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はてなキーワード: expectationsとは

2019-07-10

Terms of Use

I. INTRODUCTION

These Terms of Use and End User License Agreement (collectively, the “Agreement”) together with all the documents referred to in it constitute a legally binding agreement made between you as a natural person (“you”, “your” or “user”) and We (“we,” “us” or “our”), concerning your access to and use of the software application for mobile devices (the “App”).

All the documents that relate to the App are hereby expressly incorporated herein by reference.

Please read this Agreement carefully before you download, install or use the App.

It is important that you read and understand this Agreement as by downloading, installing or using the App you indicate that you have read, understood, agreed and accepted the Agreement which takes effect on the date on which you download, install or use the App. By using the App you agree to abide by this Agreement.

If you do not agree with (do not accept) this Agreement, or if you do not agree at least with one of the provisions of this Agreement, you are not authorized to, and you may not access, download, install or use the App and you must ly discontinue downloading, installing the App and remove (delete) the App from any mobile device in your possession or under your control.

II. CHANGES TO THIS AGREEMENT

We reserve the right, at our sole discretion, to make changes or modifications to this Agreement at any time and for any reason. We will keep you informed about any changes by updating this Agreement and you waive any right to receive specific notice of each such change. It is your responsibility to periodically review this Agreement to stay informed of updates. You will be subject to, and will be deemed to be aware of and to have accepted, the changes in any revised Agreement by your continued use of the App after the date such revised Agreement is posted.

III. RESTRICTIONS ON WHO CAN USE THE APP

In order to download, install, access or use the App, you must (a) be eighteen (18) years of age or older.

All users who are minors in the jurisdiction in which they reside (generally under the age of 18) must have the permission of, and be directly supervised by, their parent or guardian to use the App, so if you are between the ages of thirteen (13) and seventeen (17) years and you wish to use download, install, access or use the App, before doing so you must: (a) assure and confirm (if needed) that your parent or guardian have read and agree (get your parent or guardian’s consent) to this Agreement prior to you using the App; (b) have the power to enter a binding contract with us and not be barred from doing so under any applicable laws.

Parents and guardians must directly supervise any use of the App by minors.

Any person under the age of thirteen (13) years is not permitted to download, install, access or use the App.

You affirm that you are either more than eighteen 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in this Agreement, and to abide by and comply with this Agreement.

IV. GENERAL TERMS

The App is a utility program designed to enhance your device experience. The App allows to scan any types of document to high quality PDF or JPEG; to save and store any scan copies of documents on your mobile devices; to share your scans via email; upload scanned documents to cloud services like box, Evernote or Google Drive (see the full performance list on the App’s page on itunes.apple.com). All documents shall be stored locally on your device and shall never be sent to any third-party unless you export them to other apps or devices by means of the App.

The App is intended only for your personal non-commercial use. You shall use the App only for the purposes, mentioned above.

V. PRIVACY POLICY

Your privacy is very important to us. Accordingly, we have developed the Privacy Policy in order for you to understand how we process, use and store information including personal data. Access to the App and use of the Services is subject to the Privacy Policy. By accessing the App and by continuing to use the Services, you are deemed to have accepted the Privacy Policy, and in particular, you are deemed to have acknowledged the ways we process your information as well as appropriate legal grounds for processing described in the Privacy Policy. We reserve the right to amend the Privacy Policy from time to time. If you disagree with any part of the Privacy Policy, you must immediately stop using the App and Services. Please read our Privacy Policy carefully.

VI. END USER LICENSE AGREEMENT

By using the App, you undertake to respect our intellectual rights (intellectual rights related to the App’s source code, UI/UX design, content material, copyright and trademarks, hereinafter referred to as the “Intellectual Property Rights”) as well as those owned by third parties.

As long as you keep using the App, we you a limited, non-exclusive, non-transferable non-sublicensable, non-assignable and revocable license to access and use the App pursuant to this Agreement on any Apple-branded products that you own or control except that the App may be accessed and used by other accounts associated with you via Family Sharing or volume purchasing (the “License”).

