Possibility #1 is unlikely: banks certainly created mountains of debt, but mountains of money would show in skyrocketing monetary aggregates and high inflation, neither of which happened.
可能性1是不可能的：银行肯定是创造了大量的贷款，但是大量的钱将表现为快速增加的货币总量和高通胀，这些都没有发生。
An IBRD mathematical model of monetary aggregates, covering a few basic economic factors.
国际复兴开发银行的一种货币总量数学模型，包括一些基本的经济要素。
So, tracking the effects of monetary easing on inflation potential through the monetary aggregates is tricky.
总之，很难通过货币总量来判断货币放松措施对通胀的影响。
On the other hand, monetary targeting is not even an alternative for China because of the breakdown of the relationship between monetary aggregates and inflation.
同时，由于货币供应量与通货膨胀之间的相关性被破坏，货币供应量目标也不再适合我国；
The academia have an ongoing debate about the choice of the optimal monetary intermediate target among interest rates, simplesum monetary aggregates and Divisia monetary aggregates.
学术界围绕最优货币中介目标的选择，在利率、简单加总货币量、迪维西亚货币量之间争论不休。
The academia have an ongoing debate about the choice of the optimal monetary intermediate target among interest rates, simplesum monetary aggregates and Divisia monetary aggregates.
学术界围绕最优货币中介目标的选择，在利率、简单加总货币量、迪维西亚货币量之间争论不休。
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