at the federal reserve to other depository institutions overnight.

所谓美国联邦基金利率是指存款机构在短时间内将其于美联储所拥有的结余贷予其他存款机构时所采用的利率。

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step one: announce a target of restoring the real federal funds rate back to its long-term average of 2 per cent.

第一步：宣布目标将实际联邦基金利率回调至其长期平均利率2%。

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a 50 basis points cut in the fed funds rate to 4.75 per cent was a tonic for america's crisis-struck economy.

美联储联邦基金利率下调50个基点，至4.75%，这对于遭受信贷危机打击的美国经济是有益的。

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certainly if the fed was concerned it would be preparing markets for a hike in the fed funds rate.

当然，如果美联储感到担心，就会事先给出信号，让市场对联邦基金利率的大幅上调做好准备。

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the key question, however, is: when will the fed start raising the fed funds rate?

但关键问题是：美联储将于何时开始上调联邦基金利率？

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the fed's decision means the federal fund rate is kept at the 1.75 percent level.

联准会的此一决定使得联邦基金利率保持在百分之一点七五的水准。

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two-year treasuries are yielding a full percentage point less than the fed funds rate.

目前，两年期美国国债的收益率比联邦基金利率低整整一个百分点。

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the discount rate is currently 0.75 per cent over the fed funds rate.

目前贴现率比联邦基金利率高出0.75%。

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this rate is what banks pay other banks to borrow money overnight.

这个利率（联邦基金利率）是指银行之间相互借贷的日息。

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