yield curve 3
AP宏观经济学必考英文词汇
budget surplus
预算盈余
catch-up effect
追赶效应
classical dichotomy
古典二分法
collective bargaining
集体谈判
commodity money
商品货币
compounding
复利
consumer price index,CPI
消费物价指数
信息有效
labor-force participation rate
劳动力参工率
liquidity
流动性
market for loanable funds
可贷资金市场
medium of exchange
交换媒介
menu costs
菜单成本
model of aggregate demand and aggregate supply
未来值
GDP deflator
GDP平减指数
government purchase
政府购买
gross domestic product,GDP
国内生产总值
human capital
人力资本
indexation
指数化
inflation rate
通货膨胀率
inflation tax
通货膨胀税
informational efficiency
生产物价指数
productivity
生产率
public saving
公共储蓄
purchasing-power parity
购买力平价
quantity equation
数量方程式
quantity theory of money
HullOFOD9eSolutionsCh17第九版期权、期货及其他衍生品课后答案
ln( S0 K ) (rB rA 2 2)T T and rA and rB are the risk-free rates in currencies A and B, respectively. The value of the d2
option is measured in units of currency B. Defining S0 1 S0 and K 1 K
250 05946e003025 250 05594e010025
or 11.15. Problem 17.7. Calculate the value of an eight-month European put option on a currency with a strike price of 0.50. The current exchange rate is 0.52, the volatility of the exchange rate is 12%, the domestic risk-free interest rate is 4% per annum, and the foreign risk-free interest rate is 8% per annum. In this case S0 052 , K 050 , r 004 , rf 008 , 012 , T 06667 , and
n( S0 K ) (rA rB 2 2)T T
ln( S0 K ) (rA rB 2 2)T T This shows that put option is equivalent to KS0 call options to buy 1 unit of currency A for 1 K units of currency B. In this case the value of the option is measured in units of currency A. To obtain the call option value in units of currency B (thesame units as the value of the put option was measured in) we must divide by S 0 . This proves the result. d2 d1
islm曲线的内容和意义
IS-LM CurveIntroductionThe IS-LM model, also known as the Hicks-Hansen model, is a fundamental tool in macroeconomics used to analyze the relationship between real output (income) and the interest rate in a closed economy. It provides a framework to understand the factors that influence the equilibrium level of income and interest rate, and how changes in fiscal and monetary policies affect the overall economy.IS CurveThe IS curve represents the equilibrium condition in the goods market.It shows the combinations of interest rates and output levels that maintain equilibrium. The IS curve is derived from three components: consumption, investment, and government spending.ConsumptionConsumption is a major component of aggregate demand and is influenced by disposable income. The consumption function states that as disposable income increases, consumption increases but at a decreasing rate. Thisis known as the marginal propensity to consume (MPC) and is depicted as a slope in the downward direction from left to right.InvestmentInvestment, which includes spending on capital goods, is influenced by interest rates and expectations of future profitability. Higher interest rates increase the cost of borrowing, discouraging investment, and shifting the IS curve to the left. Conversely, lower interest rates stimulate investment, shifting the IS curve to the right.Government SpendingGovernment spending is another component of aggregate demand and represents the total amount spent by the government on goods and services. An increase in government spending shifts the IS curve to the right, while a decrease shifts it to the left.LM CurveThe LM curve represents the equilibrium condition in the money market. It shows the combinations of interest rates and income levels that maintain equilibrium. The LM curve is derived from the money market equilibrium, considering the demand for money and the money supply.Money DemandThe demand for money depends on income and interest rates. As income increases, the demand for money also increases to facilitate transactions. As interest rates rise, the opportunity cost of holding money increases, leading to a decrease in the demand for money. The demand for money is represented by a negatively sloping LM curve.Money SupplyThe money supply is determined by the central bank and represents the total amount of money in circulation. It is assumed to be fixed in the short run and is depicted as a vertical line in the LM curve.EquilibriumThe equilibrium