46 The word “bogeyman” is used to express that inflation was
(A)frightening
(B)well studied
(C)not a problem
(D)surprising

For decades （幾十年來） inflation （自大/通膨）was the bogeyman(鬼怪）in rich countries.

--->幾十年來通貨膨帳一直是富有國家的一隻鬼怪.

But now some economists reckon （計算）that deflation（通貨緊縮）, or falling prices, may be a more serious threat（威脅）—in America and Europe as well as Japan.

--->但現在有些經濟學家計算美國.歐洲.甚至日本的通貨緊縮甚至有著更嚴重的經濟威脅

That would be decidedly（明確地） awkward（棘手的）, given the surge in borrowing by firms and households家庭 in recent years.

-->對於那些近年借給公司或家庭單位的通貨問題,它們的確是相當棘手.

Particularly worrying is the rise in borrowing by American households to finance purchases of houses, cars or luxury goods.

-->特別是擔心那些借錢給美國家庭單位的人去購買房子.車子.奢侈品

Deflation would swell（高漲/增大） the real burden 負擔of these debts, forcing consumers 消費者to cut their spending.

Deflation is not necessarily bad.

-->通貨緊縮的高漲將會增加債務的負擔,迫使消費者去減少花費.但通貨緊縮也不完全都是壞的.

If falling prices are caused by faster productivity growth, as happened in the late 19th century, then it can go hand in hand with robust （健全的） growth.

On the other hand, if deflation reflects a slump 下跌 in demand and excess capacity, it can be dangerous, as it was in the 1930s, triggering觸發 a downward spiral 螺旋 of demand and prices.

Today, both the good and bad sorts of deflation are at work. Some prices are falling because of productivity gains, thanks to information technology.

But the weakness of profits suggests that most deflation is now bad, not good. Deflation is particularly harmful 有害的 when an economy is awash 充沛的 with debt.

Total private-sector debt is now much higher than when deflation was last experienced in the 1930s.

Falling prices not only increase the real burden of debt, they also make it impossible for a central bank to deliver negative real interest （興趣/股份）rates, because nominal rates（名義利率） cannot go below zero.

If deflation causes real debts to swell, debtors （債務人）may have to cut spending and sell assets （資產）to meet their payments.

This can unleash （解除）a vicious （凶惡的.有缺點的) spiral of falling incomes, asset prices and rising real debt.

Irving Fisher, an American economist, described this process in a famous article in 1993 entitled “The Debt-Deflation Theory of Great Depressions”（不景氣）.

He described how attempts by individuals to reduce their debt burden by cutting costs could paradoxically（反常地） cause their debt burden to swell.

Unable to increase prices to boost(推動）profits, firms have to cut costs, either by reducing labour （=labor 勞工)costs and hence （因此）household income or by buying less from other firms.

This is sensible for an individual firm, but it reduces demand in the economy, thwarting（阻撓）the desired（渴望） improvement in profit, leading to another round of cuts and putting further downward（向下的） pressure on prices.

［不專業翻譯，歡迎指教］

For decades inflation(通貨膨脹) was the bogeyman(鬼怪、嚇人的東西) in rich countries.

➜過去幾十年來，通貨膨脹一直被富裕、先進國家視為牛鬼蛇神。

But now some economists reckon(認為) that deflation(通貨緊縮), or falling prices, may be a more serious threat—in America and Europe as well as Japan.

➜但是，現今有些經濟學家卻反而認為通貨緊縮或者價格下跌更可能造成嚴重的威脅，例如：美國、歐洲和日本。

That would be decidedly(確定地) awkward(棘手的), given the surge(激增) in borrowing by firms and households in recent years.

➜近幾年企業與家庭的借貸激增，確實已成為棘手問題。

Particularly worrying is the rise in borrowing by American households to finance purchases of houses, cars or luxury goods.

➜特別令人擔憂的是，美國家庭為購買房子、車子以及奢侈品而增加資金借貸。

Deflation would swell(增長) the real burden of these debts(負債), forcing consumers to cut their spending.

➜通貨緊縮會使得這些負債加劇，進而迫使消費者必須減少開支。

Deflation is not necessarily bad.

➜然而，通貨緊縮並不一定是壞事。

If falling prices are caused by faster productivity growth, as happened in the late 19th century, then it can go hand in hand(相伴而來的) with robust(強健的) growth.