The source code, design and content, including information, photographs, illustrations, artwork and other graphic materials, sounds, music or video (hereinafter – the “works”) as well as names, logos and trademarks (hereinafter – “means of individualization”) within the App are protected by copyright laws and other relevant laws and/or international treaties, and belong to us and/or our partners and/or contracted third parties, as the case may be.

In the event of any third party claim that your possession and use of the App infringes that third party’s intellectual property rights, Apple will not be responsible for the investigation, defense, settlement and discharge of any such intellectual property infringement claim.

These works and means of individualization may not be copied, reproduced, retransmitted, distributed, disseminated, sold, published, broadcasted or circulated whether in whole or in part, unless expressly permitted by us and/or our partners and/or contracted third parties, as the case may be.

All rights, title and interest in and to the App and its content, works and means of individualization as well as its functionalities (1) are the exclusive property of We and/or our partners and/or contracted third parties, (2) are protected by the applicable international and national legal provisions, and (3) are under no circumstances transferred (assigned) to you in full or in part within the context of the license herewithin.

We will not hesitate to take legal action against any unauthorized use of our trademarks, names or symbols to protect and restore our rights. All rights not expressly ed herein are reserved. Other product and company names mentioned herein may also be the trademarks of their respective owners.

VII. PROHIBITED BEHAVIOUR

You agree not to use the App in any way that:

is unlawful, illegal or unauthorized;

is defamatory of any other person;

is obscene or offensive;

infringes any copyright, right or trademark of any other person;

advocates, promotes or assists any unlawful act such as (by way of example only) copyright infringement or computer misuse.

You shall not make the App available to any third parties. In addition, you shall not modify, translate into other languages, reverse engineer, decompile, disassemble or otherwise derivative works from the App or any documentation concerning the App.

You shall not transfer, lend, rent, lease, distribute the App, or use it for providing services to a third party, or any rights to the App or any documentation concerning the App to a third party.

Misuse of any trademarks or any other content displayed on the App is prohibited.

You shall not copy and/or duplicate and/or distribute and/or publish and/or use any content in the App, directly or indirectly, by way of a violation of our Intellectual Property Rights.

Moreover, you shall not make any attempts to use the App or part thereof for malicious intentions.

Also we are not responsible for the way you use the App.

It is clarified that we may adopt, against a user who violated the present Agreement, any legal measures at our disposal pursuant to the applicable laws.

All disputes arising from the usage of the App, shall be governed by and construed in accordance with the laws of the United States of America, and shall be submitted to the sole jurisdiction of the competent courts of New York, New York, the United States of America.

VIII. AVAILABILITY OF THE APP, SECURITY AND ACCURACY

In order to use the App, you are required to have a compatible mobile phone or tablet, and internet access. However, please note that we offer you widgets that save translations and allow you to access them later in offline mode.

The App is available for downloading and installing on handheld compatible mobile devices running Apple iOS Operating System 11.0 with minimum system requirements.

We do not warrant that the App will be compatible with all hardware and software which you may use.

We make no warranty that your access to the App will be uninterrupted, timely or error-free. Neither does Apple have an obligation whatsoever to furnish any maintenance and support services with respect to the App.

You acknowledge the App is provided via the internet and mobile networks and so the quality and availability of the App may be affected by factors outside our reasonable control.

The version of the App may be upgraded from time to time to add support for new functions and services.

We may change or update the App and anything described in it without noticing you. If the need arises, we may suspend access to the App, or close it indefinitely.

You also warrant that any information that you submit to us is true, accurate and complete, and you agree to keep it actual at all times.

You can discontinue using our Services at any time by choosing the relevant option in your iTunes Account Settings. If you decide not to use the App for any reason you should uninstall the App.

IX. CHARGES

The App is provided on a paid basis. You will need to pay a one-time fee of $14.99 in order to download the App. Once you download the App, you will get access to all its features.

Prices are in U.S. dollars, may vary in countries other than the U.S. and are subject to change without notice.

You may be charged by your communications service provider for downloading and/or accessing the App on your mobile phone or tablet device, so you should check the terms of agreement with your operator. This may include data roaming charges if you do this outside your home territory. All these charges are solely your responsibility. If you do not pay the bills related to your mobile phone or tablet device, then we assume that you have the permission from the person that does it before incurring any of these charges.