in the IS-LM model occurs where the IS and LM curves intersect. At this point, the goods market and money market are in equilibrium. The intersection determines the equilibrium level of income and interest rate.If the equilibrium occurs at a point where the income level is belowfull employment, it indicates an economic recession. In this case, expansionary fiscal or monetary policies can be implemented to shift the IS or LM curve to reach full employment. Conversely, if the equilibriumoccurs at a point where the income level is above full employment, contractionary policies may be necessary.SignificanceThe IS-LM model is a powerful tool for policymakers and economists to analyze the effects of fiscal and monetary policies. It helps in understanding how changes in government spending, taxes, money supply, and interest rates impact the overall economy. By studying the IS-LM curves, policymakers can make informed decisions to stabilize the economy, manage inflation, and promote economic growth.The IS-LM model also provides insights into the relationship betweenreal output and interest rates. It helps in understanding the trade-off between inflation and unemployment, known as the Phillips curve. Moreover, it forms the basis for other macroeconomic models and theories, such as the Aggregate Demand-Aggregate Supply model.ConclusionThe IS-LM model is a vital framework for understanding the interaction between the goods market and the money market in a closed economy. It provides a comprehensive analysis of how changes in fiscal and monetary policies influence the equilibrium level of income and interest rate. By using the IS-LM model, policymakers can make informed decisions to stabilize the economy and promote sustainable economic growth.。
专业英语(桥渡)
专业英语必过我看好你呦！！！短语1专业英语English for special purpose 2 土木工程civil engineering 3屈服准则yield criterion 4主应力principal stress 5固体排水原理the principle of displacement of water by solid body6地球自转the rotation of the earth on its own axis7使用钢筋混凝土t he employment of reinforced concrete 8 变形deformation9刚塑性材料r igid-plastic material 10 reduce speed 减低车速11educe to power粉碎12reduce the temperature降低温度13reduce the time缩短时间14reduce construction expenses削减工程开支15reduce the scales of construction缩小工程规模16Reduce the numbers of traffic accidents减少交通事故17钢铁工业The iron and steel industry18机器运转正常。
The machine works properly.19可以问老师一些问题The teacher may be asked questions.。
20分解Decompose/break down/dissociate21吸附过程的原理The principle of absorption22这些书每十本一捆These books are packed in tens.23这些商品数以百计。
The commercial products are counted by hundreds.24削减工程开支Reduce construction expenses25缩小工程规模Reduce the scales of construction26 分子结构molecular structure27通过X射线衍射的方法by means of the X-ray diffraction28太阳能solar energy 29 混合物与化合物mixtures and compounds 30.大型结构large structure 31. 变形缝expansion joints32值得赞扬be most commendable33忽视公路安全ignorant of the safety on highways34. 新发现的材料the newly discovered material 35. 力学性能mechanical property36 史前时代in prehistoric time 37. 全世界throughhout the world38.不带铰链的连续梁桥a continuous girder bridge with no hinges39 从事教学活动的土木工程师teaching civil engineers engage40 基础研究和应用研究basic research 41 初期数据preeliminary data42. 完全不同的支撑和荷载条件the totally different conditions of support and loading43. 临时结构和永久结构temporary structure and permanent structure44. 在挖掘过程中during the process of excavation45 侧向土压力lateral earth pressure46海拔、高度elevation 47（正）垂直视图elevation view / vertical 48view水平投影horizontal view 49 侧视图lateral plan50耐久性durability 51充分使用considerable use52工程技术与工程管理engineering technology and management53脆性材料和柔性材料brittle and ductile materials54不同材料具有不同的力学性质Different materials differ in their mechanical behavior.55所有材料都热胀冷缩All substances expand when heated and contract when cooled.56素混凝土梁plain concrete beam 57一切就绪All preparations were done. 58施工现场construction site 59静荷载和活荷载dead load and live load 60附加承载力additional capability61梁的水平轴线（中性面）horizontal axis of the beam(neutral plane)62旋转力矩或扭转力矩rotating or turning motion63现代最引人注目的工程事故之一One of the most spectacular engineering failures of modern times64上表面向下凹或向内弯曲The top surface is concave or bend inward.句子1路面根据表面传递荷载形式分为刚性路面和柔性路面。
菲利普斯曲线
CHAPTER 13 总供给曲线
slide 7
不完全信息模型
▪ 每种商品的供给取决于其相对价格: 商品
名义价格与总价格水平之差。
▪ 供给方在制定价格时并不知道总价格水平，
所以他使用预期价格水平 P e.
