请大家帮我翻译一段话好吗，很急。谢谢了

来源：百度知道 编辑：UC知道 时间：2024/07/07 11:10:06
The second contribution of our empirical analysis compared with the existing literature is to look at a quantity-based measure of the monetary policy stance, while in the literature monetary policy is mainly captured by nominal short-term interest rates. The existing empirical work using quantity-based measures, such as monetary aggregates, is in fact quite scant. Baks and Kramer (1999) document that aggregate G7 money growth appears to have some effect on G-7 interest rates and stock returns. Moreover, they also evaluate the extent of the cross-country spillover, finding that increased liquidity growth in one country is often consistent with an increase in G-7 real stock returns and a decline in real interest rates in other countries. (In particular this is true for the transmission from Japan to the US). Baks and Kramer look at "excess” money growth, obtained subtracting nominal GDP growth from nominal money growth. In line with Schinasi and Hargraves (1993), they interpret this

第二个贡献，我们的实证分析与现有的文献看数量为基础的衡量货币政策立场，而在文学的货币政策，主要是被名义短期利率。现有的经验性工作使用量为基础的措施，如货币总量，实际上是十分稀少。巴克斯和克莱默（ 1999年）的文件，总七国集团货币增长似乎有一些影响， 7国集团的利率和股票收益。此外，他们还评估范围的跨国家蔓延，认为增加流动资金的增长在一个国家往往是符合增加七国集团和实际股票收益下降的实际利率在其他国家。 （特别是这是真正的传输从日本到美国） 。巴克斯和克莱默看看“过剩”货币增长，获得减去名义GDP增长率从名义货币增长。根据Schinasi和哈格里弗斯（ 1993年） ，他们解释这项措施为“潜在的通货膨胀压力在市场上不被国民收入帐户的措施产量和价格。 “