X. THIRD PARTY WEBSITES AND RESOURCES

The App may link you to other sites on the Internet and contracted third parties to provide you certain services. We have no control over and accept no responsibility for the content of any website or mobile application to which a link from the App exists (unless we are the provider of those linked websites or mobile applications). Such linked websites and mobile applications are providedas is” for your convenience only with no warranty, express or implied, for the information provided within them.

You acknowledge that you must comply with applicable third party terms of agreement when using the App. You are solely responsible for and bear all risks arising from your use of any third-party websites or resources.

If you have any queries, concerns or complaints about such third party websites or mobile applications (including, but not limited to, queries, concerns or complaints relating to products, orders for products, faulty products and refunds) you must direct them to the operator of that third party website or mobile application.

XI. DISCLAIMER OF WARRANTIES

YOU AGREE THAT YOUR USE OF THE APP AND ITS SERVICES SHALL BE AT YOUR SOLE RISK. THE SERVICES AND ALL THE MATERIALS, INFORMATION, SOFTWARE, CONTENT INTEGRATED IN THE APP ARE PROVIDEDAS IS” AND “AS AVAILABLE”. WE DO NOT MAKE ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH REGARD TO THE MERCHANTABILITY, TECHNICAL COMPATIBILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY SERVICE, PRODUCTS OR MATERIAL PROVIDED PURSUANT TO THIS AGREEMENT. WE DO NOT WARRANT THAT THE FUNCTIONS CONTAINED ON OR THROUGH THE SERVICES WILL BE AVAILABLE, UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SER このエントリーをはてなブックマークに追加ツイートシェア

2017-10-26

「ではみなさんは、そういうふうに川だと云いわれたり、乳の流れたあとだと云われたりしていたこぼんやりと白いものがほんとうは何かご承知ですか。」先生は、黒板に吊つるした大きな黒い星座の図の、上から下へ白くけぶった銀河帯のようなところを指さしながら、みんなに問といをかけました。

"Then you are told that it is a river like this and you are told that this blankly white thing that was said to have been after the flow of milk is somehow understood?" The teacher hangs on the blackboard I pointed to everyone pointing to a place like a galaxy belt that was whitely hammered from the top to the bottom of the figure of a big black constellation I did.

"それで、あなたはそれがこのような川であると言われ、牛乳の流れの後であったと言われていたこの空白なものは何とか理解されていると言われています先生は黒板にぶら下がっていました。銀河ベルトのような場所を指している皆を指していましたが、私がした大きな黒い星座の姿の上から下まで白く叩かれました。

中学には中学の課目があり、高等学校には高等学校の課目があって、これを修了せねば卒業資格はないとしてある。その課目の数やその按排あんばいの順は皆文部省が制定するのだから担任教師委託をうけたる学問をその時間範囲内において出来得る限りの力を尽すべきが至当と云わねばならぬ。

Junior high school has junior high school subjects, high school has high school subjects, which is not qualified for graduation unless it is completed. Since the Ministry of Education establishes the number of the items and the order of that arrangement, the teachers of each homeroom teacher should do their utmost to the extent that it is possible to do as much as possible within the time range of the scientific studies being consigned Do not come.

中学校には中学校の科目があり、高等学校には高等科目があり、修了しなければ卒業資格はありません。 文部科学省では、項目数や順番を定めているため、各学級教員教員は、科学研究時間範囲内で可能な限り行うことができる範囲で最大限努力すべきである 委託しないでください。

東京株式相場は小幅に反発。自社株買い好感の大和証券グループ本社をはじめ、売買増加への期待もあり、証券株が高い。決算内容が評価されたマキタ日立建機など機械株も上げ、増益決算ドイツ証券投資判断引き上げが材料視されたLINEは急騰した。

Tokyo stock market rate slightly rebounded. Securities stocks are expensive due to expectations for increased sales, including the Daiwa Securities Group headquarters that is likable for own share buying. We also raised machinery stocks such as Makita and Hitachi Construction Machinery whose account settlement was evaluated, and LINE skyrocketed with profitable earnings settlement and a raise in investment decisions of Deutsche Securities.

