西方经济学名词解释_英文版

西方经继续名词解释英文版

第一章

Macroeconomics 宏观经济学

The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors.研究国民收入的各方面。

Microeconomics 微观经济学

The study of the operations of the components of a national economy, such as individual firms, households, and consumers.

研究经济中单个因素行为的分析。

GDP 国生产总值(Gross Domestic Product)

The total market value of all final goods and services produced within the borders of a nation during a specified period.

一国国民在各行业中一年生产的最终产品和最终服务价值总和。It is often seen as an indicator of the standard of living in a country.Gross Domestic Product＝consumption + investment goods + government purchases + net exports

Economic Growth 经济增长

steady growth in the productive capacity of the economy (and so a growth of national income)

Real Economic Growth Rate 实际经济增长率

A measure of economic growth from one period to another expressed as a percentage and adjusted for inflation (i.e. expressed in real as opposed to nominal terms). The real economic growth rate is a measure of the rate of change that a nation's gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used if a nation's economy is heavily dependent on foreign earnings. The real economic growth rate builds onto the economic growth rate by taking into account the effect that inflation has on the economy. The real economic growth rate is a "constant dollar" and therefore a more accurate look at the rate of economic growth because the real rate is not distorted by the effects of extreme inflation or deflation.

GDP deflator GDP指数

In economics the GDP deflator (implicit price deflator for GDP) is a measure of the change in prices of all new, domestically produced, final goods and services in an economy. GDP stands for gross domestic product the total value of all goods and services produced within that economy during a specified period.

Nominal GDP 名义GDP

A gross domestic product (GDP) figure that has not been adjusted for inflation.

Real GDP 实际GDP

This inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price", "inflation-corrected" GDP or "constant dollar GDP". Unlike nominal GDP, real GDP can account for changes in the price level, and provide a more accurate figure.

Potential output 潜在产量/潜在GDP

In economics, potential output (also refered to as "natural real gross domestic product") refers to the highest level of real Gross Domestic Product output that can be sustained over the long term.

GDP Gap GDP缺口

The forfeited output of an country's economy resulting from the failure to create sufficient jobs for all those willing to work. A GDP gap denotes the amount of production that is irretrievably lost. The potential for higher production levels is wasted because there aren't enough jobs supplied.（与书异）

Net Exports 净出口

The value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or GDP, in an open economy. In other words, net exports is the amount by which foreign spending on a home country's goods and services exceeds the home country's spending on foreign goods and services.

Recession 经济衰退

A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial

production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.

Notes:Recession is a normal (albeit unpleasant) part of the business cycle. A recession generally lasts from six to eighteen months. Interest rates usually fall in recessionary times to stimulate the economy by offering cheap rates at which to borrow money.

Depression 经济萧条

A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. In times of depression, consumer's confidence and investments decrease, causing the economy to shutdown.

Value Added 附加值

The enhancement a company gives its product or service before offering the product to customers. This can either increase the products price or value.（与书异）

Gross National Product – GNP 国民生产总值

An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents. GNP is a measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.

Disposable Income 可支配收入

The amount of after-tax income that is available to divide between spending and personal savings. This also known as your take home pay.

Unemployment Rate 失业率

The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

Labor force 劳动力

the group of people who have a potential for being employed.

Frictional Unemployment 摩擦性事业

Unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information.

Structural Unemployment 结构性失业

Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers.

Cyclical Unemployment 周期性失业

Unemployment resulting from changes in the business cycle.

Natural Unemployment 自然失业率（与书异）

The lowest rate of unemployment that an economy can sustain over the long run. Keynesians believe that a government can lower the rate of unemployment (i.e. employ more people) if it were willing to accept a higher level of inflation (the idea behind the Phillips Curve). However, critics of this say that the effect is temporary and that unemployment would bounce back up but inflation would stay high. Thus, the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remains stable. Also known as the "non-accelerating inflation rate of unemployment" (NAIRU).

Notes:When the economy is said to be at full employment, it is at its natural rate of unemployment. Economists debate how the natural rate might change. For example, some economists think that increasing labor-market flexibility will reduce the natural rate. Other economists dispute the existence of a natural rate altogether!

Frictional unemployment — This reflects the fact that it takes time for people to find and settle into new jobs. If 12 individuals each take one month before they start a new job, the aggregate unemployment statistics will record this as a single unemployed worker. Technological change often reduces frictional unemployment, for example: the internet made job searches cheaper and more comprehensive.

