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2010/10/26¡Ê²Ð¡Ë08:07:47
¸ø¶¦ÊüÁ÷ÍÍ¤Ï¡ÖÆü¶ä¤Î·èÄê²ñ¹ç¤Ç·ÐºÑʪ²Á¸«Ä̤·¤¬½Ð¤Þ¤¹¤¬¡¢¥¼¥í¶âÍøÀ¯ºö¤¬Ä¹´ü²½¤¹¤ë¤³¤È¤¬É¬»ê¤Î¾ðÀª¤Ë¤Ê¤ë¤è¤¦¤Ç¤¹¡×¤È¤Î»ö¤Ç¡£ #¤È¤³¤í¤Ç»Ò¶¡¼êÅö¤òÁý³Û¤¹¤ë¤é¤·¤¤¤Î¤À¤¬ºâ¸»¤Ï¤É¤³¤Ë¤¢¤ë¤Î¤«¤Í?? ¡û½ÐÃÙ¤ì¤Þ¤¯¤ê¤À¤¬Àè½µ¤Î¥Ð¡¼¥Ê¥ó¥¹Ö±é¤ò¼Ð¤áÆÉ¤ß¤·¤Æ¤ß¤¿[³°Éô¥ê¥ó¥¯] Policy Objectives and Tools in a Low-Inflation Environment¡×¤È¤¤¤¦¤â¤Î¤Ê¤Î¤Ç¥ï¥¯¥Æ¥«¤·¤Æ¼Ð¤áÆÉ¤ß¤·¤¿(¤³¤ì¤¬¤Þ¤¿ËÜʸ15¥Ú¡¼¥¸¤â¤´¤¶¤¤¤Þ¤·¤Æ·ë¹½Ä¹¤¤)¤Î¤Ç¤¹¤¬¡¢¤½¤ó¤Ê¤ËÌÌÇò¤¤¥Í¥¿¤¬¤Ê¤¯¤Æ¼ã´³Çï»ÒÈ´¤±(¤¤¤ä¤Þ¤¢¤â¤Á¤í¤ó¤¢¤¿¤¯¤·¤¬´Î¿´¤Ê½ê¤òÆÉ¤ßÈô¤Ð¤·¤Æ¤·¤Þ¤Ã¤¿²ÄǽÀ¤Ï¤¢¤ë¤Î¤ÇȽ¤Ã¤Æ¤¤¤¿¤é¶µ¤¨¤Æ¤¯¤ó¤Ê¤Þ¤·¤È¤¤¤¦½ê¤Ê¤Î¤Ç¤¹¤¬¡¢´À)¤À¤Ã¤¿¤ê¤¹¤ë¤Î¤ì¤¹¡£ ¤Ç¡¢¹Ö±é¤Î¥Þ¥¯¥é¤ÎÉôʬ¤â̯¤ËŤ¤¤Î¤Ç¤¹¤¬¡¢¤½¤Î¥Þ¥¯¥é¤ÎºÇ¸å¤Ëº£²ó¤Î¹Ö±é¤Îή¤ì¤¬½ñ¤«¤ì¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØIn the remainder of my remarks I will discuss these issues in the context of current economic and policy developments. I will comment on the near-term outlook for economic activity and inflation. I will then compare that outlook to some quantitative measures of the Federal Reserve¡Çs objectives, namely, the longer-run outcomes that FOMC participants judge to be most consistent with its dual mandate of maximum employment and price stability. Finally, I will observe that, in a world in which the policy interest rate is close to zero, the Committee must consider the costs and risks associated with the use of nonconventional tools when it assesses whether additional policy accommodation is likely to be beneficial on net.¡Ù ¤È¤¤¤¦»ö¤Ç¡¢¤Þ¤ººÇ½é¤Ë·ÐºÑ¸«Ä̤·¤Ë´Ø¤¹¤ëÀâÌÀ¤¬¤¢¤Ã¤Æ¡¢¤½¤Î¼¡¤ËFED¤Îº£¸å¤Î¤¤¤ï¤æ¤ëÎÌŪ´ËÏÂÀ¯ºö¤Ë´Ø¤¹¤ëÀ¯ºö¥Ä¡¼¥ë¤Ë´Ø¤¹¤ëÀâÌÀ¤¬¤¢¤ë¤Î¤ÏÎɤ¤¤Î¤Ç¤¹¤¬¡¢ºÇ¸å¤Ë¤¢¤ë¤Î¤¬Èù̯¤Ë¥Á¥ã¡¼¥ß¥ó¥°¤Ê¥Í¥¿¤Ç¡¢¥¼¥í¶âÍøÀ©Ìó¤Î¸µ¤Ç¤ÎÈóÅÁÅýŪ¤Ê¶âÍ»À¯ºö¤Ë¤è¤ëÄɲôËϤΥá¥ê¥Ã¥È¥Ç¥á¥ê¥Ã¥È¤Ë´Ø¤¹¤ëÏäȤ¤¤¦¤É¤³¤«¤ÎËûÁíºÛ¤Î¤è¤¦¤ÊÏäò¤·¤Æ¤¤¤ë¤Î¤¬²¿¤À¤«Èù̯¤À¤Ã¤¿¤ê¤·¤Þ¤¹¤ï¤Ê¡£¤¦¡¼¤à¡£ ¤Ç¡¢¹Ö±é¤Î¥Ú¡¼¥¸¿ô¤ò¸«¤ë¤ÈͽÁÛ¤¬¤Ä¤¯¤Î¤Ç¤¹¤¬¡¢º£²ó¤Î¤³¤Î¹Ö±é¤Ï³ä¤È¹àÌÜÊ̤ÎÃæ¿È¤Ë´Ø¤·¤Æ¤ÏºÙ¡¹¤ÈÏäò¤·¤Æ¤¤¤ë´¶¤¸¤Ç¤¹¤Î¤Ç¡¢¤½¤¦¤¤¤¦°ÕÌ£¤Ç¤Ï¥Ð¡¼¥Ê¥ó¥µÄŤθ½¾õǧ¼±¤Ë´Ø¤¹¤ëÀ°Íý¤Ë¤Ï¤Ê¤ë¤È»×¤¤¤Þ¤¹¡£´ðËÜŪ¤Ë¤Ï½¾Íè¤Î¹Ö±é¤äFOMCµÄ»öÍ׻ݤʤɤˤ¢¤ë¤â¤Î¤Î¤Þ¤È¤á¤ß¤¿¤¤¤ÊÏäǤ½¤ó¤Ê¤Ë¿·¤·¤¤¥Í¥¿¤Ï¤Ê¤«¤Ã¤¿¤è¤¦¤Ë»×¤¨¤Þ¤¹¡£ ¡¦·ÐºÑ¸«Ä̤·¤Ë´Ø¤·¤Æ ¡ØThe Outlook for Growth and Employment¡Ù¤Ã¤Æ¤Î¤¬3¥Ú¡¼¥¸È¾¤Û¤É¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ì¤òÂçÂΰì¸À¤Ç¤Þ¤È¤á¤ë¤È¡Ö¸ÛÍѤβþÁ±¤Ë»þ´Ö¤¬¤«¤«¤ë¤Î¤Ç·ÐºÑ¤Î²óÉü¤Ë¤Ï»þ´Ö¤¬¤«¤«¤ê¤Þ¤¹¤Ê¤¢¡×¤È¤¤¤¦½ê¤Ç¤¹¤Ê¡£¤¢¤È¶âÍ»´Ä¶¤Î²þÁ±¤Ë´Ø¤·¤Æ¤Ï·Êµ¤¤Ë¥µ¥Ý¡¼¥È¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢ÆÃ¤Ë¤½¤Î²¸·Ã¤ÏľÀܶâÍ»»Ô¾ì¤Ø¤Î¥¢¥¯¥»¥¹¤¬¤Ç¤¤ëÂç´ë¶È¤¬¼õ¤±¤Æ¤¤¤ë¤â¤Î¤Î¡¢¶ä¹Ô¤ÎÂß½ÐÂÖÅÙ¤â²þÁ±¤·¤Æ¤¤¤ë¤Î¤Ç¡¢¥¯¥ì¥¸¥Ã¥ÈŪ¤Ë¼ÚÆþ¤ËÃͤ¹¤ëºÄ̳¼Ô¤Ç¤¢¤ì¤Ð¡¢Ãæ¾®¤ä¸Ä¿Í¤Ç¤â¤ä¤ä¾õ¶·¤¬²þÁ±¤·¤Æ¤Þ¤¹¤Ê¤È¤¤¤¦¤ÊÏäò¤·¤Æ¤¤¤Þ¤¹¡£ ¤¿¤À¤Þ¤¢¸Ä¿Í¾ÃÈñ¤Î½ê¤Ê¤É¡¢´ö¤Ä¤«¤Î¾ì½ê¤ÇÀޤ˿¨¤ì¤Æ¡Ö¸Ä¿Í¾ÃÈñ¤ä¤½¤ì¤ËÏ¢¤Ê¤ëºÇ½ª¼ûÍפι¹¤Ê¤ë²óÉü¤Ï¸ÛÍÑ¡¦½êÆÀ¾õ¶·¤Î²þÁ±¤Ë°Í¸¤·¤Þ¤¹¡×¤È¤¤¤¦Ï䬽ФƤޤ¹¤Î¤Ç¡¢¤Þ¤¢´ðËܤϸÛÍѽêÆÀ¾õ¶·¤Ç¤¹¤Ê¤¢¤È¤¤¤¦»ö¤Ç¤¹¤ï¤Ê¡£ ¡¦Êª²Á¸«Ä̤·¤Ë´Ø¤·¤Æ ¡ØThe Outlook for Inflation¡Ù¤È¤¤¤¦½ê¤Ç¤¹¤¬¡¢¸ÛÍѤβþÁ±¤¬ÃÙ¤ì¤Æ¥ê¥½¡¼¥¹¤Î¥¹¥é¥Ã¥¯¤¬Â礤¤¤Î¤Ç¥¤¥ó¥Õ¥ì¤ÏÍÞÀ©¤µ¤ì¤ë¤Ç¤·¤ç¤¦¤È¤¤¤¦ËèÅ٤θ«Ä̤·¤Ç¤¹¡£¤½¤ì¤À¤±¤Ç½ª¤ï¤ë¤È²¿¤Ç¤¹¤Î¤Ç¡¢ÀèÈ̤´¾Ò²ð¤·¤¿FOMCµÄ»öÍ׻ݤˤ¢¤Ã¤¿¡Ö¸ÛÍѤΥߥ¹¥Þ¥Ã¥Á²ò¾Ã¤¬¿Ê¤Þ¤Ê¤¤¤Î¤ÏϫƯ¼Ô¤Î¥â¥Ó¥ê¥Æ¥£¡¼¤¬Äã²¼¤¹¤ë¤È¤¤¤¦¹½Â¤Åª¤ÊÍ×°ø¤¬¤¢¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¡×¤È¤¤¤¦»ØÅ¦¤Ë´Ø¤·¤Æ¥À¥á½Ð¤·¤ò¤·¤Æ¤¤¤ë¤Î¤¬¥Á¥ã¡¼¥ß¥ó¥°¤Ê¤Î¤Ç¤½¤Á¤é¤«¤é¡£ ¡ØIn gauging the magnitude of prevailing resource slack and the associated restraint on price and wage increases, it is essential to consider the extent to which structural factors may be contributing to elevated rates of unemployment.