西方经济学名词解释_英文版.doc

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1、Four short words sum up what has lifted most successful individuals above the crowd: a little bit more.-author-date西方经济学名词解释_英文版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 amon

2、g 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 国内生产总值 (Gross Domestic Product)The total market value of all final goods and services produced within

3、 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 a country.Gross Domestic Productconsumption + investment goods + government purchases + net exportsEconomic Growth 经济增长steady growth in the productive capacit

4、y 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 r

5、ate of change that a nations gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used 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 e

6、ffect 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 (impli

7、cit 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GDPA gross

8、 domestic product (GDP) figure that has not been adjusted for inflation.Real GDP 实际GDPThis 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 do

9、llar 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GDPIn economics, potential output (also refered to as natural real gross domestic product) refers to the highest level of real Gross Domestic Product output t

10、hat 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 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 wa

11、sted 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. 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

12、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 activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade

13、. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a countrys 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 recessi

14、onary 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, consumers confidence and investments decrease

15、, 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

16、 by residents from overseas investments, minus income earned within the domestic economy by overseas residents. GNP is a measure of a countrys 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

17、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 peo

18、ple 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Une

19、mployment 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 ec

20、onomy 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 une

21、mployment 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 employm

22、ent, 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 T

23、his 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, f

24、or 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

25、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 unemploymen

26、t. 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 infl

27、ation.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 defici

28、ent 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 (XM). AE = C

29、 + 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 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

30、 of prices for goods and services is rising, and, subsequently, purchasing power is falling.Deflation 通货紧缩 steadily falling pricesA 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 investmen

31、t 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 inflat

32、ion 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 powerof m

33、oney.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. Demandpull inflation 需求拉动型通货膨胀inflation due to high demand for GDP and low unempl

34、oyment, 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 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 tryi

35、ng 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 e

36、ven 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

37、 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.

38、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

39、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 a

40、nd 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 o

41、n 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

42、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

43、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,

44、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

45、 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,

46、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 内生变量A value determined within the context of a model.An economi

47、c 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 capit

48、al). 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 se