東京株式市場はやや反発した。 証券は、大和証券グループ本社を含め、売り上げ増が予想されるため高価である。 また、マキタ日立建機などの決算評価された機械株を上場し、収益の決済とドイチェ証券投資意欲の向上によりLINEが急上昇しました。

2016-03-30

clients out bottomfishing. Fishing for rockfish was excellent, but very few ling cod we

Woho. Anglers are allowed two salmon per day with a minimum size for Chinook at 24 inches or larger. Salmon seasons from May 2016 to April 30, 2017 are currently being developed.

Last weekend Prowler Charters here in Bandon took clients out bottomfishing. Fishing for rockfish was excellent, but very few ling cod were taken. Strong ocean currents made for a fast drift which makes the conditions tough. Wayne Butler, the captain of the Miss Chief, told me that the depth at the Bandon bar was much deeper than last year. This winter's large rain event naturally flushed out the entrance, which makes bar crossings much safer. Anglers surf fishing out at Bullards Beach State Park reported good pinkfin surf perch action last week. Live sand shrimp or Berkley Gulp sand worms in camo colors have been working best. Perch fishing has been good up on the beaches in Coos Bay. Anglers are also catching pinkfin and striped perch along the Coos Bay south jetty. Boaters are catching rockfish inside the bay near the No. 7 buoy and the train trestle bridge

http://masspremiersoccer.com/event/semifinal-30th-watch-england-vs-new-zealand-live-icc-world-t20-online-20160330-streaming-wednesday/

But while pundits have occasionally contorted themselves into logical pretzels to explain away Ford’s casual racism and misogyny — “He was just drunk!” “He always fights for the little guy!” — none has ever been able to explain away his deliberate and calculated anti-LGBT statements and actions.

Ford never hid anti-LGBT animus. From his earliest days on council, when he opposed funding small grants to diversity and AIDS-prevention campaigns, he made it explicit that his opposition stemmed from disgust with LGBT people, not from a desire to protect the public purse.Superman grany przez Cavilla to ten sam poziom, co w Człowieku ze Stali - moim zdaniem Cavill bardzo się stara, żeby jak najciekawiej zagrać Supermana, ale to i tak jedna z najnudniejszych postaci w całym komiksowym uniwersum, więc niektóre wysiłki pozostają niezauważone. Moim zdaniem to wina postaci i fani muszą się do tego przyzwyczaić.

Trzecią postacią, która ma szanse zaprezentować nam się trochę dłużej na ekranie jest oczywiście “ten zły”, czyli Lex Luthor, który grany przez Eisenberga kojarzył się raczej z o wiele bardziej szalonym Zuckerbergiem z The Social Network, niż komiksowym czarnym charakterem. Być może się czepiam, ale gdyby Luthor się w tym filmie nie przedstawił, nie miałbym pojęcia kim właściwie jest ten rudy gość, który z jakiegoś powodu postanowił być bardzo złośliwy.

he astonishments of the quasi-Biblical clashes and catastrophes in the director Zack Snyder’s “Man of Steel” left me impatient to see hisBatman v Superman: Dawn of Justice.” The earlier film conveyed an awed and even terrified sense of the colossal, a delight in the cinematic ability to realize wrenching destruction and, at the same time, to shiver at the very imagination of it. Snyder turned the superhero universe around on itself, constructing backstories and out-there stories of an apocalyptic force; it was silly but potent, shallow but thrilling. Perhaps Snyder’s new film is the victim of great (or any) expectations, but “Batman v Superman: Dawn of Justice” remains literally Earth-bound, and this fair planet is where Snyder bumps up against the limits of his vision.

