英译中

Vice Chair Janet L. Yellen

To sum up, growth inadvanced nations, including the United States, faces serious headwinds.Households are still deleveraging, corporations are reluctant to invest, andfiscal consolidation is needed over time to place public finances on asustainable course. Despite some pickup in growth in the United States duringthe second half of the year, the outlook is for unemployment to diminish onlyslowly, remaining painfully high for many years to come. These developmentshave also affected emerging market economies, where there are now clear signsof slowing growth. In addition, downside risks to global growth have increasedsignificantly because of rising financial market pressures, reflecting anintensification of stress in European banking and sovereign debt markets aswell as broader concerns about the outlook。

宏观经济增速放缓，市场对“硬着陆”担忧加剧，请运用所学理论并结合实际谈谈你的看法。

今年初以来，人民币对美元汇率从6.6升值到6.33，请结合理论和实际分析人民币对美元汇率的变化对我国大宗商品市场的影响。

在正常情况下，美国WTI原油比欧洲北海布伦特原油升水1至3美元。2011年9月，WTI原油对布伦特原油贴水25美元，假定两地之间原油的运输费用为5美元。请设计一个套利方案。

请解释货币乘数在市场利率上升时增加，在再贴现率下降时减少的原因。