natgillin/translations-raw huggingface dataset:
However , the impact of money market rate changes on interest rates at very long maturities ( e.g. 10-year government bond yields , long-term bank lending rates ) is less direct .
Vpliv sprememb obrestnih mer denarnega trga na obrestne mere zelo dolgih ročnosti ( na primer donosnost 10-letnih državnih obveznic , dolgoročne bančne posojilne obrestne mere ) je manj neposreden .
Those rates depend to a large extent on market expectations for long-term growth and inflation trends in the economy .
Te obrestne mere so v veliki meri odvisne od tržnih pričakovanj glede dolgoročne rasti in inflacijskih trendov v gospodarstvu .
In other words , changes in the central bank 's official rates do not normally affect these longer-term rates unless they were to lead to a change in market expectations concerning long-term economic trends .
Ali če povemo drugače , spremembe obrestnih mer centralne banke običajno ne vplivajo na dolgoročnejše obrestne mere , razen če ne povzročijo sprememb tržnih pričakovanj glede dolgoročnih gospodarskih trendov .
Because of the impact it has on financing conditions in the economy -- but also because of its impact on expectations -- monetary policy can affect other financial variables such as asset prices ( e.g. stock market prices ) and exchange rates .
Denarna politika lahko zaradi svojega vpliva na pogoje financiranja v gospodarstvu -- pa tudi zaradi svojega vpliva na pričakovanja -- vpliva na druge finančne spremenljivke , kot so cene finančnega premoženja ( na primer delniški tečaji ) in devizni tečaji .
Changes in interest rates and financial asset prices in turn affect the saving , spending and investment decisions of households and firms .
Spremembe obrestnih mer in cen finančnega premoženja lahko vplivajo na odločitve gospodinjstev in podjetij glede varčevanja , trošenja in investiranja .
For example , all other things being equal , higher interest rates tend to make it less attractive for households or companies to take out loans in order to finance their consumption or investment .
Tako na primer ob nespremenjenih ostalih pogojih postanejo zaradi višjih obrestnih mer posojila za financiranje trošenja ali investiranja manj privlačna za gospodinjstva in podjetja .
Higher interest rates also make it more attractive for households to save their current income rather than spend it , since the return on their savings is increased .
Zaradi višjih obrestnih mer postane za gospodinjstva privlačnejše varčevanje tekočih dohodkov , ker prinaša višje donose .
Furthermore , changes in official interest rates may also affect the supply of credit .
Poleg tega lahko spremembe ključnih obrestnih mer vplivajo tudi na samo ponudbo kreditov .
For example , following an increase in interest rates , the risk that some borrowers cannot safely pay back their loans may increase to a level such that banks will not grant a loan to these borrowers .
Po zvišanju obrestnih mer se lahko na primer tveganje , da nekateri dolžniki ne bodo mogli redno odplačevati svojih posojil , toliko poveča , da jim banke posojil sploh niso več pripravljene odobriti .
As a consequence , such borrowers , households or firms , would be forced to postpone their consumption or investment plans .
Posledično so taki dolžniki , tako gospodinjstva kot podjetja , prisiljeni odlagati svoje trošenje ali investiranje .
Finally , movements in asset prices may affect consumption and investment via income and wealth effects .
Končno lahko spremembe v cenah finančnega premoženja vplivajo na trošenje in investiranje tudi prek učinkov dohodka in premoženja .
For example , as equity prices rise , share-owning households become wealthier and may choose to increase their consumption .
Če se na primer delniški tečaji povišajo , postanejo gospodinjstva , ki imajo v lasti delnice , bogatejša in se lahko odločijo , da bodo več trošila .
Conversely , when equity prices fall , households may well reduce consumption .
In obratno , če se torej delniški tečaji znižajo , lahko gospodinjstva zmanjšajo svoje trošenje .
An additional way in which asset prices can impact on aggregate demand is via the value of collateral that allows borrowers to get more loans and / or to reduce the risk premia demanded by lenders / banks .
Cene finančnega premoženja lahko vplivajo na agregatno povpraševanje tudi prek vrednosti zavarovanja , ki posojilojemalcem omogoča , da dobijo več posojil oziroma znižajo premijo za tveganje , ki jo zahtevajo posojilodajalci / banke .
Lending decisions are often influenced to a large extent by the amount of collateral .
Na kreditne odločitve v veliki meri vpliva višina zavarovanja .
If the value of collateral falls then loans will become more expensive and may even be difficult to obtain at all , with the result that spending will fall .
Če se vrednost zavarovanja zmanjša , postanejo posojila dražja oziroma jih je sploh težko dobiti , zaradi česar se zmanjša trošenje .