WhereMan of Steel” opens big, with an intergalactic origin story that has the heightened tone of pseudo-scripture, the first big set piece in “Batman v Supermanis a catastrophe from home, a virtual replay of the 9/11 attack on the World Trade Center, with Bruce Wayne (Ben Affleck) looking on with horror and hatred as the tower of Wayne Industries collapses (vertically) into a blinding gust of light-gray powderas a result of the battle waged by Superman (Henry Cavill) against the Kryptonian usurper General Zod.

climactic feat in “The Avengers.”) In Snyder’s new film, Superman appears, from the sff

But while pundits have occasionally contorted themselves into logical pretzels to explain away Ford’s casual racism and misogyny — “He was just drunk!” “He always fights for the little guy!” — none has ever been able to explain away his deliberate and calculated anti-LGBT statements and actions.

Ford never hid anti-LGBT animus. From his earliest days on council, when he opposed funding small grants to diversity and AIDS-prevention campaigns, he made it explicit that his opposition stemmed from disgust with LGBT people, not from a desire to protect the public purse.Superman grany przez Cavilla to ten sam poziom, co w Człowieku ze Stali - moim zdaniem Cavill bardzo się stara, żeby jak najciekawiej zagrać Supermana, ale to i tak jedna z najnudniejszych postaci w całym komiksowym uniwersum, więc niektóre wysiłki pozostaniezauważone. Moim zdaniem to wina postaci i fani muszą się do tego przyzwyczaić.

Trzecią postacią, która ma szanse zaprezentować nam się trochę dłużej na ekranie jest oczywiście “ten zły”, czyli Lex Luthor, który grany przez Eisenberga kojarzył się raczej z o wiele bardziej szalonym Zuckerbergiem z The Social Network, niż komiksowym czarnym charakterem. Być może się czepiam, ale gdyby Luthor się w tym filmie nie przedstawił, nie miałbym pocia kim właściwie jest ten rudy gość, który z jakiegoś powodu postanowił być bardzo złośliwy.

he astonishments of the quasi-Biblical clashes and catastrophes in the director Zack Snyder’s “Man of Steel” left me impatient to see hisBatman v Superman: Dawn of Justice.” The earlier film conveyed an awed and even terrified sense of the colossal, a delight in the cinematic ability to realize wrenching destruction and, at the same time, to shiver at the very imagination of it. Snyder turned the superhero universe around on itself, constructing backstories and out-there stories of an apocalyptic force; it was silly but potent, shallow but thrilling. Perhaps Snyder’s new film is the victim of great (or any) expectations, but “Batman v Superman: Dawn of Justice” remains literally Earth-bound, and this fair planet is where Snyder bumps up against the limits of his vision.

Where “Man of Steel” opens big, with an intergalactic origin story that has the heightened tone of pseudo-scripture, the first big set piece in “Batman v Supermanis a catastrophe from home, a virtual replay of the 9/11 attack on the World Trade Center, with Bruce Wayne (Ben Affleck) looking on with horror and hatred as the tower of Wayne Industries collapses (vertically) into a blinding gust of light-gray powderas a result of the battle waged by Superman (Henry Cavill) against the Kryptonian usurper General Zod.

That start gives off a strange whiff of competition with—or emulation of—Marvel’s irrepressibly successful “Avengers” films, the first of which, in particular, is an unabashed post-9/11 allegory. (The connection is surprisingly direct. One of the climactic moments of “Batman v Superman”—a leap from the ground that vaults through the atmosphere and into outer space—is a virtual duplication, both dramatically and visually, of a similar climactic feat in “The Avengers.”) In Snyder’s new film, Superman appears, from the start, as a hopeless naïf, a battler for good who doesn’t admit to his own capacity to do incidental evil, a blinkered warrior who deploys his nearly infinite powers according to his unquestioned moral intuition rather than to the prudent calculation of results.

