Topic 7 Goods and Financial Markets 商品和财政市场

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以下是一些常见的财经英语课题和相关词汇，您可以选择一个感兴趣的进行阅读：
1. 金融市场：股市 (stock market), 债市 (bond market), 商品市场(commodity market), 外汇市场 (foreign exchange market)
2. 经济指标：GDP (Gross Domestic Product, 国内生产总值), CPI (Consumer Price Index, 消费者价格指数), PPI (Producer Price Index, 生产者价格指数), PMI (Purchasing Managers' Index, 采购经理人指数)
3. 全球经济：全球化 (globalization), 经济增长 (economic growth), 通货膨胀 (inflation), 贸易战 (trade war), 一带一路 (Belt and Road Initiative)
4. 金融政策：货币政策 (monetary policy), 财政政策 (fiscal policy), 刺激经济 (economic stimulus), 利率调整 (interest rate adjustment), 货币供应量 (money supply)
5. 企业财务：利润 (profit), 销售收入 (revenue), 资产负债表(balance sheet), 现金流量表 (cash flow statement), 利润和损益表(income statement)
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布兰查德宏观经济学第七版第7版英文版chapter (19)

Macroeconomics, 7e (Blanchard)Chapter 19: Output, the Interest Rate, and the Exchange Rate19.1 Equilibrium in the Goods Market1) Assume that the price levels in two countries are constant. In this situation, we know thatA) neither the real nor the nominal exchange rate can change.B) the real exchange rate can change, while the nominal exchange rate is constant.C) the nominal exchange rate can change, while the real exchange rate is constant.D) the real and nominal exchange rate must move together, changing by the same percentage.E) the nominal exchange rate will fluctuate more widely than the real exchange rate. Answer: DDiff: 12) An increase in the real exchange rate will causeA) an increase in net exports.B) an increase in the quantity of imports.C) an increase in output.D) a decrease in government spending.E) all of the aboveAnswer: BDiff: 13) As the economy moves up and to the right along the IS curve, which of the following will occur when exchange rates are flexible?A) investment spending increasesB) consumption increasesC) the domestic currency depreciatesD) all of the aboveE) none of the aboveAnswer: DDiff: 14) In an economy operating under flexible exchange rates, explain why the IS curve is downward sloping.Answer: A reduction in i (assume zero inflation) will cause investment to increase for reasons discussed before. This causes an increase in Z and Y. There is a second effect now embedded in the IS curve. As i falls, the demand for the domestic currency drops causing a depreciation. This depreciation causes NX to rise and demand to rise even more. So, there are two components of demand that now change as i changes: I and NX.Diff: 219.2 Equilibrium in Financial Markets1) In order for an individual to be indifferent between holding foreign or domestic bonds,A) the Marshall-Lerner condition must hold.B) the foreign and domestic interest rates must be equal.C) the expected rate of depreciation of the domestic currency is zero.D) the interest parity condition must hold.Answer: DDiff: 12) The interest parity condition indicates that the domestic interest rate must be equal toA) the foreign interest rate.B) the expected rate of depreciation of the domestic currency.C) the expected rate of appreciation of the domestic currency.D) the foreign interest rate minus the expected rate of appreciation of the foreign currency.E) none of the aboveAnswer: EDiff: 13) Assume that the interest parity condition holds. Also assume that the U.S. interest rate is 8% while the U.K. interest rate is 6%. Given this information, financial markets expect the pound toA) depreciate by 14%.B) depreciate by 2%.C) appreciate by 2%.D) appreciate by 6%.E) appreciate by 14%.Answer: CDiff: 24) Assume that the interest parity holds and that the dollar is expected to depreciate against the pound. Given this information, we know thatA) U.S. and U.K. interest rates are equal.B) the U.S. interest rate exceeds the U.K. interest rate.C) the U.K. interest rate exceeds the U.S. interest rate.D) individuals will prefer to hold U.S. bonds because the U.S. interest rate exceeds the U.K. interest rate.E) none of the aboveAnswer: BDiff: 25) In an open economy, we know that individuals must choose between which of the following?A) domestic bonds and foreign currencyB) foreign goods and domestic currencyC) domestic and foreign bondsD) domestic goods and foreign currencyE) none of the aboveAnswer: CDiff: 16) A real appreciation will tend to causeA) an increase in exports.B) a reduction in imports.C) an increase in net exports.D) a reduction in demand for domestic goods.E) none of the aboveAnswer: DDiff: 17) A reduction in the real exchange rate will causeA) a reduction in net exports.B) a reduction in the quantity of imports.C) a reduction in output.D) an increase in government spending.E) all of the aboveAnswer: BDiff: 18) Assume that the interest parity condition holds. Also assume that the U.S. interest rate is 6% while the U.K. interest rate is 8%. Given this information, financial markets expect the pound toA) depreciate by 14%.B) depreciate by 2%.C) appreciate by 2%.D) appreciate by 6%.E) appreciate by 14%.Answer: BDiff: 29) Assume that the interest parity holds and that the dollar is expected to appreciate against the pound. Given this information, we know thatA) U.S. and U.K. interest rates are equal.B) the U.S. interest rate exceeds the U.K. interest rate.C) the U.K. interest rate exceeds the U.S. interest rate.D) individuals will prefer to hold U.S. bonds because the U.S. interest rate exceeds the U.K. interest rate.E) none of the aboveAnswer: CDiff: 210) A real depreciation will tend to causeA) a reduction in exports.B) an increase in imports.C) a reduction in net exports.D) an increase in demand for domestic goods.E) none of the aboveAnswer: DDiff: 111) Explain what the IP curve is and why it is upward sloping.Answer: The IP curve represents the combinations of i and E that maintain the interest parity condition. As i falls, foreign bonds will have a higher expected return. The demand for the dollar will fall causing an immediate depreciation. So, the drop in i causes E to fall. E will fall until all of the drop in i is offset by the expected appreciation of the dollar.Diff: 112) Suppose the domestic and foreign interest rates are both initially equal to 3%. Now suppose the domestic interest rate rises to 5%. Explain what effect this will have on the exchange rate. Also explain what must occur for the interest parity condition to be restored.Answer: Domestic bonds will have a higher return causing the demand for the domestic currency to rise. The dollar will appreciate. It will continue to appreciate as long as the return on domestic bonds exceeds the return on foreign bonds. This immediate appreciation will equal an expected depreciation of the domestic currency that equates the expected returns. So, the dollar will appreciate by 2%.Diff: 213) Suppose the domestic and foreign interest rates are both initially equal to 4%. Now suppose the foreign interest rate rises to 6%. Explain what effect this will have on the exchange rate. Also explain what must occur for the interest parity condition to be restored.Answer: Domestic bonds will have a lower return causing the demand for the domestic currency to fall. The dollar will depreciate. It will continue to depreciate as long as the return on domestic bonds is less than the return on foreign bonds. This immediate depreciation will equal an expected appreciation of the domestic currency that equates the expected returns. So, the dollar will depreciate by 2%.Diff: 219.3 Putting Goods and Financial Markets Together1) As the economy moves up and to the left along the IS curve, which of the following will occur when exchange rates are flexible?A) investment spending decreasesB) consumption decreasesC) the domestic currency appreciatesD) all of the aboveE) none of the aboveAnswer: DDiff: 12) In an open economy under flexible exchange rates, a reduction in the interest rate will cause a reduction in which of the following?A) investmentB) the exchange rate, EC) net exportsD) all of the aboveE) none of the aboveAnswer: BDiff: 23) In an open economy under flexible exchange rates and represented by the IS-LM-IP model, a reduction in government spending will cause a reduction in which of the following?A) net exportsB) the exchange rate, EC) exportsD) all of the aboveE) none of the aboveAnswer: CDiff: 24) In an open economy under flexible exchange rates, a reduction in consumer confidence that causes a reduction in consumption will cause which of the following?A) an appreciation of the domestic currencyB) a reduction in the exchange rate, EC) a reduction in net exportsD) all of the aboveE) none of the aboveAnswer: ADiff: 25) In an open economy under flexible exchange rates, expansionary monetary policy that results in an increase in the money supply will always causeA) an increase in output.B) an increase in exports.C) a reduction in the exchange rate, E.D) all of the aboveE) only A and CAnswer: DDiff: 26) Assume that the interest parity condition holds and that both the expected exchange rate and foreign interest rate are constant. Given this information, a reduction in the domestic interest rate will causeA) a reduction in the exchange rate expected in the future.B) a reduction