As a consequence of changes in consumption and investment , the level of domestic demand for goods and services relative to domestic supply will change .
Zaradi sprememb v trošenju in investiranju se spremeni razmerje med domačim povpraševanjem po blagu in storitvah ter med domačo ponudbo .
When demand exceeds supply -- all other things being equal -- upward pressures on prices emerge .
Ko povpraševanje presega ponudbo se -- ob nespremenjenih ostalih pogojih -- pojavijo pritiski na rast cen .
Moreover , changes in aggregate demand may translate into tighter or looser conditions in labour and intermediate product markets , and these in turn can affect wage and pricesetting in the respective market .
Poleg tega se lahko spremembe agregatnega povpraševanja odrazijo v zaostritvi ali sprostitvi pogojev na trgu dela in trgu vmesnih proizvodov , kar pa lahko vpliva na oblikovanje plač in cen na teh trgih .
B ox 9 T h e t r a n s m i s s i o n m e c h a n i s m o f m o n e t a r y p o l i c y ( c o n t « d ) Changes in the exchange rate will normally affect inflation in three ways : First , exchange rate movements may directly affect the domestic price of imported goods .
Okvir 9 Transmisijski mehanizem denarne politike Spremembe deviznega tečaja običajno vplivajo na inflacijo na tri načine . Prvič , gibanje deviznega tečaja lahko neposredno vpliva na domače cene uvoženega blaga .
If the exchange rate appreciates , the price of imported goods tends to fall , thus helping to reduce inflation directly , insofar as these products are directly used in consumption .
Če devizni tečaj apreciira , se cene uvoženega blaga običajno znižajo , s čimer neposredno pripomorejo k zmanjšanju inflacije , če gre za potrošno blago .
Second , if these imports are used as inputs into the production process , lower prices for inputs might , over time , feed through into lower prices for final goods .
Drugič , če se uvoženo blago porabi v proizvodnem procesu , se lahko nižje cene sčasoma odrazijo v nižjih cenah končnih izdelkov .
Third , exchange rate developments may also have an effect via their impact on the competitiveness of domestically produced goods on international markets .
Tretjič , gibanje deviznega tečaja lahko vpliva tudi na konkurenčnost doma proizvedenega blaga na mednarodnih trgih .
If an appreciation in the exchange rate makes domestically produced goods less competitive on the world market , this tends to constrain external demand and thus reduce overall demand pressure in the economy .
Če je zaradi apreciiacije deviznega tečaja doma proizvedeno blago manj konkurenčno na svetovnem trgu , to običajno omeji zunanje povpraševanje in s tem zmanjša skupen pritisk s strani povpraševanja na gospodarstvo .
All other things being equal , an appreciation of the exchange rate would tend to reduce inflationary pressures .
Ob nespremenjenih ostalih pogojih apreciiacija deviznega tečaja običajno zmanjša inflacijske pritiske .
The importance of these exchange rate effects will depend on how open the economy is to international trade .
Moč učinkov takšnih gibanj deviznega tečaja je odvisna od odprtosti nacionalnega gospodarstva za mednarodno trgovinsko menjavo .
The exchange rate channel of monetary policy transmission is less important for a large , relatively closed currency area like the euro area than for a small open economy .
Devizni tečaj kot kanal transmisije denarne politike je v velikem , relativno zaprtem valutnem območju , kot je euroobmočje , manj pomemben kot v majhnem odprtem gospodarstvu .
Clearly , financial asset prices depend on many other factors in addition to monetary policy , and changes in the exchange rate are also often dominated by these factors .
Seveda so cene finančnega premoženja poleg denarne politike odvisne še od številnih drugih dejavnikov , ki pogosto vplivajo tudi na spremembe deviznih tečajev .
Other channels through which monetary policy can influence price developments mainly work by influencing the private sector 's longer-term expectations .
Drugi kanali , prek katerih lahko denarna politika vpliva na gibanje cen , delujejo v glavnem v obliki vplivanja na dolgoročnejša pričakovanja zasebnega sektorja .
If a central bank enjoys a high degree of credibility in pursuing its objective , monetary policy can exert a powerful direct influence on price developments by guiding economic agents » expectations of future inflation and thereby influencing their wage and price-setting behaviour .
Če centralna banka pri zasledovanju svojega cilja uživa visoko stopnjo verodostojnosti , ima lahko denarna politika močan neposreden vpliv na gibanje cen s tem , ko usmerja pričakovanja gospodarskih subjektov glede prihodnje inflacije in tako vpliva na njihovo vedenje pri oblikovanju plač in cen .
