| 1. | We found that monetary policy was more powerful with flexible exchange rates .
我们发现，在变动汇率下货币政策更有效。 |
| 2. | How fiscal policy works with flexible exchange rates is a little more complicated .
在变动汇率下，财政政策如何发挥作用是比较复杂的。 |
| 3. | Flexible exchange rates seem to perform better in the face of shifts in export demand .
看来变动汇率在面临出口需求变动时能发挥较好的作用。 |
| 4. | Flexible exchange rates yield an intermediate outcome in the face of capital-flow shocks .
变动汇率在面临资本流动冲击时能产生一种缓冲的效果。 |
| 5. | Whether or not flexible exchange rates lead to too much inflation is an open question .
变动汇率是否会导致过多的通货膨胀，这是一个尚未解决的问题。 |
| 6. | Flexible exchange rates offer some cushioning against foreign shifts but tend to magnify the disruption from shifts of domestic origin .
变动汇率对国外的变动提供某种缓冲作用，但往往会加重国内变动所造成的破坏。 |
| 7. | Chapters 19 and 20 addressed the important issue of how easy it is to stabilize national economies under fixed and flexible exchange rates .
第十九章和二十章提出了在固定汇率和可变汇率下稳定各国国民经济的难易程度这一重要问题。 |
| 8. | We have already dealt with the implications of these shocks when we discussed the effect of monetary and fiscal policies under flexible exchange rates .
我们在论述变动汇率下的货币政策和财政政策的作用时，已述及这些冲击的实质。 |
| 9. | International economists have been debating whether fixed or flexible exchange rates would be more likely to play the role of automatic stabilizer .
一些国际经济学家一直在争论，究竟是固定汇率还是变动汇率更有可能起自动稳定器的作用。 |
| 10. | We have been urging china to move to a flexible exchange rate
我们刚刚建立了金融领域的美中技术性合作计划（ |