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¹½Â¤ÅªÍ×°ø¤¬¼º¶È¤ò¤É¤Î°Ì°ú¤¾å¤²¤Æ¤¤¤ë¤Î¤«¤È¤¤¤¦ÅÀ¤òǧ¼±¤¹¤ë¤Î¤Ï½ÅÍס¢¤È¤¤¤¦¤Î¤¬¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤³¤ì¤¢¤¢¤Ç¤â¤Ê¤¤¤³¤¦¤Ç¤â¤Ê¤¤¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ëÉôʬ¤Ï²ÚÎï¤Ë¥¹¥ë¡¼¤·¤Æ(¤ª¤¤¤ª¤¤)·ëÏÀ¤ò¡£ ¡ØOverall, my assessment is that the bulk of the increase in unemployment since the recession began is attributable to the sharp contraction in economic activity that occurred in the wake of the financial crisis and the continuing shortfall of aggregate demand since then, rather than to structural factors.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤¢¤Þ¤ê¹½Â¤Åª¤Ê¼º¶È¤ÎÁý²ÃÍ×°ø¤È¤¤¤¦¹Í¤¨¤Ë¤ÏÍ¿¤·¤Æ¤¤¤Ê¤¤¤È¤¤¤¦¤Î¤¬·ëÏÀ¤À¤Ã¤¿¤ê¤·¤Þ¤¹¡£ ¡¦¶âÍ»À¯ºö¥Ä¡¼¥ë¤Ë´Ø¤·¤Æ¤Ç¤¹¤¬¡¢¸½¾õ¤Îʪ²Á¤È¼º¶È¤¬Ë¾¤Þ¤·¤¯¤Ê¤¤¿å½à¤È¸ÀµÚ ¡ØThe Objectives of Monetary Policy¡Ù¤Î¤È¤³¤í¤Ç¤¹¤¬¡¢¤³¤ì¤Þ¤¿ÍýǰŪ¤ÊÏäò¤¢¤¢¤Ç¤â¤Ê¤¤¤³¤¦¤Ç¤â¤Ê¤¤¤È¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¡Ö¥Ç¥å¥¢¥ë¥Þ¥ó¥Ç¡¼¥È¤Î¼Â¸½¤Ë¤¢¤¿¤Ã¤Æ¤Ï°ì¤Ä¤ÎÌÜɸ¤Ë¥Õ¥©¡¼¥«¥¹¤·²á¤®¤Ê¤¤¤è¤¦¤Ë¤·¤Ê¤¤¤È¤¤¤±¤Þ¤»¤ó¡×¤Ê¤É¤È¤É¤³¤ÎÆü¶ä¤«¤È¤¤¤¦¤è¤¦¤ÊÏä⤷¤é¤Ã¤È¤·¤Æ¤¤¤ë¤Î¤¬¥Á¥ã¡¼¥ß¥ó¥°¤Ç¤¹¡£ ¡ØThe Federal Reserve has a statutory mandate to foster maximum employment and price stability, and explaining how we are working toward those goals plays a crucial role in our monetary policy strategy. It is evident that neither of our dual objectives can be taken in isolation: On the one hand, a central bank that aimed to achieve the highest possible level of employment in the short run, without regard to other considerations, might well generate unacceptable levels of inflation without any permanent benefits in terms of employment. On the other hand, a single-minded focus by the central bank on price stability, with no attention at all to other factors, could lead to more frequent and deeper slumps in economic activity and employment with little benefit in terms of longrun inflation performance.¡Ù ¤Þ¤¢¤³¤ÎÊÕ¤ê¤Ï´ðËÜŪ¤ËÅö¤¿¤êÁ°¤ÎÏäò¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤Õ¡¼¤ó¤È»×¤Ã¤¿¤Î¤Ï(¤¢¤ë°ÕÌ£Åö¤¿¤êÁ°¤Ê¤Î¤À¤¬)¡Ö¤è¤ê½ÅÍפʻö¤Ç¤¹¤¬¡¢¶âÍ»À¯ºöôÅö¼Ô¤ÏĹ´üŪ¤Êʪ²Á¾å¾ºÎ¨¤ò·èÄꤹ¤ëǽÎϤϤ¢¤ë¤¬¡¢Ä¹´üŪ¤Ê¥µ¥¹¥Æ¥¤¥Ê¥Ö¥ë¤Ê¼º¶ÈΨ¤ò·èÄꤹ¤ëǽÎϤÏ˳¤·¤¤¡×¤È¤«¸À¤Ã¤Æ¤¤¤ë¤Î¤â¡Ö¤Û¤¦¤Û¤¦¡×¤È¡£ºòº£¤ÎÆü¶äË¡²þÀµ¤¬¤É¤¦¤Î¤³¤¦¤Î¤È¸À¤Ã¤Æ¤ë¿Í¤¿¤Á¤¬¡ÖÆü¶ä¤Î¥Þ¥ó¥Ç¡¼¥È¤Ë¸ÛÍѤκÇÂç²½¤òÌÀµ¤¹¤Ù¤¡×¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¥Ð¡¼¥Ê¥ó¥µÄŤΤ³¤ÎÉôʬ¤Ë´Ø¤·¤Æ¤Ï¤É¤Î¤è¤¦¤Ê¤´´¶ÁÛ¤ò¤ª»ý¤Á¤Ê¤Î¤«¤ªÊ¹¤¤·¤¿¤¤¤â¤ó¤Ç¡£ ¡ØAlthough attaining the long-run sustainable rate of unemployment and achieving the mandate-consistent rate of inflation are both key objectives of monetary policy, the two objectives are somewhat different in nature. Most importantly, whereas monetary policymakers clearly have the ability to determine the inflation rate in the long run, they have little or no control over the longer-run sustainable unemployment rate, which is primarily determined by demographic and structural factors, not by monetary policy.¡Ù ¤½¤ì¤¬¤Ä¤Þ¤ê¤É¤¦¤¤¤¦¤³¤È¤«¤È¸À¤¤¤Þ¤¹¤È¡¦¡¦¡¦ ¡ØThus, while central bankers can choose the value of inflation they wish to target, the sustainable unemployment rate can only be estimated, and is subject to substantial uncertainty. Moreover, the sustainable rate of unemployment typically evolves over time as its fundamental determinants change, whereas keeping inflation expectations firmly anchored generally implies that the inflation objective should remain constant unless there are compelling technical reasons for changing it, such as changes in the methods used to measure inflation.