好的奖50分！急求这篇英文报纸的总结summary！中英文都可以

由于提问写链接,只能写在这了,链接是文章内:because f**cal stimulus has not yet been a striking success, perhaps its time to consider new monetary remedies for the economy. that ** the argument of prof. scott sumner, an econom**t at bentley college in waltham, mass., who ** little known outside academic circles but whose views h**e been spreading, thanks to h** blog, themoney** (blogsandwik**.bentley.edu/themoney**/).professor sumner proposes that the federal reserve make a firm commitment to ra**ing expectations of price inflation to 2 to 3 percent annually.in h** view, policy makers in washington are doing too much with f**cal policy — overspending and running excess deficits — and not doing enough on the monetary side.while h** views are controversial, they are based on some assumptions that are not. it ** commonly agreed among econom**ts that deflation brings layoffs and slugg**h investment. yet, energy price shocks aside, we h**e been seeing downward pressure on prices. futures markets and treasury inflation-protected securities — more prec**ely, the spread between the yield on tips and traditional securities — suggest current expectations that inflation will remain well under 1 percent. econom**ts generally agree that th** ** not ideal, and professor sumner urges the fed to try especially hard to overcome the deflationary pressures. but how would the fed accompl**h th** feat? th** ** where h** recommendations get interesting. the fed has already taken some unconventional monetary measures to stimulate the economy, but they h**en’t been entirely effective. professor sumner says the central bank needs to take a different approach: it should make a credible commitment to spurring and maintaining a higher level of inflation, prom**ing to use newly created money to buy many kinds of financial assets if necessary. and it should even pay negative interest on bank reserves, as the swed**h central bank has started to do. in essence, negative interest rates are a penalty placed on banks that sit on their money instead of lending it.much to the chagrin of professor sumner, the fed has been practicing the opposite policy recently, by paying positive interest on bank reserves — essentially, inducing banks to hoard money.the fed’s balance sheet need not swell to accompl**h these aims. once people believe that inflation ** coming, they will be willing to spend more money.in other words, if the fed announces a sufficient willingness to ** extreme measures to create price inflation, it may not actually h**e to do so. professor sumner’s views differ from the monetar**m of milton friedman by emphasizing expectations rather than any particular measure of the money supply. the keynesian critique of th** remedy ** that printing more money won’t stimulate the economy because uncertainty has put us in a “liquidity trap,” which means that the new money will be hoarded rather than spent. professor sumner responds that inflating the currency ** one step that just about every ** or central bank can take. even if success ** not guaranteed, it seems that we ought to be trying harder.arguably, we can live with 2 or 3 percent inflation, especially if it stems the drop in employment. cons**tently, professor sumner argues that the fed should h**e been more aggressive with monetary policy in the summer of 2008, before the economy started its downward spiral. somewhat tongue in cheek, he once wrote on h** blog: “like a broken clock the monetary cranks are right twice a century; 1933, and today.” it may all sound too simple to be true, but has the status quo been so good as to silence all doubts? many advocates expected that the $775 billion allocation to f**cal stimulus would be followed rapidly by generous funding for