in the current exchange rate.C) greater depreciation of the domestic currency expected in the future.D) all of the aboveE) none of the aboveAnswer: BDiff: 27) The exchange rate policy of the United States isA) the EMS.B) a crawling peg.C) a float.D) a fixed rate within a band.E) none of the aboveAnswer: CDiff: 18) In a flexible exchange rate regime, an increase in the foreign interest rate (i*) will causeA) the IP curve to shift to the left/up.B) the IP curve to shift to the right/down.C) a movement along the IP curve.D) neither a shift nor movement along the IP curve.Answer: BDiff: 39) In a flexible exchange rate regime, a reduction in the foreign interest rate (i*) will causeA) the IP curve to shift to the left/up.B) the IP curve to shift to the right/down.C) a movement along the IP curve.D) neither a shift nor movement along the IP curve.Answer: ADiff: 310) In a flexible exchange rate regime, an increase in the expected future exchange rate will causeA) the IP curve to shift to the left/up.B) the IP curve to shift to the right/down.C) a movement along the IP curve.D) neither a shift nor movement along the IP curve.Answer: BDiff: 311) In a flexible exchange rate regime, a reduction in the expected future exchange rate will causeA) the IP curve to shift to the left/up.B) the IP curve to shift to the right/down.C) a movement along the IP curve.D) neither a shift nor movement along the IP curve.Answer: ADiff: 312) Assume the interest parity condition holds and that initially i = i*. A reduction in the domestic interest rate will causeA) an increase in the demand for the domestic currency.B) a reduction in E.C) an expected depreciation of the domestic currency.D) all of the aboveAnswer: DDiff: 213) Assume the interest parity condition holds and that initially i = i*. A reduction in the foreign interest rate (i*) will causeA) an increase in the demand for the domestic currency.B) an increase in E.C) an expected depreciation of the domestic currency.D) all of the aboveAnswer: CDiff: 314) Explain what effect each of the following events will have on the IS curve in a flexible exchange rate regime: (1) an increase in foreign output; (2) a reduction in the foreign interest rate; and (3) an increase in the domestic interest rate.Answer: An increase in Y* causes X to rise, Z to rise, and the IS curve to shift to the right. A reduction in i* will cause an appreciation of the domestic currency, a reduction in NX, and a leftward shift in the IS curve. A change in i will only cause a movement along the IS curve. Diff: 215) Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect a reduction in foreign output (Y*) will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: A reduction in Y* will cause a reduction in X and NX. This causes the IS curve to shift to the left. As demand falls, production will drop. The drop in Y will cause a reduction in money demand. As money demand falls, i will fall causing a depreciation. So, some of the effects of Y* on NX will be offset by the increase in NX caused by the depreciation. We will observe a reduction in NX, a reduction in Y, a reduction in i, and a reduction in E.Diff: 216) Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect an increase in foreign output (Y*) will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: An increase in Y* will cause an increase in X and NX. This causes the IS curve to shift to the right As demand rises, production will increase. The increase in Y will cause an increase in money demand. As money demand rises, i will rise causing an appreciation. So, some of the effects of Y* on NX will be offset by the decrease in NX caused by the appreciation. We will observe an increase in NX, an increase in Y, an increase in i, and an increase in E.Diff: 219.4 The Effects of Policy in an Open Economy1) For this question, assume that there is a simultaneous tax increase and monetary expansion. Ina flexible exchange rate regime, we know with certainty thatA) the exchange rate and output would both increase.B) the exchange rate would increase and output would decrease.C) the exchange rate would decrease.D) the exchange rate would decrease and output would increase.E) none of the aboveAnswer: CDiff: 22) For this question, assume that there is a simultaneous increase in government spending and monetary contraction. In a flexible exchange rate regime, we know with certainty that such a policy mix will cause which of the following?A) an increase in the domestic interest rateB) an increase in the exchange rateC) a reduction in net exportsD) all of the aboveE) only A and CAnswer: DDiff: 23) Suppose there are two countries that are identical in every way with the following exception. Country A is pursuing a fixed exchange rate regime and country B is pursuing a flexible exchange rate regime. Suppose taxes are increased in both countries rises by the same amount. Given this information, we know thatA) the change in output in A will be greater than in B.B) the change in output in B will be greater than in A.C) the change in output will be the same in both countries.D) the relative output effects are ambiguous.Answer: ADiff: 34) Contractionary monetary policy in a flexible exchange rate regime will causeA) a shift of the IP curve.B) a depreciation of the domestic currency.C) an increase in E.D) no change in E.Answer: CDiff: 15) Expansionary monetary policy in a flexible exchange rate regime will causeA) a shift of the IP curve.B) an appreciation of the domestic currency.C) a reduction in E.D) no change in E.Answer: CDiff: 16) Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect an increase in government spending will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: An increase in G will cause Z to increase and the IS curve to shift right. As demand increases, Y will rise causing an increase in money demand. The increase in money demand will cause an increase in i. As i rises, the demand for the domestic currency will increase causing an appreciation. This appreciation will cause a drop in NX. Any drop in I and the reduction in NX only partially offset the effects of the increase in G on demand and output.Diff: 27) Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect monetary contraction will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: A reduction in M will cause the LM curve to shift up and the domestic interest rate to rise. As i rises, the return on domestic bonds is greater than foreign bonds. This causes an appreciation and a reduction in NX. So, the demand for goods falls via the drop in I and NX. We will observe a higher domestic interest rate, an increase in E, a drop in I, a reduction in NX, and a reduction in Y.Diff: 219.5 Fixed Exchange Rates1) Suppose a country with a fixed exchange rate decides to reduce the price of its currency. This change in policy is calledA) an appreciation.B) a depreciation.C) a peg.D) a devaluation.E) a revaluation.Answer: EDiff: 12) Under a "crawling peg" system, a country's exchange rateA) is fixed except for small, surprise changes.B) changes at a predetermined rate against the dollar or some other major currency.C) can fluctuate within a narrow band.D) can change, but the changes are kept secret from the public.E) is determined by the central bank of another country.Answer: BDiff: 13) In 2005, China increased the price of its currency while continuing to pursue a fixed exchange rate. This change in policy is calledA) an appreciation.B) a depreciation.C) a peg.D) a devaluation.E) a revaluation.Answer: DDiff: 14) For this question, assume that the economy is operating in a fixed exchange rate regime and that perfect capital mobility exists. Given this information, which of the following will occur?A) The domestic and foreign interest rates must be equal.B) The central bank cannot use monetary policy to affect domestic output.C) An expansionary fiscal policy will require that the central bank increase the money supply.D) all of the aboveE) none of the aboveAnswer: DDiff: 25) Suppose a country switches from a fixed to a flexible exchange rate. Which of the following will occur as a result of this change?A) Monetary policy will become a less effective tool for changing output.B) A given change in government spending will now have a greater effect on output.C) Both fiscal and monetary policy will become more effective in changing GDP.D) Both fiscal and monetary policy will become completely ineffective in changing GDP.E) none of the aboveAnswer: EDiff: 26) A common argument for fixed exchange rates is that theyA) give central banks greater freedom in adjusting their economy's level of output.B) forever free the central bank from have to adjust the exchange rate to fundamental changes in the economy.C) make trade more costly, and thus encourage domestic citizens to buy domestically produced output.D) all of the aboveE) none of the aboveAnswer: EDiff: 17) In practice, under the EMS, a member countryA) could never change its interest rate.B) could change its interest rate only if other countries changed theirs as well.C) must apply to a special European Commission in order to change its interest rate.D) had complete