¡Ù ¤Þ¤¢¤À¤«¤é¤½¤Ã¤Á¤Ë´Ø¤·¤Æ¤ÏÅØÎϤ·¤Ê¤¤¤È¤¤¤¦¤Î¤Ç¤Ï¤Ê¤¯¡¢¥³¥ß¥å¥Ë¥±¡¼¥·¥ç¥ó¤Î¥Ä¡¼¥ë¤È¤·¤Æ¡ÖSummary of Economic Projections(Íפ¹¤ë¤ËŸ˾¥ì¥Ý¡¼¥È^^)¡×¤ò½Ð¤·¤Æ¤Þ¤¹¤è¤È¤¤¤¦Ïäò¤·¤Æ¤Þ¤¹¤ï¤Ê¡£ ¤Ç¤½¤ÎÀâÌÀ¤Î¸å¤Ë¡¢¸½¾õ¤Îʪ²Á¿å½à¤È¼º¶ÈΨ¤Î¿å½à¤¬Ë¾¤Þ¤·¤¯¤Ê¤¤¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤¬º£²ó¤Î¹Ö±é¤ÇÃíÌܤµ¤ì¤¿½ê¤Ë¤Ê¤ë¤ó¤Ç¤·¤ç¤¦¤Ê¤¢(=˾¤Þ¤·¤¯¤Ê¤¤¤Î¤ÇÄɲôËϤ¬É¬Í×=11·î¤ÎFOMC¤ÇÄɲôËϳÎÄê¡¢¤È¤¤¤¦ÏÃ)¤È¤¤¤¦½ê¤Ê¤Î¤Ç¤½¤³¤ò°úÍѤ¹¤ë¤À¤è¡£ ¡ØIn contrast, as I noted earlier, recent readings on underlying inflation have been approximately 1 percent. Thus, in effect, inflation is running at rates that are too low relative to the levels that the Committee judges to be most consistent with the Federal Reserve¡Çs dual mandate in the longer run.¡Ù ¤Þ¤¢FOMCÀ¼ÌÀʸ¤Ç¤â½Ð¤Æ¤Þ¤·¤¿¤±¤É¤Í¡£ ¡ØIn particular, at current rates of inflation, the constraint imposed by the zero lower bound on nominal interest rates is too tight (the short-term real interest rate is too high, given the state of the economy), and the risk of deflation is higher than desirable.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢Ã»´ü̾ÌܶâÍø¤¬²¼¤²¤é¤ì¤Ê¤¤Ãæ¤Ç¤Îʪ²ÁÄã²¼¤¬¤É¤¦¤Î¤³¤¦¤Î¤È¤¤¤¦ÏäÏFOMCµÄ»öÍ׻ݤÎÃæ¤Ë¤â¤¢¤ê¤Þ¤·¤¿¤¬¡¢¤³¤³¤Ç¤Ï¡Ö¼Â¼Áû´ü¶âÍø¤¬¹â»ß¤Þ¤ê¤·¤Æ¤¤¤Æ¥Ç¥Õ¥ì¥ê¥¹¥¯¤¬¹â¤Þ¤Ã¤Æ¤¤¤ë¡×¤È¤¤¤¦¤Î¤¬¼¨¤µ¤ì¤Æ¤¤¤ë¤Î¤¬¿·¤·¤¤¤Á¤ã¤¢¿·¤·¤¤Ïäǡ¢ÀèÈ̤ÎFOMCµÄ»öÍ׻ݤǼ¼Áû´ü¶âÍø¤¬¤É¤¦¤·¤¿¤³¤¦¤·¤¿¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤¿¤Î¤Ï¥Ð¡¼¥Ê¥ó¥µÄŤÀ¤Ã¤¿¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¤È¤¤¤¦¤Î¤ò»×¤ï¤»¤Æ¤¯¤ì¤ëÉôʬ¤À¤Ã¤¿¤ê¤·¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¤Ç¡¢Í¾Ã̤ˤʤäÁ¤ã¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¾å¤Î¤Û¤¦¤Ç¡ÖÃæ±û¶ä¹Ô¤ÏĹ´üŪ¤Êʪ²Á¿å½à¤ò·èÄꤹ¤ëǽÎϤ¬¤¢¤ê¤Þ¤¹(¥¥ê¥Ã)¡×¤Ã¤ÆÏäò¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢°ìÊý¤ÇÀèÈ̤Î9·îFOMCµÄ»öÍ׻ݤǤϡ֥¤¥ó¥Õ¥ì´üÂÔ¤ò°ú¤¾å¤²¤ë°Ù¤Ë̾ÌÜGDP¥¿¡¼¥²¥Ã¥È¤äʪ²Á¿å½à¥¿¡¼¥²¥Ã¥È¤Ê¤É¤ÎÀ¯ºö¥ª¥×¥·¥ç¥ó¤â¸¡Æ¤²ÝÂê¡×¤ß¤¿¤¤¤ÊÉôʬ¤¬¤¢¤Ã¤¿Ìõ¤Ç¤·¤Æ¡¢¤â¤·¤½¤ÎÏäò¥Ð¡¼¥Ê¥ó¥¤¬¤·¤Æ¤¤¤ë¤Î¤Ç¤¢¤ì¤Ð¡¢¥¸¥ã¥¯¥½¥ó¥Û¡¼¥ë¤Ç¤Î¹Ö±é¤Ê¤É¤Çʪ²Á¿å½à¥¿¡¼¥²¥Ã¥È¤Ë´Ø¤·¤Æ¥±¥Á¥ç¥ó¥±¥Á¥ç¥ó¤Î°·¤¤¤ò¤·¤Æ¤¤¤¿¤Î¤Ë¤É¤¦¤·¤¿»ö¤¾¤È¤¤¤¦´¶¤¸¤Ç¤¢¤ê¤Þ¤·¤Æ¡¢Êª²Á¤Ë´Ø¤·¤Æ¤Ï·ë¹½¥Ð¡¼¥Ê¥ó¥µÄŤ¬·üǰ¤·¤Æ¤µ¤Æ¤É¤¦¤·¤¿¤â¤ó¤À¤ÈǺ¤ó¤Ç¤¤¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¤È¤¤¤¦´¶¤¬Ãפ·¤Þ¤¹¤ï¤Ê¡£ ¼º¶ÈΨ¤Ë´Ø¤·¤Æ¤Ï¤³¤Î¤è¤¦¤Ë¡£ ¡ØAs of June, the longer-run unemployment projections in the SEP(°úÍѼÔÄɵ:Summary of Economic Projections¤Î»ö¤Ç¤¹) had a central tendency of about 5 to 5-1/4 percent--about 1/4 percentage point higher than a year earlier--and a couple of participants¡Ç projections were even higher at around 6 to 6-1/4 percent. The evolution of these projections and the diversity of views reflect the characteristics that I noted earlier: The sustainable rate of unemployment may vary over time, and estimates of its value are subject to considerable uncertainty. Nonetheless, with an actual unemployment rate of nearly 10 percent, unemployment is clearly too high relative to estimates of its sustainable rate. Moreover, with output growth over the next year expected to be only modestly above its longer-term trend, high unemployment is currently forecast to persist for some time.