Excessbankreserves will not lead to inflation so long as the Fed can still raise interest rates, which it can.
只要美联储还能提高利率银行的超额储备金就不会引起通货膨胀。
2
If bank policy is to make loans and investments equal to whatever reserves are in excess of legal requirements, the expansion process will be carried on.
如果银行的政策是让贷款和投资等于任何超出法律要求的储备金,那么扩张过程将继续下去。
3
In this case the central bank - by increasing excessreserves - would DE facto monetize commercial bank liabilities and thus increase the outstanding stock of money.