急求外文翻译

Question

More than four years after the peak of the stock market boom, the US economy has regained its former status as the engine of economic growth in the world. Following GDP growth of just 0.5% in 2001,economic activity in the USA has returned to rather strong, i.e. above long-term potential, growth rates, accompanied by fairly buoyant private consumer and corporate investment spending, both exerting a positive impact on employment. Moreover, stock markets have left their troughs, indicating market agents’ improved economic expectations
In particular rising real estate prices, though, are said to have contributed considerably to ongoing domestic demand and a high level of consumer confidence. However, house price increases have been exorbitant for the last eight years when put into historical perspective.1 The increase in house prices has outpaced consumer price inflation by more than 45per cent, which appears, historically speaking, highly atypical. Therefore, the question was raised by various quarters, from journalists to economists to central bank officials, of whether the boom in the US real estate market has become a bubble and whether house prices have already reached unsustainable levels. This is a question of paramount importance since in the case of a bubble in real estate prices the question emerges if and how the Fed should react to it. Implicitly, monetary policy in the euro area where France and Spain have experienced exorbitant price increases of real estate during the last four years is addressed as well. The question of bubbles in real estate prices is an increasingly hot topic on both sides of the Atlantic because markets for assets like real estate, stocks and bonds significantly gain importance in times of increasing wealth of the population far beyond the area of private old-age insurance and pension schemes. Moreover, private wealth plays an increasingly large role in determining the spending decisions of households. Finally, the llberallsation of capital flows fosters price volatility on asset markets. Central banks can and should not ignore these developments. A correct analysis of real estate price developments (as ventured in this paper) and the drawing of conclusions for monetary policy decisions are nowadays among the most important challenges for monetary policy.
各位大虾们 小弟就这么点分了，帮帮忙，最好不要在线翻译，通顺就可以了~~

Answer 1

超过在股市的峰顶的以后四年在世界上兴旺，美国经济收复了它的前状态作为经济增长引擎。 在2001年在国民生产总值成长0.5%以后，经济活动在美国退回到相当强，即上面长期潜力，生长率，陪同由相当轻飘飘私有消费者和公司投资消费，施加对就业的两个一个积极的影响。 而且，股市离开他们的低谷，表明市场代理的被改进的经济期望四年多来的高峰后，股市繁荣，美国经济已经恢复了昔日的地位，经济增长的发动机在世界上。下面的国内生产总值增长率仅为0.5 ％ ， 2001年，经济活动在美国已恢复，而强大的，即上述的长期潜在增长率的陪同下，相当活跃的私人消费和企业投资支出方面，都产生了积极的对就业的影响。此外，股市离开了他们的低谷，表明市场代理改善经济预期
特别是房地产价格上升，但据说已经大大有助于正在进行的国内需求和高水平的消费者信心。但是，房价过高的增长已为过去8年的历史时，投入的增加perspective.1房价已经超过消费物价通胀率超过45per的，这似乎，从历史上讲，高度不典型。因此，有人提出问题的各方面，从记者经济学家中央银行官员，是否繁荣在美国房地产市场已成为一个泡沫，房价是否已经达到不可持续的水平。这是一个至关重要的问题，因为如果是泡沫，房地产价格如果出现的问题以及如何美联储应反应。含蓄，货币政策在欧元地区，法国和西班牙经历了过高的价格上涨，房地产在过去的四年里，以及处理。的问题，泡沫的房地产价格是一个热门的话题越来越多的大西洋两岸，因为市场对房地产等资产，股票和债券的显着越来越重要的时候，增加财富的人口远远超出该地区的私人养老保险和养老金计划。此外，私人财富发挥着越来越大的作用，决定了在家庭开支的决定。最后， llberallsation资本流动促进商品价格波动对资产市场。中央银行可以和不应该忽视这些事态发展。正确的分析，房地产价格的发展（如冒险本文）和吸取结论为货币政策的决策是当前的最重要挑战之一的货币政策。

Answer 2

四年多来的高峰后，股市繁荣，美国经济已经恢复了昔日的地位，经济增长的发动机在世界上。下面的国内生产总值增长率仅为0.5 ％ ， 2001年，经济活动在美国已恢复，而强大的，即上述的长期潜在增长率的陪同下，相当活跃的私人消费和企业投资支出方面，都产生了积极的对就业的影响。此外，股市离开了他们的低谷，表明市场代理改善经济预期
特别是房地产价格上升，但据说已经大大有助于正在进行的国内需求和高水平的消费者信心。但是，房价过高的增长已为过去8年的历史时，投入的增加perspective.1房价已经超过消费物价通胀率超过45per的，这似乎，从历史上讲，高度不典型。因此，有人提出问题的各方面，从记者经济学家中央银行官员，是否繁荣在美国房地产市场已成为一个泡沫，房价是否已经达到不可持续的水平。这是一个至关重要的问题，因为如果是泡沫，房地产价格如果出现的问题以及如何美联储应反应。含蓄，货币政策在欧元地区，法国和西班牙经历了过高的价格上涨，房地产在过去的四年里，以及处理。的问题，泡沫的房地产价格是一个热门的话题越来越多的大西洋两岸，因为市场对房地产等资产，股票和债券的显着越来越重要的时候，增加财富的人口远远超出该地区的私人养老保险和养老金计划。此外，私人财富发挥着越来越大的作用，决定了在家庭开支的决定。最后， llberallsation资本流动促进商品价格波动对资产市场。中央银行可以和不应该忽视这些事态发展。正确的分析，房地产价格的发展（如冒险本文）和吸取结论为货币政策的决策是当前的最重要挑战之一的货币政策。本回答被网友采纳