The empirical findings indicate a possible inflationary pressure on the new member states, which is balanced by a contractionary effect on the old member states.

经验分析的结果表明，新成员国很可能面临通货膨胀的压力，而这将由老成员国所面临的经济紧缩效应来平衡。

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Several studies show that the expansionary effect of lower interest rates has often outweighed the contractionary effect of lower government spending.

ECONOMIST: Tightening economic policy

This does not mean that monetary policy alone can offset the contractionary effect of the current massive disruption in the credit markets.

WSJ: The Fed Still Has Plenty of Ammunition

The contractionary effect of the end of 5 years of loose Fed monetary policies will hit the economy at the same time as the already enacted tax rate increases due to Obamacare and the expiration of the Bush tax cuts.

FORBES: Wasteful Politicians, And The Fed's Coming Recession