O Wonder Woman, która zgodnie z obietnicami zadebiutowała w tym filmie mogę w sumie napisać tylko tyle, że… do tej roli wybrano świetną aktorkę. Przynajmniej z wyglądu, bo po tych strzępkach dialogów, które pojawiają sie na ekranie z jej udziałem ciężko się zorientować kim właściwie jest ta pani, która w pewnym momencie pojawia się z tarczą i mieczem u boku Supermana i Batmana.

http://www.chatakatka.sk/mega-hqtvdownload-batman-v-superman-dawn-of-justice-full-movie-hdq/

http://www.chatakatka.sk/mega-hqtvdownload-batman-v-superman-dawn-of-justice-full-movie-hdq/

2010-05-15

起業するなら心に留めておきたい5つの秘訣

1. ビジネスを立ち上げる日を設定する。BeckySheila場合は、5月会社をその年の9月に設立すると決めた。最初は「どんなにか大変だろう」と思ったのだが、それほどでもないことに気づいたが、日付にはこだわった。信念を持って計画を達成しよう。

2. 自分たちに完璧を求めないこと。努力するのはよいことだけど、顧客のための自分のドアを開く方法を見つけた方がよい。

3. テスト期間中に収益をあげよう。ビジネスを立ち上げ、ビジネスを始めるときには、すでに顧客からのフィードバック、何を売るのか、何に優れているのか、何が収益が高いのか、自分が何がしたいのか、ということが土台になっているように。

4. 狭いターゲットに絞ろう。これは非常に難しいことだ。なぜなら、人間の傾向として、巨大な市場の後についていって成長するほうが簡単だと、考えがちだからだ。小さな市場サービス提供するという信念は、最もよいチャンスに注力することや、とてもよい製品ソリューションを作るときに役立つはずだ。そうすれば顧客クチコミによってそれを広め売上がついてくるだろう。

5. 顧客課題を解決するために自分たちのツールを売り込むことよりも、顧客課題自体に集中しよう。この心構えは、ビジネスプランを練ったり、製品顧客ニーズに合わせることに役立つはずだ。これは、異なる製品サービスビジネスを成長させるためのソリューションになるかもしれないということを気づかせるかもしれない。

http://d.hatena.ne.jp/momoco-f/20100507/1273163950

5 Secrets from a Profitable Start-Up business

 A year ago, Becky McCray and Sheila Scarborough were entrepreneurs with their own businesses who attended the SOBCon conference and decided to partner to start a business. By September 2009, they had launched Tourism Currents to teach tourism professionals how to use social media. In their first month, they generated a profit. Today, they came back to SOBCon and shared the secrets of their success, with the caveat ? these are not rules, the path has not been perfect, but it worked for them, so it could work for you too:

 

 1.Set a deadline to launch your business. They decided in May that they would launch in September, and stuck to the deadline even as they learned their initial expectations of “How hard could it be?” were inaccurate. Push forward and…

 2.Don’t expect perfection of yourself. It is good to strive for this, but is better to find a way to open your doors to customers so you can…

 3.Generate revenue while you test. Launch and iterate on your business based on feedback from your customers, what sells, what you’re good at, what is profitable, what you want to do.

 4.Solve for a narrow target. This is very difficult because our natural tendency is to think it is easier to grow by going after a big market. Trust that solving for a narrow market helps you focus on the best opportunities and will help you create great products and solutions that your customers help you sell through word of mouth.

 5.Focus on your customer’s problems rather than the tools you’re selling to solve them. Having this mindset allows you to evolve both your business plan and products to meet their needs. This allows you to see that a different tool (your product or service), rather than a better one, might be the solution that helps you grow your business.

 http://blog.quickbooksonline.com/2010/05/01/5-secrets-from-a-profitable-start-up-business/

2010-02-17

リフレ村の司祭様かく戦えり

せっかく2時間もかけて前のエントリーを書いたのに、丸一日経っても誰も読んでくれないよ…と涙に暮れていたのですが、なんとお褒めの言葉付きで長文のリプライが!「もうこれは2chに自作自演宣伝書き込みをするしかない」、と悲壮な決意を固めかけていたのですが、ああ、神様、どうやら私は人の道を踏み外さずにすみそうです。

馬鹿なことを書くのはこれくらいにして本題に入りましょう。

http://anond.hatelabo.jp/20100217164344

「中銀が高めのレートでインフレターゲットを実行する」能力も意志もないのです。処方箋はあるのに肝心の中銀がそれを採用しようという意思がないのです。

こんな中銀ですから、平時においてインフレ率を高めに誘導しておく必要が、すなわち名目金利引き下げの余地を残しておく必要があるのです。

名目金利引き下げの余地を残しておいて流動性の罠に陥らないようにしておかないといけないのです。

まず、ブランチャード(フランス語読みではブランシャール)らがここで書いた文章の表題をもう一度確認してみましょう。”What we thought we knew”とあります。直訳すれば「我々が理解していると考えていたこと」でしょうか。

