基思·约瑟夫：温和的通货膨胀似乎是保持充分就业、鼓励增长和扩大社会服务的一种无痛苦方式。

KEITH JOSEPH: Mild inflation seemed a painless way of maintaining full employment, encouraging growth, and expanding the social services.

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在这种情况下，美国以及许多工业国不得不将内需保持在一个比较高的水平，以保证充分就业以及防止通货紧缩。

In these circumstances, the United States and many other industrialized economies had to sustain domestic demand at elevated levels in order to achieve "full employment" and prevent deflation.

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因为消费太少可能会引起经济萧条，过多的消费可能会引起通货膨胀，所以，为保持经济增长，充分就业，物价相对稳定，我们究竟需要发行多少新货币呢？

Since too little spending may lead to recession and too much spending may lead to inflation, how much new money is needed to keep our economy growing, employment high and prices relatively stable?

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