▪ 假定总价格上升而供给方的价格预期 P e
实际工资高于目标实际工资，企业 减少工人雇用量，产出低出自然产 出水平
CHAPTER 13 总供给曲线
slide 3
粘性工资模型
▪ 显示实际工资是反周期变动的，即实际工
资的变化方向和产出随经济周期的变动方 向相反:
– 繁荣期间，价格 P 通常上升，实际工
资下降.
– 萧条期间，价格 P 通常下降，实际工资
CHAPTER 13 总供给曲线
美国自然失业率随时间的变化
Change in Inflation versus Unemployment in the United Stinacteesthienmtihde199900ss, the change
动之前就协商议定了名义工资。
▪ 工资合同中确定的名义工资是目标真实工
资和预期价格水平的乘积：
W ω Pe
W ωPe
P
P
目标真 实工资
CHAPTER 13 总供给曲线
slide 2
粘性工资模型
W ω Pe
P
P
如果价格水平
P Pe
则
失业和产出位于自然水平
P Pe P Pe
实际工资低于目标实际工资，企业 雇佣更多的工人，产出超出自然产 出水平
CHAPTER 13 总供给曲线
Ahead of Curve
AHE A D OF How has the global economy defied the inverted U.S. yield curve,and what does it mean for financial markets?•BY JOHN RUBINOT H E C U R V EGlobal issuance of debt, equity, andequity-related securities (excluding derivatives) exceeded US$2 trillion in the fourth quarter of 2006, the biggest quarter on record. Issuance of high-yield debt rose by 55 percent.•Bank underwriting fees rose 26 per-cent—to US$23.9 billion—in 2006. LBOs generated about US$11 billion in fees for banks. U.S. investment bank Goldman Sachs earned US$9.5 billion. Buyout firm Kohlberg Kravis Roberts alone paid more than US$837 million in fees to investment banks for deals.•Private equity buyers accounted for nearly a fifth of all deals in 2006 and reportedly had US$700 billion available to do deals at year-end.•South Korea’s exports increased 13.8 percent, year-over-year, in December.•Philippine money supply grew 18.5 per-cent in November from a year earlier.•China’s tax revenue climbed22 percent in 2006.•Turkish exports rose 19 percent inDecember from a year earlier.•Argentina’s tax revenue rose 25 percent in December from a year earlier.•Hedge funds that specialize in emerging markets earned an average of 20.5 percent in 2006.India’s foreign exchange reserves roseby US$32 billion in 2006. Its overseasinvestment more than doubled.•Venezuelan vehicle sales roseby 50 percent in 2006.•The IPO of the Industrial andCommercial Bank of China raisedUS$21.9 billion.•The U.S. government’s Decemberbudget surplus rose to a recordUS$44.54 billion.•Australia’s unemployment rate fell to a30-year low in December.•Price inflation in the South Africanhouse market was an annualized 13.5percent in December.•Kazakhstan’s economy grew by10.6 percent in 2006.•California Governor ArnoldSchwarzenegger proposed that thestate borrow another US$43 billionfor infrastructure projects.