¡Ù ¤À¤«¤é¤É¤¦¤¹¤ë¤È¤¤¤¦ÏäÏ̵¤¤¤Î¤Ç¤¹¤¬¡¢Â¸µ¤Î¼º¶ÈΨ¤¬¹â¤¹¤®¤ë¤È¤¤¤¦¤Î¤È¡¢Àè¹Ô¤¤Ë´Ø¤·¤Æ¤â»Ã¤¯¤Î´Ö¤Ï¼º¶ÈΨ¤¬¹â»ß¤Þ¤ê¤·¤ä¤¹¤¤¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤Ç¡¢É¬Á³Åª¤Ë¶âÍ»´ËϤ¬É¬ÍפǤ¹¤è¤È¤¤¤¦Ïäˤʤë¤ó¤Ç¤·¤ç¤¦¤Ê¡£ ¡¦¡ØMonetary Policy Tools: Benefits and Costs¡Ù¤È¤Ï²¿¤¾¤Í ºÇ¸å¤ÎÉôʬ¤¬¤½¤¦¤¤¤¦¾®¸«½Ð¤·¤Ç¤·¤Æ¡¢º£²ó¥Ê¥ó¥¸¥ã¥½¥ê¥ã¤È¤¤¤¦¤Î¤¬¤³¤ÎÉôʬ¡£ ¡ØFor example, a means of providing additional monetary stimulus, if warranted,would be to expand the Federal Reserve¡Çs holdings of longer-term securities. Empirical evidence suggests that our previous program of securities purchases was successful in bringing down longer-term interest rates and thereby supporting the economic recovery. A similar program conducted by the Bank of England also appears to have had benefits.¡Ù ¤È¸À¤¦ÏäϤޤ¢Îɤ¤¤Î¤Ç¤¹¤¬¡¢´üÂÔ¥¤¥ó¥Õ¥ìΨ¤ò°ú¤¾å¤²¤ÆÄ¹´ü¶âÍø¤Ï°ú¤²¼¤²¤ë¤Ê¤É¤È¤¤¤¦ÅÔ¹ç¤ÎÎɤ¤À¯ºö¤¬½ÐÍè¤ë¤Î¤«¤È¤¤¤¦¥Ä¥Ã¥³¥ß¤ÏÌÞÏÀ¤´¤¶¤¤¤Þ¤¹¡£¤Þ¤¢·ëÏÀ¤È¤·¤Æ¤Ï¡¢¤É¤Ã¤Á¤â¼Â»Ü¤È¤¤¤¦¤Î¤Ï̵Íý¤Ç¤·¤Æ¡¢¶²¤é¤¯Ä¹´ü¶âÍø¤Îư¤¤ÎÊý¤¬È½¤ê°×¤¤¤Ç¤¹¤·¡¢Ä¾¤°¤Ë»Ô¾ì¤¬È¿±þ¤·¤Á¤ã¤¤¤Þ¤¹¤«¤é¡¢¤½¤Ã¤Á¤¬¾å¾º¤¹¤ëÊý¤ò·üǰ¤·¤ÆÄ¹´ü¹ñºÄ¤ÎÇãÆþ¤¬¾®½Ð¤·¤Ë¤Ê¤ë¤È¤¢¤¿¤¯¤·¤ÏͽÁÛ¤¹¤ë¤Î¤Ç¤¹¤¬(¤½¤·¤Æ¾®½Ð¤·¤Î·ë²Ì´üÂÔ¥¤¥ó¥Õ¥ìΨ¤Ï¾å¤¬¤é¤º¤ËÆüËܲ½¤¬¿Ê¹Ô¤·¤Æ¥Ð¡¼¥Ê¥ó¥¥Þ¥º¡¼¤Î¿ÀŸ³«¤òÌÑÁÛ)¤Þ¤¢¤½¤ì¤ÏÅÆ¤â³Ñ¡£ ¡ØHowever, possible costs must be weighed against the potential benefits of nonconventional policies. One disadvantage of asset purchases relative to conventional monetary policy is that we have much less experience in judging the economic effects of this policy instrument, which makes it challenging to determine the appropriate quantity and pace of purchases and to communicate this policy response to the public. These factors have dictated that the FOMC proceed with some caution in deciding whether to engage in further purchases of longer-term securities.¡Ù ¤È¤¤¤¦¤³¤È¤ÇÈù̯¤ÊÆüϸ«»ÑÀª¤¬¸«¤é¤ì¤Þ¤¹¤Ê¡£ ¡ØAnother concern associated with additional securities purchases is that substantial further expansion of the balance sheet could reduce public confidence in the Fed¡Çs ability to execute a smooth exit from its accommodative policies at the appropriate time. Even if unjustified, such a reduction in confidence might lead to an undesired increase in inflation expectations, to a level above the Committee¡Çs inflation objective.¡Ù ¤¢¤ì¤À¤±°ÒÀª¤ÎÎɤ¤Ïäò¤·¤Æ»Ô¾ì¤Î´üÂÔ¤òÀú¤Ã¤Æ¤ª¤¤¤Æ¡¢º£¹¹¤É¤Î¸ý¤¬¡Ö¤¢¤Þ¤êÇãÆþ¤òÁý¤ä¤·¤¹¤®¤ë¤È½Ð¸ýÀ¯ºö¤¬º¤Æñ¤Ë¤Ê¤ë¥ê¥¹¥¯¡×¤È¤«¸À¤¦¤Î¤«¤È¤¤¤¦´¶¤¸¤Ç¤Ï¤´¤¶¤¤¤Þ¤¹¤¬¡¢¤Þ¤¢¤½¤³¤Ç¤ª´«¤á¤Ê¤Î¤Ï¡ÖĹ´ü¹ñºÄÇãÆþ¡×¤Ç¤Ï¤Ê¤¯¤ÆÂ®¹¶¤Ç½Ð¸ýÀ¯ºö¤¬²Äǽ¤ÊÊ¡°æ¤Î½Ó¤Á¤ã¤ó¶àÀ½¤Î¡Ö¥ê¥¶¡¼¥Ö¥¿¡¼¥²¥Ã¥È¡×¤Ç¤¹¤è(^^)¡¢¤È¤¤¤¦¤Î¤ÏȾʬ¾éÃ̤Ǥ¹¤±¤ì¤É¤â¡¢¤Þ¡¼Èù̯¤Ë¤³¤ó¤Ê¥Ø¥Ã¥¸¤òÆþ¤ì¤Æ¤¤¤ë¤È¤¤¤¦»þÅÀ¤Çº£²ó¤ÏÇɼêÇɼê¤ÊÀ¯ºö¤ò¤¤¤¤Ê¤ê½Ð¤¹¤Î¤Ç¤Ï¤Ê¤¯¤Æ¾®½Ð¤·¥¹¥¡¼¥à¤Ë¤Ê¤ë¤ó¤À¤í¤¦¤Ê¤¢¤È¤¤¤¦µ¤¤¬¤»¤ó¤Ç¤â¤Ê¤¤¤Ç¤¹¡£ °ì±þ¡¢¡Ö²æ¡¹¤Ï½Ð¸ý¥Ä¡¼¥ë¤ò»ý¤Ã¤Æ¤¤¤Þ¤¹¤è(¥¥ê¥Ã)¡×¤È¤¤¤¦¤Î¤Ï¤¢¤ê¤Þ¤¹¤Î¤ÇºÇ¸å¤Ë°úÍѤ·¤Æ¤ª¤¤Þ¤¹¤Ç¤¹¡£ ¡ØTo address such concerns and to ensure that it can withdraw monetary accommodation smoothly at the appropriate time, the Federal Reserve has developed an array of new tools. With these tools in hand, I am confident that the FOMC will be able to tighten monetary conditions when warranted, even if the balance sheet remains considerably larger than normal at that time.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢ËÜÅö¤Ïº£Æü¤Ï»Ô¾ì»¨Ã̤â½ñ¤³¤¦¤È»×¤Ã¤¿¤Î¤Ë»þ´Ö¤¬¤Ê¤¯¤Ê¤Ã¤¿¤Î¤Ç¤³¤ÎÊդǴªÊۤȤ¤¤¦¤³¤È¤Ç(Âç´À)¡£
