Endogenous financial theory claims that the supply of monetary base is not an exogenous variable controlled by central bank, but endogenously determined by economic system.
内生金融理论认为，中央银行基础货币的供给并非是由中央银行完全控制的外生变量，而主要是由经济体系内生决定的。
Central Banks control the narrowest measure of the money supply, called the monetary base-typically, currency plus the reserves that commercial Banks hold with the central bank.
央行控制着控制着狭义货币供应量，这被称作基础货币——通常是流通货币加上商业银行和中央银行的贮备货币。
Astute observers of the Federal Reserve have noticed that, since the large infusion of money of last autumn, the monetary base has exceeded the money supply.
那些精明的美联储观察家已经注意到，自从去年秋天巨额货币注入以来，货币基础已经超过了货币供应。
In pursuit of the answer to how the monetary base got to be bigger than the money supply itself, I called the St. Louis Federal Reserve, and they were good enough to send me the following reply.
为了搞清楚货币基础究竟比货币供应本身多多少，我给圣路易斯联邦储备银行打了电话，他们非常友善，给了我如下回复。
In pursuit of the answer to how the monetary base got to be bigger than the money supply itself, I called the St. Louis Federal Reserve, and they were good enough to send me the following reply.
为了搞清楚货币基础究竟比货币供应本身多多少，我给圣路易斯联邦储备银行打了电话，他们非常友善，给了我如下回复。
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