•Art sales at auction house Christie’sInternational rose 36 percent in 2006to US$4.7 billion.•U.S. office rents rose 10 percent, yearover year, in the fourth quarter of 2006.•Eurozone M3 money supply roseat an annual rate of 9.3 percent inNovember, while private sector creditgrew by 11.9 percent.Stock markets around the worldsurged in 2006:Shanghai up 130.0%Hong Kong up 34.0%Taiwan up 19.5%Singapore up 27.2%Vietnam up 144.5%Indonesia up55.3%Malaysia up21.8%Philippines up42.3%Sri Lanka up41.6%India up46.7%Australia up19.0%New Zealand up20.3%Ireland up27.8%Portugal up33.3%Belgium up23.7%Denmark up12.2%Finland up17.9%Norway up33.6%Austria up21.7%Luxembourg up33.0%Poland up41.6%Russia up70.8%Ukraine up41.3%Croatia up60.7%Slovenia up37.9%Estonia up28.9%Morocco up56.7%Namibia up46.7%Botswana up74.2%Nigeria up38.7%Kenya up42.1%Mexico up48.6%Brazil up32.9%Argentina up35.5%Chile up37.1%Venezuela up156.0%Costa Rica up77.0%Colombia up17.3%Peru up168.0%Bermuda up25.0%L I Q U I D W O R L DIt’s hard to grasp how widespread and multifaceted the global liquidity boom really is—until you see it all on one page.So, here’s a somewhat random sampling of statistics from various corners of the global economy:。
什么是LM曲线
LM(LM Curve) 曲线是一条用来描述在货币市场均衡状态下国民收入和利率之间相互关系的曲线。
LM曲线表示在货币市场中，货币供给等于货币需求时收入与利率的各种组合的点的轨迹。
LM曲线的数学表达式为M/P=KY-HR ，它的斜率为正，这表明LM曲线一般是向右上方倾斜的曲线。
一般来说，在货币市场上，位于LM曲线右方的收入和利率的组合，都是货币需求大于货币供给的非均衡组合；位于LM曲线左方的收入和利率的组合，都是货币需求小于货币供给的非均衡组合；只有位于LM曲线上的收入和利率的组合，才是货币需求等于货币供给的均衡组合。
LM曲线是使得货币市场处于均衡的收入与均衡利息率的不同组合描述出来的一条曲线。
换一句话说，在LM曲线上，每一点都表示收入与利息率的组合，这些组合点恰好使得货币市场处于均衡。
LM方程1、货币市场均衡的条件：MD=MS2、LM方程的建立MD=MSMD=L1（Y）+L2（r）L1（Y）=kYL2（r）=m0-?l rmMD/P=kY+m0-l r （LM方程）LM曲线的推导（一）LM曲线的斜率及其决定因素LM方程：M/P0=kY+m0-lr变形为：r =1/l（m0-m/P0）+k/lY即得LM曲线的斜率为：dr/dy = k/l由此可见，LM曲线的斜率取决于边际持币倾向（k）和货币的投机需求对利率变化的弹性系数（l）。
边际持币倾向（k）增加，L1曲线更陡峭，LM曲线则更陡峭；反之，LM曲线更平坦。
货币的投机需求对利率变化的弹性系数（l）增大，L2曲线更平坦，LM曲线则更平坦；反之，LM曲线更陡峭。
LM曲线位置的移动LM曲线的推导过程货币需求和货币供给变动对LM曲线的影响当决定LM曲线的因素发生变动时，LM曲线的位置会发生变动。
首先，如果货币的需求增加，既定的股票入门收入条件下市场均衡利息率升高，从而LM曲线向左上方移动。
反之，当货币的需求减少时，既定收入下的市场均衡利息率下降，从而LM曲线向右下方移动。
收益率曲线
红顶收益率曲线制作说明（交易所市场）投资固定收益证券(Fixed Income Securities) 最重要的市场指标之一就是收益率曲线(Yield Curve)。
红顶金融工程研究中心曾先后参与过国外债券交易中心的收益率曲线编制工作，以及提供国内银行间债券市场期限结构编制的技术并通过论证，因此本文根据这些研究成果与编制经验，为各位读者介绍收益率曲线的概念、使用方法、以及如何制作国内交易所债券市场的收益率曲线。
一、基础介绍何谓收益率曲线(Yield Curve)收益率曲线是指零息债券的收益率与其到期日之关系－横轴为各到期期限(Time to Maturity)，纵轴为相对应之到期收益率(Yield to Maturity)，用以描述两者之关系。