freedom in choosing the interest rate it wanted.E) had complete freedom in choosing its interest rate only if it is a very small country. Answer: BDiff: 18) In the early 1990s, which nation took the lead in driving up European interest rates?A) SpainB) FranceC) GermanyD) EnglandE) none of the aboveAnswer: EDiff: 19) In the early 1990s, European unemployment rose largely because ofA) reductions in stock prices.B) undervalued currencies.C) overvalued currencies.D) high inflation.E) none of the aboveAnswer: ADiff: 110) Assume that the current exchange rate between U.K. pound and the U.S. dollar is 2 (E = 2.0). If interest parity holds, and the U.S. interest rate is 6% while the U.K. interest rate is 8%, the expected exchange rate in one year isA) 1.98.B) 1.99.C) 2.01.D) 2.02.E) 2.04.Answer: CDiff: 211) Assume policy makers in a fixed exchange rate regime decide to peg the exchange rate at a higher level. This is calledA) a devaluation.B) a revaluation.C) a depreciation.D) an appreciation.Answer: ADiff: 112) Assume policy makers in a fixed exchange rate regime decide to peg the exchange rate at a lower level. This is calledA) a devaluation.B) a revaluation.C) a depreciation.D) an appreciation.Answer: BDiff: 113) The European Monetary System represented aA) exchange rate regime with 'bands.'B) crawling peg.C) a flexible exchange rate regime.D) none of the aboveAnswer: ADiff: 114) Suppose policy makers are pursuing a policy to fix the exchange rate. In such a system with perfect capital mobility, an open market purchase of domestic bonds by the domestic central bank will eventually result inA) a permanent increase in the monetary base.B) a permanent reduction in the monetary base.C) a change in the composition of the monetary base.D) a gradual reduction in the domestic interest rate.Answer: CDiff: 215) Suppose policy makers are pursuing a policy to fix the exchange rate. In such a system with perfect capital mobility, an open market sale of domestic bonds by the domestic central bank will eventually result inA) a permanent increase in the monetary base.B) a permanent reduction in the monetary base.C) a gradual reduction in the domestic interest rate.D) a change in the composition of the monetary base.Answer: DDiff: 216) Suppose a country is pursuing a fixed exchange rate regime with imperfect capital mobility. The ability of that country to move its domestic interest rate while maintaining its exchange rate will depend onA) the degree of development of its financial markets.B) the degree of capital controls.C) the amount of foreign exchange it holds.D) all of the aboveE) both A and BAnswer: DDiff: 217) Under a fixed exchange rate regime, the central bank must act to keepA) P = P*.B) the real exchange rate fixed.C) i = i*.D) E = 1.E) none of the aboveAnswer: ADiff: 218) For this question, assume that policy makers are pursuing a fixed exchange rate regime. Now suppose that an increase in stock market wealth causes an increase in consumption. Which of the following will tend to occur in a fixed exchange rate regime?A) an increase in YB) an increase in the money supplyC) no change in the domestic interest rateD) all of the aboveAnswer: DDiff: 2suppose that households decide to decrease consumption because of, for example, a reduction in consumer confidence. Given this information, we would expect which of the following to occur?A) a reduction in the domestic interest rateB) an increase in EC) a reduction in ED) a reduction in investmentE) none of the aboveAnswer: DDiff: 220) For this question, assume that policy makers are pursuing a fixed exchange rate regime. Now suppose a budget is passed that calls for a reduction in government spending. This reduction in government spending will cause which of the following to occur?A) a reduction in i and an increase in EB) a reduction in investmentC) no change in outputD) no change in net exportsE) an increase in importsAnswer: BDiff: 221) Under a fixed exchange rate regime, suppose there is a reduction in housing wealth that causes a reduction in consumption. This wealth-induced reduction in consumption will causeA) a reduction in investment.B) an increase in net exports.C) a reduction in imports.D) all of the aboveE) none of the aboveAnswer: DDiff: 222) Under a fixed exchange rate regime, expansionary fiscal policy will tend to cause which of the following?A) an increase in importsB) an increase in net exportsC) a reduction in investmentD) all of the aboveAnswer: ADiff: 2suppose that a reduction in stock market wealth causes a decrease in consumption. Which of the following will tend to occur in a fixed exchange rate regime?A) a reduction in YB) a reduction in the money supplyC) no change in the domestic interest rateD) all of the aboveAnswer: DDiff: 224) For this question, assume that policy makers are pursuing a fixed exchange rate regime. Now suppose that households decide to increase consumption because of, for example, an increase in consumer confidence. Given this information, we would expect which of the following to occur?A) an increase in the domestic interest rateB) a reduction in EC) an increase in ED) an increase in investmentE) none of the aboveAnswer: DDiff: 225) Under a fixed exchange rate regime, suppose there is an increase in housing wealth that causes an increase in consumption. This wealth-induced increase in consumption will causeA) an increase in investment.B) a reduction in net exports.C) an increase in imports.D) all of the aboveE) none of the aboveAnswer: DDiff: 226) Under a fixed exchange rate regime, contractionary fiscal policy will tend to cause which of the following?A) a reduction in importsB) a reduction in net exportsC) an increase in investmentD) all of the aboveAnswer: ADiff: 227) For a country pursuing a fixed exchange rate regime, what does the interest parity condition imply about domestic and foreign interest rates? Explain.Answer: As long as the fixed exchange rate regime is credible, the interest rates must be equal. If the exchange rate regime is credible, we know that there will be no expected appreciation or depreciation so i = i*.Diff: 128) Assume the exchange rate is fixed. Using the IS-LM model, graphically illustrate and explain what effect a reduction in consumer confidence will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: A reduction in consumer confidence will cause a drop in C and will cause demand to fall and the IS curve to shift to the left. As Y falls, money demand will fall and the domestic interest rate will tend to fall. If i falls, there will be tremendous pressure on the domestic currency to depreciate as demand falls. The central bank cannot let this occur. To prevent this, it must reduce the money supply so that i does not fall. We will observe a drop in Y, no change in i, a reduction in I (via the drop in I), and an increase in NX caused by the drop in imports.Diff: 229) Assume that policy makers are pursuing a fixed exchange rate regime. Now suppose that the foreign interest rate increases. Discuss what policy makers must do to maintain the pegged exchange rate. Also discuss what effect this will have on domestic output and net exports. Answer: If i* increases, there will be pressure on the domestic currency to depreciate. To prevent this, the domestic central bank must raise its interest rate so that it rises by the same amount as i*. In this case, the LM curve will shift up so that the new equilibrium interest rate is equal to the now higher foreign interest rate. As i rises, E does not change. However, I will fall causing a reduction in demand and output. As Y falls, imports will fall and NX will increase. Diff: 230) To what extent can monetary policy be used to affect output in a fixed exchange rate regime? Explain.Answer: It cannot. To peg the exchange rate, the central bank must keep the domestic interest rate equal to the exogenous foreign interest rate. The domestic central bank cannot independently change its interest rate.Diff: 231) Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect a reduction in government spending will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: A reduction in G will cause Z to decrease and the IS curve to shift left. As demand decreases, Y will fall causing a decrease in money demand. The decrease in money demand will cause an decrease in i. As i falls, the demand for the domestic currency will decrease causing a depreciation. This depreciation will cause a rise in NX. Any increase in I and the increase in NX only partially offset the effects of the reduction on demand and output.Diff: 232) Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect monetary expansion will have on the domestic economy. In your graphs, clearly label all curves and equilibria.Answer: An increase in M will cause the LM curve to shift down and the domestic interest rate to fall. As i falls, the return on domestic bonds is less than foreign bonds. This causes an depreciation and an increase in NX. So, the demand for goods rises via the increase in I and NX. We will observe a lower domestic interest rate, a reduction in E, an increase in I, an increase in NX, and an increase in Y.Diff: 2。