ここで過去形になっていることは非常に大きな意味を持ちます。これは「今はもうそうは考えていない」ことを意味しているからです。日本語的な発想では「過去にそう考えていたとして、今どう考えているかは分からないのでは?」と思いがちですが、今も引き続きそう考えているなら英語では現在完了形を使わなければなりません。

英語はこの辺りの時制のコントロールに対して非常に厳密です。ですから、1970年のJohn Smithの論文がこう主張している、という表現をするときには、J. Smith (1970) arguesと書くのが普通です。論文自体が書かれたのは40年前ですが、Smithの主張が今も有効であるならば、現在形になるのです。逆に Smith (1970) arguedと書いた場合、この著者はSmithの意見を既に時代遅れなものと見なしていることになります。

つまり、私の翻訳した部分はブランチャード自身が「既に時代遅れである」と判断したことについて書いてあるのです。翻訳では若干時制が不明確になってしまっていますが、『中央銀行が将来の高い名目マネーサプライ成長率とひいては将来の高いインフレーションコミット訳注約束)できるなら、中銀は期待インフレ率の上昇によって将来の予想実質金利を低下させ、それによって現在の景気を刺激することが出来る』という下りは、原文では

The formal argument was that, to the extent that central banks could commit to higher nominal money growth and thus higher inflation in the future, they could increase future inflation expectations and thus decrease future anticipated real rates and stimulate activity today.

となっています。過去形に注目してください。ブランチャードはこの議論を最早信じてはいないことがここからも分かります。過去形解釈について納得がいかない方はマークピーターセンの「日本人英語」辺りを読んでみると良いでしょう。

つまり、ブランチャードが批判的に取り上げているのは、「処方箋があるにもかかわらずそれを採用しようとしない中銀の存在」ではありません。処方箋に問題があるにもかかわらず、それを中銀の意思と能力の問題に矮小化してしまった経済学者の態度こそが批判されているのです。だからこそ、前回翻訳した最後の部分で『公平を期しておくと、Fed日本経験を無視したわけではなく、2000年の初めにデフレリスクを憂慮した論文を発表している』と添え書きされているわけです。経済学者にも良心的な態度を取った人がいたことは、公平のために言及しておく、と。もしも「リフレ処方箋」にコミットする能力と意思を中銀が欠いていることをブランチャードらが問題視しているなら、to be fairなどと書くはずもないことは文脈から明らかでしょう。

ですから、

将来のマネーサプライ増と将来のインフレとにコミットする能力も意思も欠いた中銀だからこそ、4%のインフレ率が必要となるのです。

将来のマネーサプライ増と将来のインフレとにコミットする能力も意思も欠いた中銀だからこそ、流動性の罠など恐るるに足るのです。

流動性の罠に陥らないようにするために、4%(具体的な数値は検討の余地があるでしょう)のインフレ目標が必要になるのです。

この解釈ブランチャードらの論文から引き出すことは出来ないと思います。この論文で議論されているのは徹頭徹尾経済学の問題であって、「能力と意思を欠いた」中央銀行に対して批判的な表現は、(上でも書いたとおり)少なくとも私の読んだ限りでは全く見当たりませんでした。中央銀行能力も意思もないから、それを前提に現実的な経済理論を再構築しよう、とも書いていません。今まで半ば普遍的に信じられていた、「2%前後で安定したインフレ率が望ましい」という経済学者コンセンサスそれ自体に疑義を唱えているのです。

加えて、中銀が無能ないしは怠惰であるという理由以外で能力/意思を欠いているのであれば、それは中銀の問題(だけ)ではなく処方箋の側に(も)問題があると考えるのはごく普通の理解であろうと思います。例えば、中銀にそもそもコミットメント能力が備わっていないならば、それを前提とした処方箋は無効であることは当然ですよね。