The credibility of a central bank to maintain price stability in a lasting manner is crucial in this respect .
Pri tem ima odločilno vlogo verodostojnost centralne banke pri ohranjanju cenovne stabilnosti na trajen način .
Only if economic agents believe in the central bank 's ability and commitment to maintain price stability will inflation expectations remain firmly anchored to price stability .
Le če gospodarski subjekti verjamejo , da je centralna banka tega sposobna in temu tudi zavezana , ostanejo inflacijska pričakovanja trdno zasidrana na ravni , ki ustreza stabilnosti cen .
This in turn will influence wage and price-setting in the economy given that , in an environment of price stability , wage and price-setters will not have to adjust their prices upwards for fear of higher inflation in the future .
To po drugi strani vpliva na oblikovanje plač in cen v gospodarstvu , ker v okolju , ki ga odlikujejo stabilne cene , ni treba navzgor prilagajati cen v strahu pred višjo inflacijo v prihodnje .
In this respect , credibility facilitates the task of monetary policy .
V tem pogledu je zaradi verodostojnosti naloga denarne politike lažja .
Source : ECB ( 2004 ) , The monetary policy of the ECB , pp. 44-47 .
Vir : Odlomek iz ECB ( 2004 ) , The Monetary Policy of the ECB , str . 44-47 .
The transmission mechanism of monetary policy is thus a complex web of economic interactions , and central banks are confronted with long , variable and uncertain lags in the conduct of monetary policy .
Transmisijski mehanizem denarne politike je torej zapleten preplet medsebojnega delovanja , centralne banke pa se zaradi tega srečujejo z dolgimi , spremenljivimi in negotovimi časovnimi odlogi pri vodenju denarne politike .
The ECB may even face more uncertainty than many other central banks since it is responsible for a multinational currency area that was only established in 1999 .
ECB se v primerjavi z drugimi centralnimi bankami morda srečuje s še večjo negotovostjo , ker je odgovorna za mednarodno valutno območje , ki se je oblikovalo šele leta 1999 .
Moreover , institutional and behavioural changes following the introduction of the single currency may have changed the relationships between different economic variables .
Poleg tega so lahko tudi institucionalne in vedenjske spremembe , ki so sledile uvedbi enotne valute , spremenile odnose med različnimi gospodarskimi spremenljivkami .
As more information and research results have become available over time , a more detailed understanding of monetary policy transmission in the euro area has developed . Nevertheless , further progress is needed .
Razumevanje transmisije denarne politike v euroobmočju se je z večjim obsegom razpoložljivih informacij že izboljšalo , kljub temu pa bo treba to še izboljšati .
2 T h e E C B « s m o n e t a r y p o l i c y s t r a t e g y The first element of the ECB 's monetary policy strategy is a quantitative definition of price stability .
3.1.2 Strategija denarne politike ECB Prvi element strategije denarne politike ECB je številčna opredelitev cenovne stabilnosti .
In addition , the strategy provides for a framework which ensures that the Governing Council of the ECB assesses all the relevant information and analysis needed to take monetary policy decisions in a forward-looking manner .
Strategija poleg tega nudi okvir , ki zagotavlja , da Svet ECB pretehta vse bistvene informacije in analize , potrebne za sprejemanje daljnosežnih sklepov o denarni politiki .
Ta k i n g a q u a n t i t a t i ve a p p ro a c h t o p r i c e s t a b i l i t y Although the EC Treaty clearly establishes maintaining price stability as the primary objective of the ECB , it does not define what « price stability » actually means .
Kvantitativen pristop k cenovni stabilnosti Čeprav je v Pogodbi ES stabilnost cen jasno določena kot temeljni cilj ECB , v njej ni opredeljeno , kaj „stabilnost cen » pravzaprav pomeni .
With this in mind , in October 1998 the Governing Council of the ECB announced a quantitative definition of price stability .
Svet ECB je zato oktobra 1998 objavil številčno opredelitev stabilnosti cen .
There were three main reasons for choosing a quantitative approach : 1 .
Kvantitativen pristop je bil izbran iz treh glavnih razlogov . 1 .
The definition helps to make monetary policy more transparent .
Definicija prispeva k temu , da je denarna politika bolj pregledna .
A quantitative definition provides a yardstick against which the public can hold the ECB accountable .
Številčna opredelitev predstavlja merilo , na podlagi katerega javnost presoja ECB .
As deviations of price developments from price stability can be easily identified , the ECB must account for sustained deviations from this definition and explain how price stability will be reestablished within an acceptable period of time .