Financial markets and institution

4
Geography of the Markets
some markets for a particular market instrument may have a well defined geographic location such as the New York Stock Exchange or the Shanghai Stock Exchange
20
Dealing with Incentive Problems
A financial system provides ways to deal with the incentive problems that occur when one party to a financial transaction has information that the other party does not, or when one party is an agent and makes decisions for another
Investors need current prices to evaluate their portfolios of quoted securities
Quoted prices may be used to estimate the value of similar non-quoted securities
A Dutch household currently has excess funds needed in ten years
A Chinese business would become more profitable with new investment funds
Financial markets make this match

米什金《货币金融学-英文第12版》PPT-第一章为什么研究货币、银行和金融市场

FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。

Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。

宏观经济学之商品与金融市场：IS-LM模型 Goods and Financial Market The IS-LM Model

5-2:Financial Market and the LM Relation
Real Money, Real Income, and the Interest Rate The LM Curve Shifts in the LM Curve Summarize
Real Money, Real Income, and
Interest rate,i LM
i
D
A
i'
A'
IS
IS'
Y' Y Output,Y
Monetary Policy,Activity,and the Interest
Interest rate,i
i
A
LM(for M/P) LM' (for M'/P>M/P)
i'
A'
IS
Y Y' Output,Y
i'
A'
Md'(for Y'>Y)
i
A
Md(for Income Y)
M/P (Real)money,M/P
The Derivation of the LM Curve
Interest,i
Interest,i Ms
LM Curve
i'
A'
i'
A'
Md'
(for Y'>Y)
i
A
i
A
Md(for Y)
M/P=YL(i)
(5.3)
From now on, we shall refer to equation (5.3) as the LM relation.

常见的金融词汇中英对照

常见的金融词汇中英对照1. 金融市场 (Financial Markets)金融市场是指用于实现资金交易和资金融通的场所，包括股票市场、债券市场、外汇市场和商品市场等。

•股票市场 (Stock Market): the market for buying and selling shares of publicly traded companies.•债券市场 (Bond Market): the market for buying and selling bonds.•外汇市场 (Foreign Exchange Market): the market for trading foreign currencies.•商品市场 (Commodity Market): the market for trading commodities such as oil, gold, and agricultural products.2. 资本市场 (Capital Market)资本市场是指长期融资和投资的市场，包括股票市场和债券市场等。

•股票市场 (Stock Market): the market for buying and selling shares of publicly traded companies.•债券市场 (Bond Market): the market for buying and selling bonds.3. 证券 (Securities)证券是指可以转让和交易的金融工具，包括股票、债券、证券投资基金等。

•股票 (Stocks): shares of ownership in a company that can be bought and sold on a stock market.•债券 (Bonds): debt securities issued by governments, corporations, or other organizations to raise capital.•证券投资基金 (Mutual Funds): investment funds that pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, orother securities.4. 风险管理 (Risk Management)风险管理是指识别、评估和处理金融交易和投资中的各种风险，以减少损失和提高效益。