为何需要估计收益率曲线？从固定收益证券的投资与操作来看，掌握市场的收益率曲线是进行投资的首要工作，因为收益率曲线具有下列义涵：代表性收益率曲线代表一个市场的利率结构，能够真实反应出一个市场短中长期利率的关系，对投资者操作长天期或短天期债券十分重要。
操作性收益率曲线是根据市场上具有代表性的交易品种所绘制出来的利率曲线，这些具代表性的品种称为指标债券，由于指标债券必须具备流动性大、交投热络的条件，因此具备可操作性。
投资者可以根据收益率曲线上的利率进行操作解释性收利率曲线对固定收益证券的价格具有极强的解释性，了解曲线的结构有助于了解债券价格。
如果某一支债券价格偏离了根据收益率曲线推算出来的理论价格，通常会有两种情况：一是该支债券流动性不足，因此偏离的价格无法透过市场机制加以修正，二是该支债券流动性足够，这种偏差将只是短暂现象，很快就会被拉回合理价位。
分析性在进行债券的资产管理与风险分析时，收益率曲线是必要参考的数据：在许多财务金融的应用上，如未来开放利率衍生性商品后，对于这相商品的订价，以及利率相关商品风险管理制度等，收益率曲线均是不可缺少之基本数据。
二、名词解释“收益率曲线” 以及“期限结构” 两个名词常被国内投资人混淆，虽然两者的概念很类似，但是定义截然不同，在债券市场上的应用也完全不一样，因此投资人有必要把这两个名词的观念搞懂。
7菲利普斯曲线
第七章 菲利普斯曲线（Inflation ，Unemployment ，the Phillips Curve ）一货币、通货膨胀与银行（Money, Inflation and Banking ）1货币形式与作用（1）货币形式（Alternative forms of money ）Commodity moneyCirculating private bank notes Commodity-backed paper currency Fiat moneyTransactions deposits at banks（2）货币有助于解决以物易物中双方需要一致的缺失（Money and the absence of double coincidence of wants ）2货币跨期模型中的长期通货膨胀（The causes and effects of long-run inflation ）设，在总产出、实际利率与通货膨胀率保持不变时，可以推导出：P P M M '=' x M M P P i =-'=-'=11所以，通货膨胀率等于货币增长率。
但是，如果实际货币需求在长期发生变化，货币增长率就不等于通货膨胀率。
货币增长率持续上升，将会使通货膨胀上升，导致劳动供给减少，产出供给和产出需求下降，实际工资增加，收入与就业减少，实际利率变化不确定。
如图：（Show that money is not superneutral – higher money growth causes higher inflation, which affects real economic variables；An increase in the money growth rate increases the inflation rate and the nominal interest rate, and reduces employment and output）所以弗里德曼主张最优货币政策是使利率为0的通货紧缩货币政策。
11宏观经济学课后作业习题集附答案
第二十章经济增长和经济周期理论1. 说明经济增长与经济发展的关系。
答：经济增长是产量的增加，这里的产量可以表示为经济的总产量，也可表示成人均产量。
经济增长通常用经济增长率度量。
经济发展不仅包括经济增长，还包括国民的生活质量，以及整个社会经济结构和制度结构的总体进步。
经济发展是反映一个经济社会总体发展水平的综合性概念。
如果说经济增长是一个“量”的概念，那么经济发展就是一个“质”的概念。
2. 经济增长的源泉是什么？答：关于经济增长的源泉，宏观经济学通常借助于生产函数来研究。
宏观生产函数把一个经济中的产出与生产要素的投入及技术状况联系在一起。
设宏观生产函数可以表示为Y t＝A t f(L t，K t)式中，Y t、L t和K t顺次为t时期的总产出、投入的劳动量和投入的资本量，A t代表t时期的技术状况，则可以得到一个描述投入要素增长率、产出增长率与技术进步增长率之间关系的方程，称其为增长率的分解式1，即G Y＝G A＋αG L＋βG K式中，G Y为产出的增长率；G A为技术进步增长率；G L和G K分别为劳动和资本的增长率。
α和β为参数，它们分别是劳动和资本的产出弹性。
从增长率分解式可知，产出的增加可以由三种力量(或因素)来解释，即劳动、资本和技术进步。
换句话说，经济增长的源泉可被归结为劳动和资本的增长以及技术进步。
有时，为了强调教育和培训对经济增长的潜在贡献，还把人力资本作为一种单独的投入写进生产函数。
所谓人力资本是指体现在个人身上的获取收入的潜在能力的价值，它包括天生的能力和才华以及通过后天教育训练获得的技能。
当把人力资本作为一种单独投入时，按照上述分析的思路可知，人力资本也可以被归为经济增长的源泉之一。
4. 在新古典增长模型中，储蓄率的变动对经济有哪些影响？答：在新古典增长模型中，一方面，储蓄率上升会导致人均资本上升，而人均收入是人均资本的增函数，因而储蓄率上升会增加人均产量，直到经济达到新的均衡为止。