Переведите предложения, обращая внимание на независимый причастный оборот.

1. Monetary policy affects prices, the aggregate level of output and employment being independent of it.

2. Interest rate being the opportunity cost of holding money, higher inflation reduces the demand for real money.

3. Building societies now issuing cheque books to their depositors, it is difficult to decide whether these societies are building organizations or banks.

4. The Central Bank acting as banker to commercial banks, the financial system works steadily.

5. Interest rates can affect aggregate demand, equilibrium level of output and employment adjusting correspondingly.

6. The Central Bank having imposed a cash reserve requirement on commercial banks, banks do lending business with domestic firms through foreign markets.

Переведите предложения на английский язык.

1. Ускорение денежного обращения вызывает более высокие темпы инфляции.

2. В индустриальных странах доля наличных денег составляет до 4% денежной массы в обращении.

3. Политика доходов – это попытка прямо повлиять на заработную плату и другие доходы.

4. Когда повышается темп инфляции, процентные ставки растут, а совокупный спрос падает.

5. Экономисты уже определили, что вызывает инфляцию.

6. Правительство может принять жесткую политику, которая должна обеспечить низкий темп инфляции.

7. Постоянное увеличение денежной массы должно вызвать инфляцию.

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In practice, many of the people who have money in banks are the old. Hav­ing built up savings during their working life, they often put their money into bonds to ensure income during old age. These people lose out when there is un­expected inflation and the real value of the bonds falls. They also lose out if they are keeping what they have in non-interest-bearing accounts or under the bed.

The young, and especially those just entering middle age, often take out a large mortgage (ссуда под недвижимость) to move into a large house and bring up a family. Having borrowed a fixed sum to buy a house, they profit when unexpected inflation increases house prices and incomes without a correspond­ing increase in the sum they must repay to the bank or building society.

Unexpected inflation redistributes (перераспределять) from the old to the young. With technical progress and productivity increases, each genera­tion (поколение) is likely to have a higher living standard than the previous generation. Further redistribution from the old to the young increases this inequality between generations.