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Conversely, in such circumstances, an increase in inflation expectations lowers short-term real interest rates, stimulating the economy. ¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¥¼¥í¶âÍøÀ©Ìó¤Î¤¢¤ëÃæ¤Ç¤Ï¶âÍ»´Ëϸú²Ì¤ò½Ð¤¹¤Ë¤Ï´üÂÔ¥¤¥ó¥Õ¥ìΨ¤ò°ú¤¾å¤²¤Æ¼Â¼Áû´ü¶âÍø¤ò²¼¤²¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Æ¡¢¤½¤ì¤Ï¤½¤ì¤ÇñÂΤÎÍý¶þ¤È¤·¤Æ¤¬¤´Ìà¤â¤Ê¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤³¤ì¤Ã¤Æ¤è¡¼¤¹¤ë¤Ë¡ÖĹ´ü»ñ»º¤ÎÇãÆþ¤Ë¤è¤Ã¤Æ¶âÍø¤ò°ú¤²¼¤²¤ë»ö¤Ë¤è¤Ã¤Æ¸ú²Ì¤ò½Ð¤¹¡×¤È¤¤¤¦Ïäò¤³¤Î¤Þ¤Þ·Ñ³¤·¤Æ¤¤¤ë¤È¡¢¼ÂºÝ¤ËĹ´ü¹ñºÄ¤ÎÇãÆþ¤ò¹Ô¤Ã¤¿»þ¤ËĹ´ü¶âÍø¤¬¾å¾º¤·¤¿¾ì¹ç(Á°²óÇãÆþ¤ò¼Â»Ü¤·¤¿»þ¤Ë¤â¥¢¥Ê¥¦¥ó¥¹Ä¾¸å¤Ë¤Ï¶âÍø¤¬Äã²¼¤·¤Þ¤·¤¿¤±¤ì¤É¤â¡¢·ë¶É¤Î¤È¤³¤íĹ´ü¶âÍø¿å½à¤Ï¾å¾º¤·¤Þ¤·¤¿¤è¤Í)¤Ë¸À¤¤Ìõ¤¬¤Ä¤«¤Ê¤¯¤Ê¤ë¤Î¤Ç¡¢º£²ó¥É¥µ¥¯¥µ¤Ëʶ¤ì¤Æ¡ÖÇãÆþÂоݻñ»º¤Î¶âÍø¤ò°ú¤²¼¤²¤Æ´Ëϸú²Ì¤ò½Ð¤¹¡×¤È¤¤¤¦Ïäò°ú¤Ã¹þ¤á¤¿¤ó¤Ç¤·¤ç¤¦¤Ê¤¢¤È¤¤¤¦É÷¤Ë»×¤¦¤Î¤Ï¤¢¤¿¤¯¤·¤Î°ÕÃϤÈÀ³Ê¤¬°¤¤¤«¤é¤Ç¤¹¤«¤½¤¦¤Ç¤¹¤«(^^)¡£ ¤Þ¤¢¤³¤Î¥í¥¸¥Ã¥¯¤½¤Î¤â¤Î¤Ï¤½¤ì¤Ï¤½¤ÎÄ̤ê¤Ç¤¹¤Ê¤¢¤È¤¤¤¦½ê¤Ç¤¹¤¬¡¢Ä¹´ü»ñ»º¤ÎÇãÆþ¥×¥í¥°¥é¥à¤Ë´Ø¤¹¤ë½¾Íè¤ÎÀâÌÀ¤ò¤·¤é¤Ã¤ÈÊü´þ¤·¤Æ¤¤¤ë¤è¤¦¤Ë¸«¤¨¤ë½ê¤¬¤È¤Ã¤Æ¤â¥Á¥ã¡¼¥ß¥ó¥°¤Ê¤È¤³¤í¤Ç¤¹¡£¤Þ¤¢Íפ¹¤ë¤Ë¡Ö¤È¤ê¤¢¤¨¤º¸ú¤¤½¤¦¤À¤«¤é¤ä¤Ã¤Æ¤ß¤ë¤±¤ì¤É¤â¡¢ËÜÅö¤Ï¤É¤¦¤Ê¤ó¤Ç¤·¤ç¡×¤È¤¤¤¦É÷¤Ë¤ÏÆâ¿´»×¤Ã¤Æ¤¤¤ë¤Î¤Ç¤Ï¤Ê¤«¤í¤¦¤«¤Ã¤Æ¤¨µ¤¤¬¤·¤Þ¤¹¡£ ¡ûû´üŪ¤Ê´üÂÔ¥¤¥ó¥Õ¥ìΨ°ú¤¾å¤²¤Î¾¤Î¼êÃʤȤ·¤Æ¤Îʪ²Á¿å½àÌÜɸ¤ä̾ÌÜGDPÌÜɸ ²¿¤«¤Í¡¢CNBC(ËÜʪ¤Î¤Û¤¦)ÊÕ¤ê¤Ç¤Ï¡ÖFRB¤¬¥×¥é¥¤¥¹¥ì¥Ù¥ë¥¿¡¼¥²¥Ã¥È¤ò¼¨º¶(¤Ê¤Î¤ÇͶ¯ÎÏ´ËÏÂ¥¥¿¡¼¡¼¡¼)¡×¤ß¤¿¤¤¤Ê¤ªº×¤ê¤Î¥³¥á¥ó¥È¤¬»¶¸«¤µ¤ì¤Æ¤ª¤ê¤Þ¤·¤¿¼¡Âè¤Ê¤Î¤Ç¤Á¤ç¤Ã¤È¥Ó¥Ã¥¯¥ê(½¾Íè¥Ð¡¼¥Ê¥ó¥¤â¥³¡¼¥ó¤â¥±¥Á¥ç¥ó¥±¥Á¥ç¥ó¤ËÈÝÄꤷ¤Æ¤¤¤ëÀ¯ºö¥ª¥×¥·¥ç¥ó¤À¤«¤é)¤Ê¤Î¤Ç¤¹¤¬¡¢Ê¸Ì®¤ò¤Á¤ã¤ó¤ÈÄɤ¦¤È¤³¤ÎÀè¤Ë½Ð¤Æ¤¯¤ëÀ¯ºö¼êÃʤ˴ؤ·¤Æ¤Ï¤¢¤¯¤Þ¤Ç¤â¤ªÏäΰè¤ò½Ð¤Ê¤¤¤È»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¤É¤¦¤Ç¤·¤ç¤¦¡£ ¡ØParticipants noted a number of possible strategies for affecting short-term inflation expectations, including providing more detailed information about the rates of inflation the Committee considered consistent with its dual mandate, targeting a path for the price level rather than the rate of inflation, and targeting a path for the level of nominal GDP.¡Ù ¡ØAs a general matter, participants felt that any needed policy accommodation would be most effective if enacted within a framework that was clearly communicated to the public.¡Ù ¤¤¤ä¤Þ¤¢³Î¤«¤Ë²ÄǽÀ¤¬Ìµ¤¤¤È¤Ï¸À¤ï¤Ê¤¤¤È¤¤¤¦½ê¤¬¤É¤³¤¾¤ÎËûÁíºÛ¤È°ã¤¦¥Æ¥¤¥¹¥È¤Ê¤Î ¤Ç¤¹¤±¤ì¤É¤â(¤Ä¡¼¤«¤½¤ÎÊý¤¬¼«Ê¬¤Î¼ê¤òÇû¤é¤Ê¤¤¤«¤éÉáÄ̤Ǥ¹¤ï¤Ê)¡¢¤³¤³¤Þ¤Ç¤Îή¤ì¤«¤éÆÉ¤à¤ÈÉáÄ̤ˡ֤³¤ì¤Ï¤¢¤¯¤Þ¤Ç¤â°ìÈÌÏÀ¤ÎÏáפȤ¤¤¦´¶¤¸¤Ë¸«¤¨¤Þ¤¹¤±¤É¤Í¡£²¿¸Î¤«¤È¤¤¤¦¤ÈºÇ¸å¤Ë¤³¤Î°ìʸ¤¬Æþ¤Ã¤Æ¤¤¤Þ¤·¤Æ¤Ç¤¹¤Ê¡£ ¡ØThe minutes of FOMC meetings were seen as an important channel for communicating participants' views about monetary policy. ¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¸½ºß¤Î¥³¥ß¥å¥Ë¥±¡¼¥·¥ç¥ó¥Ý¥ê¥·¡¼¤Ï¤³¤ì¤Ç¤³¤ì¤Ç¥ï¡¼¥¯¤·¤Æ¤¤¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤è¤¦¤Ë»×¤¨¤ë¤Î¤Ç¤¹¤±¤É¤Ë¤ã¡£ ¡û9·îFOMC¤Ç¤Î¶âÍ»À¯ºö·èÄê¤Ë´Ø¤·¤Æ ¡ØCommittee Policy Action¡Ù¤Î¤È¤³¤í¤«¤é¡£ ¡ØIn their discussion of monetary policy for the period immediately ahead, nearly all of the Committee members agreed that it would be appropriate to maintain the target range for the federal funds rate of 0 to 1/4 percent and to leave unchanged the level of the combined holdings of Treasury, agency debt, and agency mortgage-backed securities in the SOMA.¡Ù ¤Þ¤¢¤³¤³¤Þ¤Ç¤ÏÎɤ¤¤È¤·¤Æ¡£ ¡ØAlthough many members considered the recent and anticipated progress toward meeting the Committee's mandate of maximum employment and price stability to be unsatisfactory, members observed that incoming data over the intermeeting period indicated that the economic recovery was continuing, albeit slowly.