Structural unemployment —This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers. If 4 workers each take six months off to re-train before they start a new job, the aggregate unemployment statistics will record this as two unemployed workers. Technological change often increases structural

unemployment, for example: technological change might require workers to re-train.

Natural rate of unemployment —This is the summation of frictional and structural unemployment. It is the lowest rate of unemployment that a stable economy can expect to achieve, seeing as some frictional and structural unemployment is inevitable. Economists do not agree on the natural rate, with estimates ranging from 1% to 5%, or on its meaning — some associate it with "non-accelerating inflation.The estimated rate varies from country to country and from time to time.

Demand deficient unemployment — In Keynesian economics, any level of unemployment beyond the natural rate is most likely due to insufficient demand in the overall economy. During a recession, aggregate expenditure is deficient causing the underutilization of inputs (including labour). Aggregate expenditure (AE) can be increased, according to Keynes, by increasing consumption spending (C), increasing investment spending (I), increasing government spending (G), or increasing the net of exports minus imports (X?M).

{AE = C + I + G + (X?M)}

Okun's Law 奥昆法则

A relationship between an economy's GDP gap and the actual unemployment rate. The relationship is represented by a ratio of 1 to 2.5. Thus, for every 1% excess of the natural unemployment rate, a 2.5% GDP gap is predicted.

Inflation 通货膨胀

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Deflation 通货紧缩steadily falling prices

A general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation, deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Hyperinflation 超级通货膨胀

Extremely rapid or out of control inflation.

Inflation rate 通货膨胀率

In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). If one likes analogies, the size of a balloon is like the price level, while the inflation rate is how quickly it grows in size. Alternatively, the inflation rate is the rate of decrease in the purchasing power of money.

Consumer Price Index (CPI) 消费价格指数

The CPI, as it is called, measures the prices of consumer goods and services and is a measure of the pace of US inflation. The US Department of Labor publishes the CPI every month.

Demand－pull inflation 需求拉动型通货膨胀

inflation due to high demand for GDP and low unemployment, also known as Phillips Curve inflation.

Cost－push inflation 成本推动型通货膨胀

nowadays termed "supply shock inflation", due to an event such as a sudden increase in the price of oil.

Built-in inflation - induced by adaptive expectations, often linked to the "price/wage spiral" because it involves workers trying to keep their wages up with prices and then employers passing higher costs on to consumers as higher prices as part of a "vicious circle". Built-in inflation reflects events in the past, and so might be seen as hangover inflation. It is also known as "inertial" inflation, "inflationary momentum", and even "structural inflation".

Indexing 指数化

The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.

Linking movements of rates to the performance of an index.

Notes:

1. Indexing is a passive investment strategy. An investor can achieve the same risk and return of an index also by investing in an index fund.

2. Types of rates that could be linked to the performance of an index are wage or tax rates.

Phillips Curve 菲利普斯曲线

An economic concept developed by A. W. Phillips stating that inflation and unemployment have a stable and inverse

relationship. The theory states that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. The concept has been proven empirically and some government policies are directly influenced by it.

第二章

Aggregate Demand 总需求

The total amount of goods and services demanded in the economy at a given overall price level and in a given time period. It is represented by the aggregate-demand curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally there is a negative relationship between aggregate demand and the price level. Also known as "total spending".

Notes:

Aggregate demand is the demand for the gross domestic product (GDP) of a country, and is represented by this formula: Aggregate Demand (AD) = C + I + G (X-M)

C = Consumers' expenditures on goods and services.

I = Investment spending by companies on capital goods.

G = Government expenditures on publicly provided goods and services.

X = Exports of goods and services.

M = Imports of goods and services.

Aggregate Supply 总供给

The total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as "total output".

Notes:

A shift in aggregate supply can be attributed to a number of variables. These include changes in the size and quality of labor, technological innovations, increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation. In the short run, aggregate supply responds to higher demand (and prices) by bringing more inputs into the production process and increasing utilization of current inputs. In the long run, however, aggregate supply is not affected by the price level and is driven only by improvements in productivity and efficiency.

Exogenous Variable 外生变量

A variable whose value is determined outside the model in which it is used.

An economic variable that is related to other economic variables and determines their equilibrium levels. For example, rainfall is exogenous to the causal system constituting the process of farming and crop output. An exogenous variable by definition is one whose value is wholly causally independent from other variables in the system.

Endogenous Variable 生变量

A value determined within the context of a model.

An economic variable which is independent of the relationships determining the equilibrium levels, but nonetheless affects the equilibrium.

Consumption 消费

in economics, direct utilization of goods and services by consumers, not including the use of means of production, such as machinery and factories (see capital). Consumption can be divided into public and private sectors.