➜像在十九世紀末，因為生產率上升而使得產品價格下跌，反而伴隨著經濟成長茁壯。

On the other hand, if deflation reflects a slump(下降) in demand and excess(過量) capacity, it can be dangerous, as it was in the 1930s, triggering(觸發) a downward spiral(不斷加劇的) of demand and prices.

➜從另一方面來說，如果是因為需求下降、生產過剩而造成通貨緊縮，那就會使得情況非常危險，就好比1930年代，引發了需求與產品價格不斷的下跌。

Today, both the good and bad sorts of deflation are at work.

➜在今日，通貨緊縮的好與壞依然在作用著。

Some prices are falling because of productivity gains(獲利), thanks to information technology.

➜感謝資訊科技，有些產品的價格下跌是因為生產獲利。

But the weakness of profits suggests that most deflation is now bad, not good.


➜但缺點是，利潤表明了大部分的通貨緊縮是負面的、不好的。

Deflation is particularly harmful when an economy is awash(充斥的) with debt.

➜在經濟結構裡充滿借貸的情況下，通貨緊縮更是有害的。

Total private-sector debt is now much higher than when deflation was last experienced in the 1930s.

➜目前私人企業的總借貸情況遠遠超過1930的通貨緊縮時期。

Falling prices not only increase the real burden of debt, they also make it impossible for a central bank to deliver negative real interest rates, because nominal rates cannot go below zero.

➜產品價格下降不僅僅只是加劇了借貸負擔，更使得中央銀行無法提出負利率，因為正常的利率不會低於零。

If deflation causes real debts to swell, debtors(債務人) may have to cut spending and sell assets to meet(如期償付) their payments.

➜如果通貨緊縮使得借貸增加，那債務人可能必須削減支出以及賣掉資產以如期償付貸款。

This can unleash(解除～的束縛) a vicious(惡性的、劇烈的) spiral of falling incomes, asset prices and rising real debt.

➜這會加劇收入降低、債務升高的惡性循環。

Irving Fisher(艾文費雪), an American economist, described this process in a famous article in 1993 entitled “The Debt-Deflation Theory of Great Depressions(蕭條、不景氣)”.

➜一位美國的經濟學家艾文費雪，在他一篇1993年發表的著名文章「經濟大蕭條之債務—通縮理論」裡，描述了這個過程。

He described how attempts by individuals to reduce their debt burden by cutting costs could paradoxically(反常地) cause their debt burden to swell.

➜他寫道：人們如何企圖通過削減開支來減少債務負擔，卻反而使他們的債務增加。

Unable to increase prices to boost profits, firms have to cut costs, either by reducing labour costs and hence household income or by buying less from other firms.

➜如果企業不能透過提高產品價格來增加收益，那他們就必須減少開支、裁員，因而影響到家庭的收入；否則就只能減少從其他企業購買。

This is sensible(明智的、合情理的) for an individual firm, but it reduces demand in the economy, thwarting(阻饒、挫敗) the desired improvement in profit, leading to another round of cuts and putting further downward pressure on prices.

➜這對一家企業來說是合理的，但卻造成經濟需求減少，阻礙了利潤增加，導致了另一波削減，並產生令價格下調的壓力。

這張是不是五等史上最難的英文阿 = ="

一般這種專有名詞這麼多的在三等或高員才會出現!

而且除了題組第一題，其餘的答案選項都特長

不太像初等的題目，英文程度不好如我看得很吃力。

我是不是走錯考場了，我想這裡是多益考場吧XD

我很好奇這樣的題目60分鐘內做的完嗎?

Forndecades  inflation （通膨）was the bogeyman in richncountries.

--->幾十年來通貨膨脹一直是有錢國家的夢魘

Butnnow some economists reckon(認為)that deflation（通貨緊縮）, or falling prices, may be a more serious threat—in America and Europe as well as(以及) Japan.

--->但現在有些經濟學家認為美國.歐洲.甚至日本的通貨緊縮甚至有著更嚴重的經濟威脅

Thatnwould be decidedly（明確地） awkward（棘手的）, given the surge(激增)in borrowing by firms（公司） andnhouseholds in recent years.

-->鑒於近年來公司或家庭的借貸激增,它們的確是相當棘手的問題.