¡Ù °ì±þ·Êµ¤²óÉü¤ÏÃÙ¤¤¤Ê¤¬¤é¤â·Ñ³¤¹¤ë¤â¡¢¸½¾õ¤Î·ÐºÑ¾õ¶·¤Ïunsatisfactory¤È¤Ê¡£ ¡ØMoreover, the data had been mixed, with readings early in the period generally weaker than anticipated but the more-recent data coming in on the strong side of expectations. In light of the considerable uncertainty about the current trajectory for the economy, some members saw merit in accumulating further information before reaching a decision about providing additional monetary stimulus.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢some members¤¬Â¸µ¤Î·Êµ¤¤Îconsiderable uncertainty¤ËÂбþ¤·¤ÆÄɲôËϤò¼¨º¶¤¹¤ëʸ¸À¤ò¥¹¥Æ¡¼¥È¥á¥ó¥È¤ËÄɲ乤ë¥á¥ê¥Ã¥È¤Ë¤Ä¤¤¤Æ»ØÅ¦¤·¤¿¤È¡£ ¡ØSeveral members noted that unless the pace of economic recovery strengthened or underlying inflation moved back toward a level consistent with the Committee's mandate, they would consider it appropriate to take action soon.¡Ù several membersÍͤˤª¤«¤ì¤Þ¤·¤Æ¤Ï¡Ö·Êµ¤²óÉü¥Ú¡¼¥¹¤¬¶¯¤¯¤Ê¤Ã¤¿¤ê¡¢Â¸µ¤Îʪ²Á¾å¾º¤¬²þÁ±¤·¤Ê¤¤¤Î¤Ç¤¢¤ì¤Ð¡¢ÄɲäζâÍ»´ËϤòÁáµÞ¤Ë¹Ô¤¦¤Ù¤¡×¤È»ØÅ¦¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¤Ä¤Þ¤ê¤µ¤Ã¤¤â¤¢¤ê¤Þ¤·¤¿¤±¤ì¤É¤â¡¢¡Ö·ÐºÑ¤¬¸½¾õ¤Î¤Þ¤Þ¤Ê¤éÄɲôËϤ¹¤ë¡×¤È¤¤¤¦Ïäˤʤë¤Î¤Ç¡¢¤½¡¼¤æ¡¼°ÕÌ£¤Ç¤Ï11·î¤ÎÄɲôËϤäƷ빽¥À¥ó¥Ç¥£¡¼¥ë¤Ë¶á¤¤ÏäǤ¹¤è¤Í¡£ ¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤¸¤ã¤¢²¿¤Ç9·î¤Ë´ËϤ·¤Ê¤«¤Ã¤¿¤Î¤«¤È¤¤¤¦¤Î¤¬ÉԻ׵ĤÊÏäǤ¹¤·¡¢9·î¤Ë¤Ï·ë¶É¸å¤Ë¤¢¤ë¤è¤¦¤Ë¥¹¥Æ¡¼¥È¥á¥ó¥Èʸ¸À¤ò¤¤¤¸¤ë¤À¤±¤Î¡ÖÄɲôËϤä¤ë¤ä¤ëº¾µ½¡×¥â¡¼¥É¤Ë¤·¤¿¤Î¤Ï²¿¤Ç¤¸¤ã¤í¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢Íפ¹¤ë¤Ë²¿¤ò¤ä¤ë¤Î¤«¤È¤«¤É¤ÎÄøÅ٤ε¬ÌϤò¤ä¤ë¤Î¤«¤È¤¤¤¦Ï䬷ë¶É¤Þ¤È¤Þ¤é¤Ê¤«¤Ã¤¿¤Î¤«¤Ê¤¢Åù¤È»×¤Ã¤Æ¤ß¤¿¤ê¡¢¼ÂºÝ¤Ë¤Ï¤Þ¤ÀȾ¡¹¤Ë¶á¤¤¾õÂ֤ˤʤäƤ¤¤ë¤Î¤«¤â¤È¤«¡¢¤Þ¤¢¿§¡¹¤ÈÌÑÁÛ¤À¤±¤Ï¤·¤Æ¤ß¤ë¤Î¤Ç¤¢¤ê¤Þ¤¹¡£ ¡ØWith respect to the statement to be released following the meeting, members agreed that it was appropriate to adjust the statement to make it clear that underlying inflation had been running below levels that the Committee judged to be consistent with its mandate for maximum employment and price stability, in part to help anchor inflation expectations.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢Á´°÷¤Î°Õ¸«¤¬°ìÃפ·¤¿¤Î¤Ï¥¹¥Æ¡¼¥È¥á¥ó¥È¤Ë¡Ö¸µ¤Î¥¤¥ó¥Õ¥ì¤ÏFOMC¤¬¥Ç¥å¥¢¥ë¥Þ¥ó¥Ç¡¼¥È¤Ë¹çÃפ¹¤ë¤ÈȽÃǤ¹¤ë¿å½à¤è¤ê¤âÄ㤤¾õ¶·¤Ç¤¢¤ë¡×¤È¤¤¤¦ÅÀ¤òÆþ¤ì¤ëÉôʬ¤À¤È¤¤¤¦¤³¤È¤Î¤è¤¦¤Ç¤¹¤Ê¡£ ¡ØNearly all members agreed that the statement should reiterate the expectation that economic conditions were likely to warrant exceptionally low levels of the federal funds rate for an extended period. One member, however, believed that continuing to communicate that expectation in the Committee's statement would create conditions that could lead to macroeconomic and financial imbalances.¡Ù extended period¤Ë´Ø¤·¤Æ¤Ï¤¤¤Ä¤â¤Î¿Í¤¬È¿ÂФ·¤Æ¤¤¤ë¤Î¤Ç¤³¤³¤Ï¤Þ¤¢¤¤¤Ä¤â¤É¤ª¤ê¡£ ¡ØMembers generally thought that the statement should note that the Committee was prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.¡Ù generally¤Ä¡¼¤Î¤Ï(¢¨¥Û¡¼¥Ë¥Ã¥°¤ò½ü¤¯)¤Ã¤Æ»ö¤Ç¤¹¤«¤Ê¡£ ¡ØSuch an indication accorded with the members' sense that such accommodation may be appropriate before long, but also made clear that any decisions would depend upon future information about the economic situation and outlook.¡Ù ¤È¤¤¤¦»ö¤Ç¡¢ºÇ¸å¤Ï¡Ö¤³¤Î¤è¤¦¤ÊÀ¼ÌÀʸ¤ò½Ð¤·¤Þ¤¹¤È¤¤¤¦µÄ·è¤ò¤·¤¿¡×±¾¡¹¤ÎÏäˤʤë¤Î¤Ç°úÍѤϳ䰦¤·¤Þ¤¹(¥Û¡¼¥Ë¥Ã¥°¤µ¤ó¤ÎÈ¿ÂÐÍýͳ¤â¤¢¤ë¤Î¤Ç¤¹¤¬¤½¤Ã¤Á¤â³ä°¦)¡£ #°úÍÑÂçÁýÎ̤ÇÎ̤À¤±¤Ï¿¤¯¤Æ¤É¤¦¤â¤¹¤¤¤Þ¤»¤ó
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2010/10/18¡Ê·î¡Ë08:18:09
