西方经济学名词解释英文版.doc

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1、 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 indiv

2、idual firms, households, and consumers.研究经济中单个因素行为的分析。GDP 国内生产总值 (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内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

3、 a country.Gross Domestic Productconsumption + investment goods + government purchases + net exportsEconomic 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

4、 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 nations gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used

5、 if a nations 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

6、 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. G

7、DP 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GDPA gross domestic product (GDP) figure that has not been adjusted for inflation.Real GDP 实际GDPThis inflation-adjusted measure that reflects the value

8、 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

9、在GDPIn 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 countrys economy resulting from the failure to create suffici

10、ent 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 arent enough jobs supplied.（与书异）Net Exports 净出口The value of a countrys total exports minus the value of its total imports.

11、 It is used to calculate a countrys aggregate expenditures, or GDP, in an open economy. In other words, net exports is the amount by which foreign spending on a home countrys goods and services exceeds the home countrys spending on foreign goods and services.Recession 经济衰退A significant decline in ac

12、tivity 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 countrys GDP. Notes: Recess

13、ion 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 charact

14、erized by inefficient economic productivity, high unemployment, and falling price levels. In times of depression, consumers 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 custom

15、ers. 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

16、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.Unem

17、ployment 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 t

18、emporary 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

19、.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

20、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

21、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

22、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

23、 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 skill

24、s 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, f

25、or 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 i

26、s 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 leve

27、l 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 increasin

28、g consumption spending (C), increasing investment spending (I), increasing government spending (G), or increasing the net of exports minus imports (XM). AE = C + I + G + (XM) Okuns Law 奥昆法则A relationship between an economys GDP gap and the actual unemployment rate. The relationship is represented by

29、 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 pricesA general d

30、ecline 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

31、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 t

32、he 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 powerof 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 pa

33、ce of US inflation. The US Department of Labor publishes the CPI every month. Demandpull inflation 需求拉动型通货膨胀inflation due to high demand for GDP and low unemployment, also known as Phillips Curveinflation.Costpush inflation 成本推动型通货膨胀nowadays termed supply shock inflation, due to an event such as a s

34、udden 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. B

35、uilt-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

36、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

37、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 be

38、en 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 relat

39、ionship 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

40、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 a

41、nd 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 wi

42、lling 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

43、 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)

44、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 determine

45、d 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 wh

46、ose value is wholly causally independent from other variables in the system.Endogenous Variable 内生变量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

47、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 ge

48、nerate 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 a

49、ppreciate 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

50、 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 govern

51、ment 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 governments job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax

52、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 m

53、arket 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.Equilib

54、rium 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

55、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 governmentpurchases, including transfer payments, which can be financed by seigniorage (the creation of money for

56、 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 countrys money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of

57、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 mone

58、y 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

59、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 mark

60、et 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 o

61、ccurs 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

62、 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

63、 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 propensi

64、ty 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.Ma

65、thematically, 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 propensit