「いかにして流動性の罠に陥らないようにすればよいのか」を問題にしているブランチャードが、「いかにして流動性の罠から抜け出せばいいのか」という問題への処方箋であるリフレ政策を支持するはずも否定するはずもないのです。

前回翻訳した部分をもう一度参照してください。なぜブランチャードらは2%のインフレ率を望ましくないと判断したのでしょうか。ブランチャードらは過去にも「2%のインフレでは低すぎる、利下げ余地が小さすぎる」という懸念があったことを紹介しています。そして、その懸念は「ゼロ金利になっても、中銀が将来のインフレコミットすれば大丈夫だ。」という、Eggertsson and Woodford (2003)らの議論によって葬り去られました。そして、日本金融政策の失敗を受けても、一度葬り去られた懸念が見直されることはありませんでした。

そして、世界中ゼロ金利の罠にハマった後、ブランチャードらはようやく「2%のインフレでは低すぎる、利下げ余地が小さすぎる」という懸念を復活させます。それは、「いやいや利下げ余地が小さくても問題ない、打つ手は他にある」、というリフレ派の議論がもはや有効とは言えないと考えられたからこそなのです。繰り返し書きますが、「流動性の罠から抜け出す簡単な方法は存在しない」からこそ、利下げ余地が論点として再浮上し、高いインフレに伴う経済への負担を覚悟してでも流動性の罠に陥らないようにしようという結論に至る、という論理構成なのです。この論文はかなり読みやすい英語で書かれていますので、暇があれば通読なさると良いでしょう。

また、以上の説明から、最終段落で言及されている「ブランチャードらは流動性の罠から脱出するためのリフレ政策を支持していると読めないこともない」点は、誤読であると申し上げるより他ないことはご理解頂けるのではないかと思います。この辺りも、原文に当たられた方が文章の雰囲気と構成("stood more uneasily in the way"や"to be fair"など)をよりはっきりと掴めるでしょうから、原文を当たられることを繰り返しお勧めします。

最後に、ブランチャードが書いた部分を、少し分かり易く脚色してみます。

とあるところにあるリフレ村で司祭様が村人に説教をしています。

司祭 「全能なる我らが神はこの村の人々を温かく見守ってくださっておる。なんの心配もいらないよ、君たちは選ばれた民なのだから。100年前の大飢饉大恐慌)では人々は神への祈りを捧げなかった。だから多くの民が死に絶えたのだ。だが今は違う。私が正しい神への祈り方を教え授けている。神は我らの祈りを請け給うたのだ。」

 「司祭様。それでは何故私の父は病に苦しんでいるのでしょうか。既に10年以上、病床を離れることが出来ません。」

司祭 「…それは、あなたの父親の信心が足りないからだ。神を理解する能力に欠けるからだ。彼が心から神を信じているならば、彼の病が長引くことなどあり得なかった。家に帰って彼に伝えなさい。悔い改めよ、と。さすれば彼はたちどころに快復するであろう。」

これは新興宗教の必勝パターンでありまして、この父親が毎日祈りを捧げても(量的緩和)、喜捨の額を増やしても(国債買いオペ増額)、病から快復しないならば「信心が足りない!まだ不十分だ!」と言い続ければよいのです。楽な商売でございます。

ただし、この戦法は多くの村人が病にかかってしまうと通用しなくなります。挙句の果てに村の外からは賢者様がやってきて、「いや、そのお祈りじゃ患者は救えないでしょ。治療法は確立されてないし、一度病気なっちゃうと後が大変だから、とりあえず患者が増えないように予防策を考えようか」とおっしゃっておられます。

さぁ司祭様の立場は一気に悪くなってまいりました。石もて追われる5秒前!しかしこのまま大人しく村を去る司祭様ではありません。一発逆転の隠し玉は当然用意してあるはず。疫病快癒の大祈祷でもって見事リフレの神のご威光を天下に知らしめ、村人達笑顔を取り戻して下さるに違いありません。

というわけで、外野増田矢野先生(及びリフレ村の司祭様方)の逆転の一撃を心よりお待ちしております。

 
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