¤É¤â¤É¤â¡¢²¿¤«Êƹñ²¤½£¤Ï¶âÍ»Áê¾ìº×¤ê¤ß¤¿¤¤¤Ç¤¹¤Ê¤¢¡£¤Ç¡¢²¿¤ÇÆüËܤγô¤À¤±²ãÄ¢¤Î³°¤Ê¤ó¤Ç¤·¤ç?? ¤¨¡¼¤Ã¤È¤Ç¤¹¤Í¡¢±ä¡¹¤ÈÄɲôËϤä¤ë¤ä¤ëº¾µ½¤Ç´üÂÔ¤òÀú¤ê¤Þ¤¯¤Ã¤Æ¤¤¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢²¿¤À¤«Âç¾æÉפʤó¤Ç¤¹¤«¤Í¤¨¤È¤¤¤¦µ¤¤Ï¤¹¤ë¤ó¤Ç¤¹¤±¤É¡¢¤Þ¤¢¤È¤ê¤¢¤¨¤º¤ÏµÄ»öÍ׻ݤÁ¤ã¤ó¤«¤éËÜÆü¤Ï¾¯¡¹¤È¸À¤¦»ö¤Ç¡£[³°Éô¥ê¥ó¥¯] Economic Outlook¡Ù¤È¤¤¤¦¸«Ä̤·¤Î¤È¤³¤í¤«¤é¤Þ¤º¤Ï¡£ ¡ØIn the economic forecast prepared for the September FOMC meeting, the staff lowered its projection for the increase in real economic activity over the second half of 2010.¡Ù ¥¹¥¿¥Ã¥Õ¤Ï2010ǯ¸åȾ¤Î·ÐºÑ¸«Ä̤·¤ò°ú¤²¼¤²¤È¤Ê¡£ ¡ØThe staff also reduced slightly its forecast of growth next year but continued to anticipate a moderate strengthening of the expansion in 2011 as well as a further pickup in economic growth in 2012. The softer tone of incoming economic data suggested that the underlying level of demand was weaker than projected at the time of the August meeting. Moreover, the outlook for foreign economic activity also appeared a bit weaker.¡Ù °ì±þÀè¹Ô¤¤Î¸«Ä̤·¤Î´ðËÜŪ¤Ê¡Ö²óÉü¡×¤È¤¤¤¦Àþ¤Ï°Ý»ý¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦ ¡ØIn the medium term, the recovery in economic activity was expected to receive support from accommodative monetary policy, further improvements in financial conditions, and greater household and business confidence.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢Àè¹Ô¤¤Î²óÉü¤Ë´Ø¤·¤Æ¤Ï¡Ö´ËÏÂŪ¤Ê¶âÍ»À¯ºö¤Î¥µ¥Ý¡¼¥È¤ò¼õ¤±¤ë¤³¤È¤Ë¤è¤Ã¤Æ´üÂÔ¤µ¤ì¤Þ¤¹¡×¤È¤¤¤¦Êդ꤫¤é¤â¤¦¥¢¥ì¤Ç¤¹¤·¡¢¡Ö¹¹¤Ê¤ë¶âÍ»´Ä¶¤Î²þÁ±¤È¡¢²È·×¤ä´ë¶È¤Î¿®Íê´¶¤ÎÂ礤ʲþÁ±¡×¤Ä¡¼¤Î¤âɬÍפÀ¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ëÌõ¤Ç¡¢¤Þ¤¢¤³¤ÎÊդ꤫¤é¤âÄɲôËÏÂ11·î¤Ë¤Ï¤ä¤ë¤È¤¤¤¦Ïäˤʤê¤Þ¤¹¤Ê¤¢¤È¤¤¤¦½ê¤Ç¡£ ¡ØOver the forecast period, the increase in real GDP was projected to be sufficient to slowly reduce economic slack, although resource slack was anticipated to still remain elevated at the end of 2012. ¡Ù 2012ǯËö¤Þ¤Ç¤Î¼Â¼ÁGDP¤Î¿¤Ó¤Ï¥ê¥½¡¼¥¹¤Î¥¹¥é¥Ã¥¯¤òËä¤á¤Þ¤»¤ó(¤Î¤Ç¥¤¥ó¥Õ¥ì¤Ïж¿Ê¤·¤Þ¤»¤ó)¤È¤¤¤¦ÏäǤ¹¤Ê¡£¤Ç¡¢¥¤¥ó¥Õ¥ì¸«Ä̤·¤Ë´Ø¤·¤Æ¤Ï¡ÖÆÃ¤ËÊѲ½¤Ï̵¤¯¡¢°ú¤Â³¤¥ê¥½¡¼¥¹¤Î¥¹¥é¥Ã¥¯¤Ë¤è¤Ã¤Æ¥¤¥ó¥Õ¥ì¤ÏÄã°Ì¤Ë¿ä°Ü¤¹¤ë¤Ç¤·¤ç¤¦¤È¤¤¤¦ÏäǤ¹¤¬°úÍѤϳ䰦¤·¤Þ¤¹¡£ ¡û°Ñ°÷²ñ¤Î·ÐºÑ¸«Ä̤·¤Ë´Ø¤·¤Æ ¡ØParticipants' Views on Current Conditions and the Economic Outlook¡Ù¤Î¤Þ¤º¤ÏƬ¤ÎÉôʬ¤«¤é¡£ ¡ØIn their discussion of the economic situation and outlook, meeting participants generally agreed that the incoming data indicated that output and employment were increasing only slowly and at rates well below those recorded earlier in the year.¡Ù ¤È¤¤¤¦¤³¤È¤ÇÀ¸»º¤È¸ÛÍѤβóÉü¤ÏÆß²½¤·¤Æ¤ª¤ê¿å½à¤âÄ㤤¤È¡£ ¡ØAlthough participants considered it unlikely that the economy would reenter a recession, many expressed concern that output growth, and the associated progress in reducing the level of unemployment, could be slow for some time.¡Ù ¥µ¥¤¥É¤Î¥ê¥»¥Ã¥·¥ç¥óÆþ¤ê¤Î²ÄǽÀ¤Ï̵¤µ¤½¤¦¤À¤¬¡¢À¸»º¤Î²óÉü¤È¹â¿å½à¤Î¼º¶ÈΨ¤Î²þÁ±¤ÏÅöÌÌÃÙ¤¤¤Ç¤·¤ç¤¦¤È¤Ê¡£ ¡ØParticipants noted a number of factors that were restraining growth, including low levels of household and business confidence, heightened risk aversion, and the still weak financial conditions of some households and small firms. A few participants noted that economic recoveries were often uneven and were typically slow following downturns triggered by financial crises.¡Ù ¡ØA number of participants observed that the sluggish pace of growth and continued high levels of slack left the economy exposed to potential negative shocks. Nevertheless, participants judged the economic recovery to be continuing and generally expected growth to pick up gradually next year.