布兰查德：高级宏观经济学ch07

M Y Y , G, T P
( , , )
Macroeconomics, 3/e Olivier Blanchard
© 2003 Prentice Hall Business Publishing
7-3
Equilibrium in the Short Run and in the Medium Run
1. When Y > Yn, P > Pe. 2. When Y < Yn, P < Pe.
3. An increase in Pe shifts the AS curve up, and a decrease in Pe shifts the AS curve down.
© 2003 Prentice Hall Business Publishing Macroeconomics, 3/e Olivier Blanchard
P P (1 ) F (u, z)
e
In words, the price level depends on the expected price level and the unemployment rate. We assume that and z are constant.
© 2003 Prentice Hall Business Publishing
© 2003 Prentice Hall Business Publishing
Macroeconomics, 3/e
Olivier Blanchard
Properties of the AS curve
1. The AS curve is upward sloping. As explained earlier, an increase in output leads to an increase in the price level. 2. The AS curve goes through point A, where Y = Yn and P = Pe. This property has two implications:

国际贸易实务双语教程(第三版)课后答案解析

Unit 1 A brief introduction to international tradeKeyI. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarily for financialpurposes. Treasures of companies, for example, routinely more funds from one country to another to geta higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitment and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11经济复苏；恢复2潜在销售量12 经济衰退3加价，涨价13间接投资4国内市场14有形货物5制成品15有形进出口6边际利润16收入及支出；岁入及岁出7市场占有率17超额能力8贸易歧视18贸易中间人（商）；经纪人9时机选择19全部包建的工程承包方式10经销周期20许可证协定IV Case Study1 [Answer]：Batteries called "white elephant" exported from China were very popular in Southeast Asia, because "white elephant" was a lucky thing in Southeast Asia, but no one was interested in it in the market of Europe and the United States. The boss of the company was very strange that the quality of the battery or the price of reasons, so he asked his staff to investigate. Finally he found that is the brand "white elephant" to be blame. The brand's name translated into English was "white elephant" which meant something were no use but cumbersome in Western countries. It was really a bad translation from culture information perspective. The meaning derived from a legend. According to the legend, there was a king who hated a minister, so he gave a white elephant to the minister for punishment. The minister has to take care of the white elephant, he couldn't give it to others or kill it because it's the king gave it to him. However, the appetite of the white elephant was so great, and the minister became poorer. So it showed people in western countries would not buy the battery for the consumers have no willing to buy something useless but cumbersome.V. OpenVI.Translate the following into English1. Trade is often the ‘engine’ of growt h. However oversimplified this metaphor may be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs. Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s imp ort needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.Unit 2 General Procedures of Export and Import TransactionI. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets; 9.joint, venture; 10.subsidiaryIII. J udge the following statement, mark True (T) or False(F)1F 2. T 3. F 4. F 5.F 6.F 7.T 8.F 9.F 10. TIV. Explain the meaning of the words or phrases below as requested1. Offer: An offer is a proposal made by sellers to buyers in order to enter into the contract.2. Withdrawal: It means an offer by the offerer has been withdrawn before it is reached to the offeree in order to prevent its entry into force.3. Enquiry: An enquiry is a request for business information, such as price lists, catalogue, samples, and details of the goods or trade terms. It can be made either by the importer or the exporter.4. Acceptance: Acceptance is a statement made by other conduct of the offerees indicating unconditional consent toan offer.5. Shipping agent: Shipping agent(船代）is a ship owner's representative whose job is to find the ships to carry.V. Compose a letter of enquiry with the following particulars:KeysMessrs. Arthur Grey & Son,19 Cheapside,London, E.C.2Dear Sirs,We have obtained your name and address from China Council for Promotion of International Trade and learned that you are one of the leading exporters of Ice Box in your district.We are now interested in 100 sets of the said article and should be pleased if you would let us know whether you can supply us with the quantity and quality we desire. Please quote us your best price on CIF Guangzhou basis. When offering, please state clearly terms of payment, time of delivery, packing conditions together with illustrated catalogue for our consideration.We are looking forward to your early reply.Yours faithfully,KeyDear Sirs,Thank you for your letter of 5th May. We are glad to learn of the inquiries you have had from your customers for our raincoats. Our "D.D." range is particularly suitable for warm climates, and during the past years we have supplied this range to dealers in several tropical countries, from many of whom we have already had repeated orders. This range is popular not only because it is light in weight, but also because the material used has been specially treated to prevent excessive condensation on the inside surface.For the quantities you mention we are pleased to quote as follows:"D.D." Raincoats100 men's medium @ US$14.50 US$ 1,450100 men's small 14.0 1,400100 women's medium 13.2 1,320100 women's small 12.7 1,270US$ 5,440Payment: by irrevocable L/C at sightShipment: Shipment will be effected within three or four weeks after receiving the L/C.This offer is subject to our final confirmation. We feel you may be interested in our other products and enclose some pamphlets for your reference.We are awaiting your early orders.Yours sincerely,Keys:Dear Sirs,We thank you for your quotation May 10 for 1,000 sets of Hair IceBox. We find your price as well as delivery date satisfactory, however, we would give our suggestions of an alternation of your payment terms.Our past purchase of other household electrical appliances from you has been paid as a rule by confirmed, irrevocable letter of credit at sight. On the basis, it has indeed cost us a great deal. From the moment to open credit till the time our buyers pay us, the tie-up of our funds lasts about four months. Under the present circumstances, this question is particular taxing owing to the tight money condition and unprecedentedly high bank interests.In view of our long business relations and our amicable cooperation prospects, we suggest that you accept either “cash against documents on arrival of goods” or “drawing on us at 60 day’s sight”.Your first priority to the consideration of the above request and an early favorable reply will be highly appreciated.Yours sincerely,VIII. Translate the followings into English1). Economic activity began with the cavemen, who was economically self-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations are self-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.Third, one nation can sell some items at a lower cost than other countries. Japan has been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrantremittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.IX. Case Study[Answer]:A 公司与B公司的第一封信函可视为发盘，在该发盘中A公司对包装做出了要求。