Ker ni težko ugotoviti , ali gibanje cen odstopa od cenovne stabilnosti , mora ECB upravičiti trajnejša odstopanja in pojasniti , kako se bo cenovna stabilnost ponovno vzpostavila v sprejemljivem časovnem obdobju .
The definition is intended to guide expectations of future price developments and thus build up credibility and increase the effectiveness of the ECB 's monetary policy .
Definicija naj bi usmerjala pričakovanja glede prihodnjih gibanj cen in s tem gradila verodostojnost denarne politike ECB in večala njeno učinkovitost .
The ECB 's overriding commitment to maintain price stability should give both financial markets and the public good reason to expect that medium-term inflation will lie within the range deemed compatible with price stability .
Zaveza ohranjanju cenovne stabilnosti , ki ji ECB daje prednost pred vsemi drugimi , bi morala biti tako za finančne trge kot za širšo javnost zadosten razlog za pričakovanje , da se bo srednjeročna inflacija gibala v pasu , skladnem s cenovno stabilnostjo .
Stabilising longer-term inflation expectations in this way should help to prevent firms , trade unions and individual agents involved in the wage and pricesetting process from incorporating higher rates of inflation into their decisions which , in turn , would make it more difficult to maintain price stability .
Na tak način stabilizirana dolgoročnejša inflacijska pričakovanja bi morala podjetjem , sindikatom in posameznim subjektom , udeleženim v procesu določanja plač in cen , preprečiti , da bi pri svojih odločitvah upoštevali višje inflacijske stopnje , zaradi česar bi bilo težje ohranjati cenovno stabilnost .
T h e E C B « s d e f i n i t i o n o f p r i c e s t a b i l i t y In October 1998 the Governing Council of the ECB defined price stability as « a year-on-year increase in the Harmonised Index of Consumer Prices ( HICP ) for the euro area of below 2 % » and added that price stability « was to be maintained over the medium term » .
Opredelitev cenovne stabilnosti ECB Oktobra 1998 je Svet ECB opredelil cenovno stabilnost kot „medletno povečanje harmoniziranega indeksa cen življenjskih potrebščin ( HICP ) v euroobmočju , ki je manjše od dveh odstotkov » , in dodal , da je treba „cenovno stabilnost ohranjati v srednjeročnem obdobju » .
The Governing Council confirmed this definition in May 2003 following a thorough evaluation of the ECB 's monetary policy strategy .
Svet ECB je to opredelitev potrdil maja leta 2003 , potem ko je natančno ocenil strategijo denarne politike ECB .
On that occasion , the Governing Council clarified that « in the pursuit of price stability , it aims to maintain inflation rates below but close to 2 % over the medium term » .
Ob tej priložnosti je pojasnil , da „želi pri zasledovanju cenovne stabilnosti stopnjo inflacije srednjeročno ohranjati pod dvema odstotkoma , vendar blizu te meje » .
The reference to « the HICP for the euro area » indicates two things : first that the goal of the ECB 's monetary policy is price stability in the euro area as a whole , and second that it reflects the public 's usual focus on consumer prices .
Sklicevanje na „HICP v euroobmočju » pomeni dvoje : prvič , da je cilj denarne politike ECB cenovna stabilnost v euroobmočju kot celoti , in drugič , da je javnost običajno osredotočena na cene življenjskih potrebščin .
The HICP is the index that most closely approximates the changes over time in the price of a representative basket of consumer goods and services purchased by euro area households . 80
Indeks HICP najbolje odraža spremembe v ceni reprezentativne košarice blaga in storitev za široko porabo , ki jih kupujejo gospodinjstva euroobmočja .
The phrase « below 2 % » sets a clear upper boundary for the rate of measured HICP inflation that is consistent with price stability over the medium term .
Z izrazom „pod dvema odstotkoma » je jasno določena zgornja meja za stopnjo izmerjene inflacije po HICP , ki je skladna s stabilnostjo cen v srednjeročnem obdobju .
At the same time , aiming for low positive inflation rates « close to 2 % » provides « an adequate margin to avoid the risks of deflation » 1 ( see Box 10 ) .
Hkrati cilj nizke pozitivne stopnje inflacije „blizu dveh odstotkov » zagotavlja „ustrezno rezervo pred tveganjem deflacije " 1 ( glej okvir 10 ) .
In addition , it takes into account the possible presence of a measurement bias in the HICP and the implications of inflation differentials of a structural nature within the euro area .
Poleg tega upošteva tudi možnost pristranskosti pri merjenju HICP in posledice razlik v inflaciji znotraj euroobmočja , ki so strukturne narave .