¡Ù ²¿¤Æ¤¨´¶¤¸¤Ç¡¢Àè¹Ô¤¤Ï²þÁ±¤È¤¤¤¦¸«Ä̤·¤ÏÊѤ¨¤Æ¤¤¤Ê¤¤¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢·Êµ¤¤ËÂФ¹¤ë¿®Íê´¶¤Î¼å¤µ¤È¤«¡¢¥ê¥¹¥¯²óÈò»ÑÀª¤Ë´Ø¤·¤Æ¤È¤«¡¢¤Þ¤¢·Êµ¤¤Î¤ò°ú¤ÃÄ¥¤ë¤â¤Î¤Ï¿¤¤¤Ç¤¹¤Ê¤¢¤È¤¤¤¦»ö¤Ç¡£¤ó¤Ç¤â¤Ã¤Æ¤½¤ÎÀè¤Ë¹àÌÜÊ̤ÎÏ䬽ФƤ¯¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤ÎÊÕ¤ò¥¹¥ë¡¼¤·¤Þ¤·¤Æ¸«Ä̤·¤Î¤Þ¤È¤áÉôʬ¡£ ¡ØA number of participants noted that the current sluggish pace of employment growth was insufficient to reduce unemployment at a satisfactory pace.¡Ù ¿¤¯¤Î°Ñ°÷¤ÏºÇ¶á¤ÎÉÔ³èȯ¤Ê¸ÛÍѤÎÀ®Ä¹¤¬¡¢¼º¶È¤¬Ëþ¤ʥڡ¼¥¹¤Ç¸º¤ë¤Î¤Ë¤ÏÉÔ½½Ê¬¤È¤Ê¡£ ¡ØSeveral participants reported feedback from business contacts who were delaying hiring until the economic and regulatory outlook became more certain.¡Ù ¤ó¤Ç¤³¤ÎÀè¤Ë¡Ö¤Õ¡Á¤ó¡×¤Ã¤Æ¤¤¤¦»ØÅ¦¤¬¡£ ¡ØParticipants discussed the possible extent to which the unemployment rate was being boosted by structural factors such as mismatches between the skills of the workers who had lost their jobs and the skills needed in the sectors of the economy with vacancies, the inability of the unemployed to relocate because their homes were worth less than their mortgages, and the effects of extended unemployment benefits.¡Ù ¤Û¤Û¡¼¤Ã¤Æ´¶¤¸¤Ç¤¹¤¬¡¢¥â¡¼¥²¡¼¥¸¤Î¼Ú¤ê´¹¤¨¤¬½ÐÍè¤Ê¤¯¤Ê¤Ã¤Æ¿Í´Ö¤Î°Üư¤¬¤·¤Ë¤¯¤¯¤Ê¤ë¤Î¤Ç¸ÛÍѤΥߥ¹¥Þ¥Ã¥Á¤¬²ò¾Ã¤µ¤ì¤Ê¤¤¤Î¤Ç¼º¶È¤¬²¼¤¬¤é¤Ê¤¤¤È¤¤¤¦¹½Â¤ÌäÂê¤È¤¤¤¦¤ªÏäǡ¢¤³¤ì¤Ï¤Õ¡¼¤ó¤Ã¤Æ´¶¤¸¤Ç¤¹¤¬¡¢¤Ä¤Þ¤ê¤É¤Ã¤«¤Î¹ñ¤¬¿ä¿Ê¤¹¤ë»ý¤Á²ÈÀ¯ºö¤ÏÇ¡²¿¤Ê¤â¤Î¤«¤È¤¤¤¦ÏäǤ¹¤Í¡¢¤ï¤«¤ê¤Þ¤¹(°ã)¡£ ¡ØParticipants agreed that factors like these were pushing the unemployment rate up, but they differed in their assessments of the extent of such effects. Nevertheless, many participants saw evidence that the current unemployment rate was considerably above levels that could be explained by structural factors alone, pointing, for example, to declines in employment across a wide range of industries during the recession, job vacancy rates that were relatively low, and reports that weak demand for goods and services remained a key reason why firms were adding employees only slowly.¡Ù ¤ó¤Þ¤¢¤½¤¦¤Ï¸À¤Ã¤Æ¤â¤½¤ÎÊդι½Â¤Åª¤ÊÌäÂê¤À¤±¤ÎÏ两ã¤Ê¤¤¤Ç¤¹¤è¡¢¤È¤¤¤¦Åö¤¿¤êÁ°¤ÎÏä¬Â³¤¤¤Æ¤¤¤Þ¤·¤¿(^^)¡£¤Ç¡¢¤½¤Î¼¡¤¬¥¤¥ó¥Õ¥ì¤ÎÏᣠ¡ØInflation had declined since the start of the recession, and most participants indicated that underlying inflation was at levels somewhat below those that they judged to be consistent with the Committee's dual mandate for maximum employment and price stability.¡Ù ¥¤¥¤¥Ï¥Ê¥·¥¿¡«¥Ê¡¼(;¢Ï;) ¤À¤±¤À¤È²¿¤Ê¤Î¤Ç°ì±þ¿½¤·¾å¤²¤Þ¤¹¤È¡ÖËØ¤É¤Î°Ñ°÷¤Ï¸µ¤Î¥¤¥ó¥Õ¥ì¿å½à¤¬FOMC¤ÎºÇÂç¸ÛÍѤÈʪ²Á°ÂÄê¤È¤¤¤¦À¯ºöÌÜɸ¤ËÂФ·¤Æ´öʬ¤«Ä㤤¥ì¥Ù¥ë¤Ë¤¢¤ë¤È»ØÅ¦¤·¤Þ¤·¤¿!!¡× ¤Ç¤¹¤«¤é¤Í(;¢Ï;) ¡ØAlthough prices of some commodities and imported goods had risen recently, many business contacts reported that they currently had little pricing power and that they anticipated limited, if any, increases in labor costs. Meeting participants noted that several measures of inflation expectations had changed little, on net, over the intermeeting period and that analysis of the components of price indexes suggested disinflation might be abating. However, TIPS-based inflation compensation had declined, on balance, in recent quarters. While underlying inflation remained subdued, participants saw only small odds of deflation.¡Ù ¤È¤Þ¤¢¤½¤¦¤¤¤¦¤³¤È¤Ç¡¢¥Ç¥Õ¥ì¤Î²ÄǽÀ¤ÏÄ㤤¤È¤·¤Ê¤¬¤é¤â¡¢Êª²Á¤¬¿¤Ó¤Ê¤¤¤Ç¤¹¤Í¤¨¤È¤¤¤¦Ï䬿§¡¹¤È½Ð¤Æ¤¯¤ë¤Î´¬¤Ç¤¹¤Ê¡£
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