The economics of money,banking and financial market

考试题型以及分数分布：一、选择题：1’*20=20’二、名词解释：4’*5=20’三、简答题：8’*5=40’四、论述题：20’*1=20’重点制作思路：1.考虑到时间关系，抓大放小2.结合老师提及复习内容进行预测3.以理顺书本架构为主，看到一个知识点猜一下可能会出什么题The economics of money, banking and financial markets----by Kyle Chapter1：Why Study Money, Banking, and Financial Markets？（本章了解一下这个问题即可，最多考一下选择）Answer：•To examine how financial markets such as bond and stock markets work•To examine how financial institutions such as banks work•To examine the role of money in the economyChapter2：An Overview of the Financial System1.Function of Financial Markets•Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds •Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.•Promotes economic efficiency by producing an efficient allocation（分配）of capital（资金）, which increases production•Directly improve the well-being of consumers by allowing them to time purchases better•2.Structure of Financial Markets•Debt and Equity （普通股）Markets•Primary and Secondary Markets•Exchanges and Over-the-Counter (OTC不通过交易所而直接售给顾客的) Markets •Money and Capital Markets（货币和资本市场）3. Financial Market Instruments(要能举出例子，很可能考选择)Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments.4.Internationalization of Financial Markets（重点，选择、名词解释都有可能）•Foreign Bonds & Eurobond?•Eurocurrencies & Eurodollars?•World Stock Markets5．Function of Financial Intermediaries: Indirect Finance（记一下金融中介机构的功能，交易成本很可能考名词解释）•Lower transaction costs (time and money spent in carrying out financial transactions).•Reduce the exposure of investors to risk•Deal with asymmetric 不对称information problems•Conclusion:Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.6. Types of Financial Intermediaries（会分类即可）Depository institutionsContractual saving institutionsInvestment intermediaries7.Regulation of the Financial System•To increase the information available to investors:•To ensure the soundness 健康稳固of financial intermediariesChapter3：What Is Money?1.Meaning of Money（即definition，必考名词解释！！）•Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.2.Functions of Money（重点）•Medium of Exchange:• A medium of exchange must•Unit of Account:•Store 储藏of Value:3.Evolution of the Payments System•Commodity 商品Money•Fiat 法定Money•Checks 支票Electronic Payment (e.g. online bill pay).•E-Money (electronic money):4.Measuring Money （重中之重，M1/M2都很有可能考名词解释）•Construct monetary aggregates using the concept of liquidity:（构建货币总量使用流动性的概念）•M1 (most liquid assets)= currency + traveler’s checks + demand deposits + other checkable deposits.•M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market depositaccounts + money market mutual fund shares.Chapter 4：Understanding Interest Rates1.measuring interest rates:Present Value(很可能考察名词解释)A dollar paid to you one year from now is less valuable than a dollar paid toyou todaySimple Present Value：PV=CF/(1+i)n次方2.Four Types of Credit Market Instruments•Simple Loan•Fixed Payment Loan•Coupon Bond 附票债券•Discount Bond 贴现债券3.Yield to Maturity（重点，很可能名词解释）•The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today计算4种不同信用工具外加Consol or Perpetuity（金边债券或永久债券）的YM 4. Yield on a Discount Basis（了解即可）Current Yield当期收益率Yield on a Discount Basis 折价收益率Rate of Return 收益率5.Rate of Return and Interest Rates（收益率与利息率的distinction）•The return equals the yield to maturity only if the holding period equals the time to maturity• A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period•The more distant a bond’s maturity, the greater the size of the percentage price change associated with an interest-rate change•The more distant a bond’s maturity, the lower the rate of return the occurs asa result of an increase in the interest rate•Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise6.Interest-Rate Risk•Prices and returns for long-term bonds are more volatile than those for shorter-term bonds•There is no interest-rate risk for any bond whose time to maturity matches the holding period7. Real and Nominal Interest Rates （重点，很可能考察简答题） • Nominal interest rate makes no allowance for inflation • Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing • Ex ante real interest rate is adjusted for expected changes in the price level • Ex post real interest rate is adjusted for actual changes in the price level 8. Fisher Equation （重点考察）Chapter5：The Behavior of Interest Rates1. Determining the Quantity Demanded of an Asset• Wealth: the total resources owned by the individual, including all assets • Expected Return: the return expected over the next period on one asset relative to alternative assets• Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets• Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets （流动性很有可能考名词解释）2.Theory of Asset Demand （必考，死活都得背下来）Holding all other factors constant:1. The quantity demanded of an asset is positively related to wealth2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets3. The quantity demanded of an asset is negatively related to the risk ofits returns relative to alternative assets4. The quantity demanded of an asset is positively related to its liquidityrelative to alternative assets3. Supply and Demand for Bonds （见到看一下图）Market Equilibrium4.Shifts in the Demand for Bonds = nominal interest rate = real interest rate = expected inflation rate When the real interest rate is low,there are greater incentives to borrow and fewer incentives to lend.The real inter e r r e i i i i ππ=+est rate is a better indicator of the incentives to borrow and lend.• Wealth: in an expansion with growing wealth, the demand curve for bonds shifts to the right• Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left • Expected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the left• Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left• Liquidity: increased liquidity of bonds results in the demand curve shifting right5．Shifts in the Supply of Bonds• Expected profitability of investment opportunities: in an expansion, the supply curve shifts to the right• Expected inflation: an increase in expected inflation shifts the supply curve for bonds to the right• Government budget: increased budget deficits shift the supply curve to the right6.The Liquidity Preference Framework （重中之重）Keynesian model that determines the equilibrium interest ratein terms of the supply of and demand for money.There are two main categories of assets that people use to storetheir wealth: money and bo s s d ds d s d s d s d nds.Total wealth in the economy = B M = B + M Rearranging: B - B = M - M If the market for money is in equilibrium (M = M ),then the bond market is also in equilibrium (B = B ).7.Demand for Money in the Liquidity Preference Framework•As the interest rate increases:–The opportunity cost of holding money incr eases…–The relative expected return of money decreases…•…and therefore the quantity demanded of money decreases.8.Shifts in the Demand for Money（都很重要）•Income Effect: a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the right •Price-Level Effect: a rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the right •Liquidity preference framework leads to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect.•Income effect finds interest rates rising because increasing the money supply is an expansionary influence on the economy (the demand curve shifts to the right).Chapter9:Banking1.The Bank Balance Sheet•Liabilities–Checkable deposits–Nontransaction deposits–Borrowings–Bank capital•Assets–Reserves(准备金)–Cash items in process of collection–Deposits at other banks–Securities–Loans–Other assets–2.Basic Banking:•Cash Deposit：Opening of a checking account leads to an increase in the bank’s reserves equal to the increase in checkable depositsCheck Deposit3．