health care and other reforms. but at the moment, the american public, rightly or wrongly, ** blanching at higher ** spending and higher taxes. in contrast, a fed stance in f**or of mild price inflation need not require higher taxes or larger budget deficits. while these arguments h**e not won over the economics profession, neither h**e they been refuted. econom**ts like paul krugman h**e suggested that a public fed policy f**oring 2 or 3 percent price inflation **n’t politically real**tic in today’s environment. still, mild inflation might still be a better shot than hoping for a f**cal stimulus that ** big enough, rapid enough and ambitious enough to work. if there ** a flaw in professor sumner’s argument, it ** that aggregate demand doesn’t always drive business recovery. circa 2007, for reasons of their own making, various sectors of the economy were in a vulnerable position. these included real estate, the automobile industry and retail sales. higher price inflation would not h**e solved their problems, which stemmed from basically flawed business models that depended on rampant credit. still, a different fed stance might h**e limited the secondary fallout from the financial cr****.of course, there’s a r**k that inflation could get out of hand and r**e above 2 or 3 percent. that said, the fed has battled inflation successfully in the past, and could do so again if necessary.professor sumner has been wo**ng for 20 years on what he hopes will be a definitive economic h**tory of the great depression. in th** manuscript, tentatively titled “the midas curse: gold, wages, and the great depression,” he argues that sweden in the 1930s made a credible commitment to expansionary monetary policy and had a milder depression as a result.professor sumner’s proposals may not be public policy now. but if there ** one thing econom**ts should know, it ** that we should not underestimate the power of an idea. tyler cowen ** a professor of economics at george mason university.由于财政刺激尚未得到一个惊人的成功，也许它的时间来考虑新的货币补救经济。这是教授的论点斯科特萨姆纳的经济学家本特利学院在马萨诸塞州沃尔瑟姆谁是学术圈以外是鲜为人知，但他们的意见已蔓延，由于他的博客， themoney** （ blogsandwik**.bentley.edu / themoney** / ） 。 萨姆纳教授建议，美国联邦储备理事会作出坚定的承诺，以提高物价的期望2至3每年以百分之。 他认为，决策者在华盛顿正在做太多的财政政策-超支和运行超额赤字-和没有采取足够的货币方面。 虽然他的观点是有争议的，他们是基于一些假设，则不是。这是共同商定的经济学家认为通货紧缩带来裁员和投资不振。然而，能源价格的冲击之外，我们已经看到压低价格的压力。期货市场和国债通膨保值证券-更确切地说，之间的价差收益的要诀和传统证券-显示当前的预期，通货膨胀仍将远低于百分之一。经济学家普遍认为，这是不理想，教授和萨姆纳敦促美联储试图尤其是难以克服的通缩压力。 但是，美联储将如何完成这项壮举？这正是他的建议变得有趣。 美联储已经采取了一些非常规的货币措施，以刺激经济，但它们并不完全有效。姆纳教授表示，央行需要采取一种不同的方法：它应该作出可信的承诺，促进和维持一个较高水平的通货膨胀，保证使用新创建的钱购买多种金融资产，如果必要的。它甚至应该支付的利息，银行的负面储备，作为瑞典中央银行已经开始这样做。从本质上说，负利率是一种刑罚放在银行，坐在他们的钱不是贷款它。 许多懊恼教授萨姆纳，美联储已实行了相反的政策最近，支付的利息，银行积极储备-本质，引导银行储备资金。 美联储的资产负债表不必膨胀为实现这些目标。一旦人们认为，通货膨胀是未来，他们愿意花更多的钱。 换句话说，如果美联储宣布足够愿意接受极端的措施，创造物价通胀，它实际上可能没有必须这样做。萨姆纳教授的看法有所不同货币的米尔顿弗里德曼强调的期望，而不是任何具体的衡量货币供应量。凯恩斯批判这种补救办法是印刷更多的钱不会刺激经济，因为不确定性，使我们处于一个“流动性陷阱” ，这意味着新的资金将被围，而不是花费。教授回答萨姆纳膨胀的货币是一个步骤，只是每个**的**或中央银行可以采取。即使不能保证成功，我们似乎应该试图努力。 可以说，我们可以接受2个或3个百分之通货膨胀，尤其是如果它源于下拉就业。一贯教授萨姆纳认为，美联储应更加积极的货币政策在2008年夏天，在经济开始走下坡路。有些舌头在脸颊，他曾经在他的博客中写道： “像一个破碎的时钟货币曲柄是正确的两次世纪; 1933年，和今天。 ” 也许所有的声音过于简单，不能是真实的，但现状是那么好，以沉默所有的疑虑？许多主张预计七千七百五十零万点零万美元分配给财政刺激后，将迅速的慷慨资助的医疗保健和其他方面的改革。但目前，美国公众，正确或错误，是热烫在较高的**开支和提高税收。相比之下，美联储的立场主张温和的物价通胀不需要提高税收或更大的预算赤字。 虽然这些论点没有赢得了经济学的专业人士，他们既没有予以驳斥。经济学家保罗克**曼认为，公共美联储政策偏袒2个或3个百分之物价不是**现实在今天的环境。不过，温和的通货膨胀率仍可能是一个更好的拍摄比希望的财政刺激是足够大，足够的和雄心勃勃的迅速足以工作。如果有缺陷姆纳教授的说法，那就是总需求并不总是推动业务复苏。大约2007年，是出于他们自己的决策，各个经济部门都处于脆弱的地位。其中包括房地产，汽车业和零售业。通货膨胀率较高的价格不会有解决自己的问题，这源于基本缺陷的商业模式，依靠猖獗信贷。尽管如此，美联储的立场不同可能有限次要后果的金融危机。 当然，还有一种风险，即通货膨胀率可能会失控，并增加2个或3个以上百分之。尽管如此，美联储已经战斗通货膨胀在过去的成功，可以再次这样做是否必要。 姆纳教授一直致力于20年来对他的希望将是一个明确的经济历史的大萧条。在此时间，暂定题为“迈达斯诅咒：金，工资，和经济大萧条时期， ”他认为，瑞典在1930年取得了一个可信的承诺，扩张性的货币政策，并有温和的抑郁症的结果。 萨姆纳教授的建议可能不会公共政策现在。但是，如果有一件事经济学家应该知道，那就是，我们不应低估的力量，一个想法。 泰勒考恩是一个经济学教授乔治梅森大学。 20210311