Finally , the term « over the medium term » reflects the consensus that monetary policy cannot fine-tune developments in prices or inflation over short horizons of a few weeks or months .
Končno tudi izraz „v srednjeročnem obdobju » odraža soglasno mnenje , da denarna politika ne more natančno uravnavati gibanja cen ali inflacije v kratkoročnem obdobju , ki obsega nekaj tednov ali mesecev .
Changes in monetary policy only affect prices with a time lag , and the magnitude of the eventual impact is uncertain .
Spremembe v denarni politiki vplivajo na cene šele s časovnim odlogom , pri čemer je obseg morebitnih vplivov negotov .
This implies that monetary policy cannot offset all unanticipated shocks to the price level in a short period of time .
To pomeni , da denarna politika ne more ublažiti vseh nepričakovanih šokov , ki vplivajo na raven cen v kratkoročnem obdobju .
Some short-term volatility in inflation is therefore inevitable .
Določeno kratkoročno nihanje inflacije je torej neizogibno .
T h e m a i n p r i n c i p l e s o f t h e E C B « s m o n e t a r y p o l i c y s t r a t e g y The ECB influences conditions in the money market , and thus the level of shortterm interest rates , in such a way that price stability is best maintained over the medium term through the effects on the price level via the monetary policy transmission process .
Glavna naãela strategije denarne politike ECB ECB vpliva na razmere na denarnem trgu in s tem na raven kratkoročnih obrestnih mer tako , da cenovno stabilnost najbolje zagotavlja v srednjeročnem obdobju prek učinkovanja transmisijskega mehanizma denarne politike na raven cen .
It does this in line with its monetary policy strategy to ensure that a consistent and systematic approach is taken to monetary policy decisions over time .
To počne v skladu s svojo strategijo denarne politike , s čimer zagotavlja časovno dosleden in sistematičen pristop k sprejemanju sklepov o denarni politiki .
Such consistency helps to stabilise inflation expectations and bolster the ECB 's credibility .
Takšna doslednost prispeva k umiritvi inflacijskih pričakovanj in povečuje verodostojnost ECB .
Given the lags in the transmission process , monetary policy changes made today will only affect the price level after a number of months or even years .
Glede na časovni odlog , do katerega prihaja v transmisijskem procesu , se današnje spremembe denarne politike pokažejo na ravni cen šele čez nekaj mesecev ali celo let .
This means that central banks need to ascertain what policy stance is needed today to maintain price stability in the future .
To pomeni , da morajo centralne banke oceniti , kakšna naravnanost denarne politike je potrebna danes , da bi se ohranila cenovna stabilnost v prihodnje .
In this sense , monetary policy must also be forward-looking .
V tem smislu mora biti denarna politika daljnosežna .
Furthermore , as the transmission lags make it impossible in the short run for monetary policy to offset unanticipated shocks to the price level ( for example , those caused by changes in international commodity prices ) , some short-term volatility in inflation rates is unavoidable .
Ker denarna politika zaradi časovnega odloga v transmisiji ne more kratkoročno nevtralizirati nepričakovanih šokov , ki vplivajo na raven cen ( na primer spremembe v mednarodnih cenah surovin ) , se določenim kratkoročnim nihanjem inflacijske stopnje ni mogoče izogniti .
In addition , owing to the complexity of the transmission process , there is always a large element of uncertainty surrounding the effects of monetary policy .
K temu je treba dodati še veliko mero negotovosti , ki zaradi zapletenosti transmisijskega procesa vedno spremlja učinke denarne politike .
For these reasons , a medium-term orientation of monetary policy is important : it is consistent with the ECB 's statement that « price stability is to be maintained over the medium term » and avoids excessive activism and the introduction of unnecessary ( and possibly selfsustaining ) volatility into the real economy .
Zaradi tega je pomembna srednjeročna usmerjenost denarne politike : skladna je z ugotovitvijo ECB , da „je treba cenovno stabilnost ohranjati v srednjeročnem obdobju » , in se izogiba pretiranemu ukrepanju in povzročanju nepotrebnih ( in po možnosti samostojnih ) nihanj v realnem gospodarstvu .
Finally , the ECB is faced with considerable uncertainty about the reliability of economic indicators , the structure of the euro area economy and the transmission mechanism of the single monetary policy , in particular during the first few years of EMU .
Nenazadnje se ECB srečuje s precejšnjo negotovostjo glede zanesljivosti ekonomskih kazalnikov , strukture gospodarstva euroobmočja in transmisijskega mehanizma enotne denarne politike , še posebno v prvih letih ekonomske in monetarne unije .