Inter-business•Bank settlement•Finance lease•Fiduciary business•Safe deposit box4. Off-Balance-Sheet Activities• Loan sales (secondary loan participation)• Generation of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System (此章省略很多) 1.Structure ofthe Fed(了解即可)12 FRBs （9人） Member BanksFOMC (7+1+4人)Federal Advisory Council （12人）2. Federal Reserve Bank （3+3+3人）Functions ：Clear checksIssue new currencyWithdraw damaged currency from circulationAdminister and make discount loans to banks in their districtsEvaluate proposed mergers and applications for banks to expand their activities Act as liaisons between the business community and the Federal Reserve System Examine bank holding companies and state-chartered member banksCollect data on local business conditionsUse staffs of professional economists to research topics related to the conduct of monetary policyChapter13&14：The Money Supply Process :1. Players in the Money Supply Process Central bank (Federal Reserve System)Banks (depository institutions; financial intermediaries)Depositors (individuals and institutions)3.Monetary BaseHigh-powered money= += currency in circulation= total reserves in the banking systemMB C RC R4.Open Market Purchase• The effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in deposits • The effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchaseOpen Market Sale• Reduces the monetary base by the amount of the sale• Reserves remain unchangedThe effect of open market operations on the monetary base is much more certain than the effect on reserves5. Fed’s Ability to Control the Monetary BaseSplit the monetary base into two components :MBn= MB - BRthe non-borrowed monetary base :MBnborrowed reserves:BR6.The Formula for Multiple Deposit Creation （很重要！必考,记住公式）7.Factors that Determine the Money SupplyChanges in the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in currency holdingsChanges in excess reservesAssuming banks do not hold excess reserves Required Reserves () = Total Reserves () = Required Reserve Ratio () times the total amount of checkable deposits ()Substituting = Dividing both s RR R RR r D r D R ⨯ides by 1 = Taking the change in both sides yields 1 = r D R r D R r ⨯∆⨯∆8.The Money Multiplier(重点)Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable deposits D. Then,c = {C/D} = currency ratioe = {ER/D} = excess reserves ratioThe monetary base MB equals currency (C) plus reserves (R):MB = C + R = C + (r x D) + ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cChapter 15：Tools of Monetary Policy1. Tools of Monetary PolicyOpen market operationsChanges in borrowed reservesChanges in reserve requirementsFederal funds rate: the interest rate on overnight loans of reserves from one bank to another2.Demand in the Market for ReservesSupply in the Market for Reserves3.Affecting the Federal Funds Rate4.Open Market Operations（超级重点）Advantages：The Fed has complete control over the volumeFlexible and preciseEasily reversedQuickly implemented5.Discount Policy（超级重点）Advantages：Used to perform role of lender of last resortdisadvantages：Cannot be controlled by the Fed; the decision maker is the bank6.Reserve Requirements（超级重点）Advantages：•No longer binding for most banksdisadvantages：•Can cause liquidity problems•Increases uncertainty for banks7.Monetary Policy Tools of the European Central Bank•Open market operations•Lending to banks•Reserve RequirementsChapter16：The Conduct of Monetary Policy: Strategy and Tactics1. Goals of Monetary Policy（1）The Price Stability Goal•Low and stable inflation•Inflation•Nominal anchor to contain inflation expectations•Time-inconsistency problem（2）Other Goals of Monetary Policy•High employment•Economic growth•Stability of financial markets•Interest-rate stability•Foreign exchange market stability2.Monetary Targeting•Advantages–Almost immediate signals help fix inflation expectations and produce less inflation–Almost immediate accountability•Disadvantages–Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregat e3.Inflation Targeting•Public announcement of medium-term numerical target for inflation •Institutional commitment to price stability as the primary, long-run goal of monetary policy and a commitment to achieve the inflation goal •Information-inclusive approach in which many variables are used in making decisions•Advantages•Does not rely on one variable to achieve target•Easily understood•Reduces potential of falling in time-inconsistency trap•Stresses transparency and accountability•Disadvantages•Delayed signaling•Too much rigidity•Potential for increased output fluctuations•Low economic growth during disinflation4.Monetary Policy with an Implicit Nominal AnchorThere is no explicit nominal anchor in the form of an overriding concern for the Fed. Forward looking behavior and periodic “preemptive strikes”The goal is to prevent inflation from getting started.•Advantages–Uses many sources of information–Avoids time-inconsistency problem•Disadvantages–Lack of transparency and accountability–Strong dependence on the preferences, skills, and trustworthiness of individuals in charge–Inconsistent with democratic principles5.Tactics: Choosing the Policy Instrument•Tools–Open market operation–Reserve requirements–Discount rate•Policy instrument (operating instrument)–Reserve aggregates–Interest rates–May be linked to an intermediate target•Interest-rate and aggregate targets are incompatible (must chose one or the other).6.Linkages Between Central Bank Tools, Policy Instruments, Intermediate Targets, and Goals of Monetary Policy(中间目标是超级重点，死活都要背下来)Chapter19:The Demand for Money1.Velocity of Money and The Equationof ExchangeV=P*Y/MM*V=P*Y2.Quantity Theory of Money DemandSO: Demand for money is determined by:The level of transactions generated by the level of nominal income PYThe institutions in the economy that affect the way people conduct transactions and thusdetermine velocity and hence k3.Keynes’s Liquidity Preference TheoryTransactions motivePrecautionary motiveSpeculative motiveVelocity is not constant:4. Friedman’s Modern Quantity Theory of Money (记住该公式及其含义)5.Differences between Keynes’s and Friedman’s Model (cont’d)• Friedman– Includes alternative assets to money– Viewed money and goods as substitutes– The expected return on money is not constant; however, r b – r m doesstay constant as interest rates rise– Interest rates have little effect on the demand for money• Friedman (cont’d)– The demand for money is stable ⇒velocity is predictable– Money is the primary determinant of aggregate spendingChapter23：Transmission Mechanisms of Monetary Policy: The Evidence1.Framework(1)Structural Modelwhether one variable affects another• Transmission mechanism– The change in the money supply affects interest rates– Interest rates affect investment spending– Investment spending is a component of aggregate spending (output) Advantages and Disadvantages(2)Reduced-Form• Analyzes the effect of changes in money supply on aggregate output(spending) to see if there is a high correlationAdvantages and DisadvantagesPY k M d ⨯=()m e m e m b p dr r r r r Y f P M ---=π,,,2.Transmission Mechanisms of Monetary Policy(1)Asset Price EffectsTraditional interest rate effectsExchange rate effects on net exports...(2)Credit ViewChapter24:Money and Inflation1.meaning of inflation(死活背下来)extremely high for a sustained period of time, its rate of money supply growth is also extremely high•Money Growth–High money growth produces high inflation•Fiscal Policy–Persistent high inflation cannot be driven by fiscal policy alone •Supply Shocks–Supply-side phenomena cannot be the source of persistent high inflation•Conclusion: always a monetary phenomenon2.Origins of Inflationary Monetary Policy•Cost-push inflation–Cannot occur without monetary authorities pursuing an accommodating policy•Demand-pull inflation•Budget deficits–Can be the source only if the deficit is persistent and is financed by creating money rather than by issuing bonds•Two underlying reasons–Adherence of policymakers to a high employment target–Presence of persistent government budget deficits3.The Discretionary (Activist)/ Nondiscretionary (Nonactivist) Policy Debate （1）Advocates of discretionary policy：regard the self-correcting mechanism as slowPolicy lags slow activist policy（2）Advocates of nondiscretionary policy:believe government should not get involvedDiscretionary policy produces volatility in both the price level and output。

