An increase in the money supply can have two effects.

货币供应量的增加会产生两影响。

Boosting the money supply and dropping interest rates to practically zero.

增加货币供应量，将利几乎降至零。

So then we said, how much money is in the system?

那么现整经济系统货币供应量有多少呢?

That the Fed wants to expand the money supply.

即它想要扩大货币供应量。

The Fed Chairman, Paul Volker, decreased the money supply, causing interest rates to shoot up.

于是美联储主席保罗·沃尔克(Paul Volker)减少了货币供应量，导致利飙升。

I would like to expand the money supply.

它说 我要增加货币供应量。

Industrial output and fixed-asset investment also decelerated last month while the expansion in broad money supply remained steady.

工业产出和固定资产投资也月放缓，而广义货币供应量的增长保持稳定。

Some economists also see increasing money supply as another major cause of inflation.

一些经济学家还将货币供应量增加视为通货膨胀的另一主要原因。

So, is Milton Friedman's theory always right, that increasing money supply causes prices to increase?

那么，米尔顿·弗里德曼的货币供应量增加导致价格涨的理论总是正确的吗？

Controlling the money supply would be a very good example of that.

控制货币供应量就是一很好的例子。

And we'd expect that to continue as money supply continues to increase.

我们预计这种情况会继续，因为货币供应量会持续增加。

When the Fed lowers interest rates, the money supply increases.

当美联储降低利时，货币供应量增加。

Another example is to increase the money supply in the market.

另一例子是增加市场的货币供应量。

Both objectives require that central banks bring ever more money into circulation.

这两目标都要求中央银行不断增加货币供应量。

That monetarist rule was influential until the 1980s, when the relationship between money supply and gdp broke down.

直到 1980 年代， 货币主义规则一直具有影响力，当时货币供应量与 GDP 之间的关系破裂。

This means that they cannot increase the money supply by unilateral decisions.

这意味着他们不能单方面决定增加货币供应量。

In the 1960s Milton Friedman called for central banks to increase the money supply by a set amount every year.

1960 年代，米尔顿·弗里德曼 (Milton Friedman) 呼吁中央银行每年增加一定数量的货币供应量。

Writing in the 1930s, John Maynard Keynes argued that policies aimed at controlling the money supply were often ineffective.

20世纪30年代，约翰·梅纳德·凯恩斯提出，旨控制货币供应量的政策往往效果不佳。

So he said, the primary cause of inflation is government spending, which leads to an increase in the money supply.

所以他说， 通货膨胀的主要原因是政府支出，这导致了货币供应量的增加。

He believed that altering interest rates or the money supply did not affect the economy in a predictable way.

他认为，调整利或货币供应量并不能以可预测的方式影响经济。