Particularlynworrying is the rise in borrowing by American households to financenpurchases of houses, cars or luxury goods.

-->特別是擔心那些借錢給美國家庭去購買房子.車子.奢侈品

Deflationnwould swell（高漲） the real burden(負擔) of thesendebts(債務), forcing consumers to cut their spending.

Deflationnis not necessarily bad.

-->通貨緊縮將會增加這些債務的真正負擔,迫使消費者去減少花費。但通貨緊縮也不完全都是壞的.

Ifnfalling prices are caused by faster productivity growth, as happenednin the late 19th century, then it can go hand in hand with(與…密切相關) robust （健全的） growth.

-->如果價格下跌是由於產量快速增加所引起的，就像19世紀末期一樣，那麼它就與強勁的(經濟)成長密切相關。

Onnthe other hand, if deflation reflects a slump(下跌) in demand and excess(過剩) capacity(產量), it can be dangerous, as itnwas in the 1930s, triggering(觸發) a downward spiral(不斷加劇的下降且無法控制)  of demand and prices.

-->另一方面，如果通貨緊縮反映的是需求下降和產能過剩，就像是1930年代那樣，那麼通貨緊縮就可能是危險的，會引發更劇烈的需求和價格的下降。

Today,nboth the good and bad sorts(種類) of deflation are at work. Some prices are falling because ofnproductivity(生產力) gains(增加),nthanks to(由於/幸虧) informationntechnology.

-->現在，好的和壞的通貨緊縮都在運作。由於資訊科技讓生產力提高使部分產品價格下降。

Butnthe weakness of profits suggests that most deflation is now bad, not good.nDeflation is particularly harmful(有害的) when an economy is awash (充沛的) with debt.

-->(這裡不會翻譯)但以利潤的角度來看，現在大多數通貨緊縮是壞的，不好的(對利潤是不好的)。尤其當經濟環境中充滿債務時，通貨緊縮特別有害。

Totalnprivate-sector私人企業debt is now much higher than when deflation was last experienced innthe 1930s.

-->現在私人企業的債務總額遠高於上次1930年代通貨緊縮的時期。

Fallingnprices not only increase the real burden of debt, they also make it impossiblenfor a central bank to deliver negative real interest （利率）rates, because nominalnrates（名目利率） cannot go below zero.

-->價格下跌不僅會增加債務的實質負擔，而且中央銀行也不可能釋出負的實質利率，因為名目利率不能低於零。

Ifndeflation causes real debts to swell, debtors （債務人）may have to cut spending and sellnassets （資產）to meet their payments.

-->如果通貨緊縮導致實質債務增加，債務人可能不得不削減支出並出售資產以支付其債款。

Thisncan unleash（釋放）a vicious spiral(惡性循環) of falling incomes,nasset(資產) prices and rising real debt.

-->這可能造成收入、資產價值下降，與實質債務上升的惡性循環。

IrvingnFisher, an American economist, described this process in a famous article inn1993 entitled(給與名稱) “The Debt-Deflation Theory of GreatnDepressions(蕭條)”.

-->美國經濟學家歐文·費雪（IrvingnFisher）在1933年於著名的“大蕭條債務通貨緊縮理論”一文中描述了這一進程。

Hendescribed how attempts by individuals to reduce their debt burden by cuttingncosts could paradoxically（反常地）ncause their debt burden to swell.

-->他描述了當個人試圖削減開銷來降低債務負擔，可能反而會造成債務負擔膨脹。

Unablento increase prices to boost(增加)profits, firms have to cut costs, either by reducing labour （=labor 勞工)costs and hence （因此）household income or by buying less from other firms.

-->當無法靠提高價格來提高利潤時，企業必須降低成本，無論是透過降低勞動力成本，從而減少家庭收入，或者從其他企業減少購買。

Thisnis sensible(合情理的) for an individual firm, but it reduces demand in the economy,nthwarting（阻撓）the desired（渴望）nimprovement in profit, leading to another round of cuts and putting furtherndownward（向下的） pressure on prices.

-->這對一家公司來說是明智的，但它減少了經濟需求，阻礙了提高利潤的慾望，導致另一輪削減，與更進一步降價的壓力。

我也覺得超難的...

這篇其實英文沒看懂多少，完全靠公民的經濟學那塊來作答，唉。