“为了保持价格稳定，联储必须认识到，对它来说，货币数量的变动必须参照周转率和产出来作出补偿”，他在本报2003年一篇文章中写道。

"To keep prices stable, the Fed must see to it that the quantity of money changes in such a way to offset movements in velocity and output, " he wrote in this newspaper in 2003.

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人们愿意持有货币的心态突然发生了“心理和自发的”转变，导致货币周转率急速上升。

People's willingness to hold money can change suddenly for a "psychological and spontaneous reason", causing a spike in the velocity of money.

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当周转率稳定时，联储应当保持货币供给的稳定。

When velocity is stable, the Fed should keep money growth steady.

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