Investment 投资

An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. In the financial sense investments include the purchase of bonds, stocks or real estate property.

Government Purchases 政府购买

Expenditures made in the private sector by all levels of government, such as when a government entity contracts a construction company to build office space or pave highways. A component of Keynesian expenditures, government purchases can be used as a tool for a government to influence the business cycle and provide economic stimulation when it is deemed necessary. Keynesian Economics 凯恩斯经济

An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability. A supporter of Keynesian economics believes it is the government's job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation.

Classical Economics 古典经济学

Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.

Equilibrium of AD and AS 总供给和总需求的均衡

supply and demand result in an equilibrium price (the interest rate)

Stagflation 滞胀

A condition of slow economic growth and relatively high unemployment - a time of stagnation - accompanied by a rise in prices, or inflation.

第三章

Fiscal Policy 财政政策

Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy.

Government spending 政府支出

consists of government purchases, including transfer payments, which can be financed by seigniorage (the creation of money for government funding), taxes, or government borrowing It is considered to be one of the major components of gross domestic product.

Multiplier Effect 乘数效应

The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. In other words, it is money used to create more money and calculated by dividing total bank deposits by the reserve requirement.

The multiplier effect depends on the set reserve requirement. The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.

Crowding Out Effect 挤出效应

An economic theory explaining an increase in interest rates due to rising government borrowing in the money market.

Notes:Governments often borrow money (by issuing bonds) to fund additional spending. The problem occurs when government debt 'crowds out' private companies and individuals from the lending market. Increased government borrowing tends to increase market interest rates. The problem is that the government can always pay the market interest rate, but there comes a point when corporations and individuals can no longer afford to borrow.

Marginal propensity to consume （MPC）边际消费倾向

refers to the increase in personal consumer spending (consumption) that occurs with an increase in disposable income (income after taxes and transfers). For example, if a household earns one extra dollar of disposable income, and the marginal propensity to consume is 0.65, then of that dollar, the family will spend 65 cents and save 35 cents.

Mathematically, the marginal propensity to consume (MPC) function is expressed as the derivative of the consumption (C) function with respect to disposable income (Y).

In other words, the marginal propensity to consume is measured as the ratio of the change in consumption to the change in income, thus giving us a figure between 0 and 1. One minus the MPC equals the marginal propensity to save.

Marginal propensity to save (MPS) 边际储蓄倾向

refers to the increase in saving (non-purchase of current goods and services) that results from an increase in income. For example, if a family earns one extra dollar, and the marginal propensity to save is 0.35, then of that dollar, the family will spend 65 cents and save 35 cents. It can also go the other way, referring to the decrease in saving that results from a decrease in income. It is crucial to Keynesian economics and is the key variable determining the value of the multiplier. Mathematically, the marginal propensity to save (MPS) function is expressed as the derivative of the savings (S) function with respect to disposable income (Y).

In other words, the marginal propensity to save is measured as the ratio of the change in saving to the change in income, thus giving us a figure between 0 and 1. It is the opposite of the marginal propensity to consume (MPC). In the example above, the marginal propensity to consume would be 0.65. In general MPS = 1 - MPC.

Money Supply 货币供给（与书异）

The entire quantity of bills, coins, loans, credit, and other liquid instruments in a country's economy. Money supply is divided into three categories--M1, M2, and M3--according to the type and size of account in which the instrument is kept. The money supply is important to economists trying to understand how policies will affect interest rates and growth.

M1

The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. M1 is the narrowest idea of "money." This is used as a measurement for economists trying to quantify the amount of money in circulation.

M2

A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, and

non-institutional money-market funds. M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions.

M3

The category of the money supply that includes M2 as well as all large time deposits, institutional money-market funds,

short-term repurchase agreements, along with other larger liquid assets. This is the broadest measure of money it is used by economists to estimate the entire supply of money within an economy.（书没有）

Fiat Money 【美】（根据政府法令发行的）不兑现纸币

Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Most of the world's paper money is fiat money.

Legal tender 合法货币；偿付债务时债主必须接受的货币

is payment that cannot be refused in settlement of a debt by virtue of law.

Transactions demand交易性需求

is the demand or foreign currency. It is used for purposes of business transactions and personal consumption. transactions demand is one of the determinants of demand for money (and credit).

Speculative demand 投机性需求

is the demand for financial assets, such as securities, money or foreign currency, or financing. It is one of the determinants of demand for money (and credit).

Liquidity Preference Theory 流动性偏好理论