工商英语课程讲义Unit7

LVMH advances in slowing market
LVMH, the French luxury goods group which owns a string of prestige brand names ranging from Louis Vuitton luggage to Hennessy cognac, saw net profits rise by 7% to FFr 1.29 bn ($ 239 million) from FFr 1.21 billion in the first half of the year in spite of the downturn in the luxury products industry. The group saw overall group sales in the first six months of this year rise by 4.5% to FFr 9.68 billion from 9.26 bn in the same period last year. Operating income showed a marginal increase to FFr 2.35 billion from 2.34 bn.
Work C: Questions
a) The rise in net profits in the first half of the year FFr 0.08 bn b) The difference in overall group sales in the first six months FFr 0.42 bn c) The fall in sales for wines and spirits FFr 0.32 bn d) The increase in operating profits for luggage and leather products FFr 63m e) The difference in sales of perfumes and cosmetics FFr 0.49 bn

金融英语常用词汇以及实际应用

金融英语常用词汇以及实际应用1.Division of labor (劳动分工)In modern economies, the division of labor increasesproductivity by allowing workers to specialize in tasks they excel at.在现代经济中，劳动分工通过让工人专注于他们擅长的任务，从而提高了生产力。

modity money (商品货币)Gold and silver have historically been used as commodity money due to their intrinsic value.黄金和白银由于其内在价值，历史上一直被用作商品货币。

3.Legal tender (法定货币)In most countries, the national currency is considered legal tender for settling debts.在大多数国家，国家货币被视为偿还债务的法定货币。

4.Fiat money (法定通货)Unlike commodity money, fiat money has no intrinsic value and derives its worth from government regulation.与商品货币不同，法定通货没有内在价值，其价值来源于政府的规定。

5. A medium of exchange (交换媒介)Money serves as a medium of exchange, facilitating tradebetween individuals.货币作为一种交换媒介，促进了个人之间的贸易。

6.Legal sanction (法律制裁)Violations of financial regulations may result in severe legal sanctions.违反金融法规可能会导致严厉的法律制裁。

financial market相关的英文听力

financial market相关的英文听力Sorry, but I'm unable to provide you with the specific audio content you are looking for. However, I can assist you in providing 23 bilingual sentences related to the topic of the financial market. Please find them below:1. The financial market plays a crucial role in the global economy.（金融市场在全球经济中起着至关重要的作用。

）2. Investors constantly analyze the trends and movements in the financial market.（投资者不断分析金融市场的趋势和动向。

）3. The stock market is one of the most popular components of the financial market.（股票市场是金融市场最受欢迎的组成部分之一。

）4. The foreign exchange market is the largest financial market in the world.（外汇市场是世界上最大的金融市场。

）5. The financial market offers various investment instruments like bonds and derivatives.（金融市场提供了各种投资工具，如债券和衍生品。

）6. Government regulations play a crucial role in maintaining the stability of the financial market.（政府的监管在保持金融市场稳定方面发挥着至关重要的作用。

Finance and Stock Markets

Finance and stock markets play a crucial role in the global economy, serving as the backbone of many businesses and investment opportunities. The finance sector encompasses a wide range of activities, including banking, lending, investing, and managing assets. Stock markets, on the other hand, provide a platform for buying and selling shares of publicly traded companies.The stock market is a key component of the finance sector, where investors can buy and sell shares of publicly traded companies.These shares represent ownership in the company and give investorsthe opportunity to participate in the company's growth andprofitability. Stock markets provide liquidity, allowing investorsto easily buy and sell shares, and they also serve as a barometer of economic health and corporate performance.The performance of stock markets is closely tied to economic conditions, investor sentiment, and corporate earnings. Bull markets, characterized by rising stock prices and positive investor sentiment, are often indicative of a strong economy and robust corporate performance. Conversely, bear markets, marked by falling stockprices and pessimistic investor sentiment, may signal economic downturns and corporate challenges.Finance, on the other hand, encompasses a broader set of activities, including banking, lending, investing, and asset management. The banking sector plays a critical role in providing financial services to individuals and businesses, including deposit accounts, loans,and payment services. Lending activities enable businesses and individuals to access capital for investments, purchases, and other financial needs.Investing is another key aspect of finance, allowing individuals and institutions to allocate capital to various assets such as stocks, bonds, real estate, and commodities. Asset management involves the professional management of investments and other assets on behalf of clients, with the goal of maximizing returns while managing risk.The finance sector is also closely linked to regulatory oversight,as governments and financial regulatory bodies aim to ensure the stability and integrity of financial markets. Regulations aredesigned to protect investors, maintain market transparency, and prevent misconduct and fraud.In conclusion, finance and stock markets are integral components of the global economy, providing essential services and investment opportunities for individuals and businesses. Understanding the dynamics of finance and stock markets is crucial for making informed investment decisions and navigating the complexities of thefinancial world.。

开放经济中的商品市场(英文版)The Goods Market in an Open Economy

Depreciation and the Trade Balance: The Marshall-Lerner Condition The Effects of a Depreciation Combining Exchange-Rate and Fiscal Policies
14
Depreciation and the Trade Balance: The Marshall-Lerner Condition
4
The Determinants of Imports
Q=Q(Y,ε) (+,-)
(7.2)
5
The Determinants of Exports
X=X(Y*,ε) (+ ,+)
(7.3)
6
Figure: The Demand for Domestic Goods and Net Exports
0
0
Time
A
C
B -
7-6: Saving, Investment, and Trade Deficits
Derive the equilibrium condition for the open
economy:
Start from our equilibrium condition
Y=C + I + G – εQ + X
Subtract C+T from both sides, and use the fact that private saving is given by S=Y-C-T, to get
S=I + G – T - εQ + X
Using the condition of net exports NX≡X- εQ , and reorganizing gives

商品和金融市场的开放性(英文版)Openness in Goods and Financial Market

Nominal Exchange Rates
From the Point of View of United States Looking at Germany
Nominal exchange rate E Price of DM in terms of dollars
Appreciation of the dollar Price of dollars in DM increases price of DM in dollars decreases
The Choice between Domestic and Foreign Goods
Nominal Exchange Rates Real Exchange Rates
6-1:Openness in Goods Market
Table 18-1:Ratios of Exports to GDP for Selected OECD Countries,1997
Exchange rate decreases:E↓
equivalently: equivalently:
Depreciation of the dollar Price of dollars in DM decreases price of DM in dollars increases
Exchange rate increases:E↑
equivalently: equivalently:
Real Exchange Rate
Price of German goods in DM P*
Price of German goods in dollars
EP*
Price of U.S goods in dollars

商品用英语怎么说

商品用英语怎么说商品是满足人们某种需要的，用来交换的劳动产品。

凝结在商品中的无差别的人类劳动就是商品的价值。

那么你知道商品用英语怎么说吗?下面和店铺一起来学习一下商品的英语说法吧。

商品的英语说法1：goods商品的英语说法2：commodity商品的英语说法3：merchandise商品的相关短语：商品退换 rejection of commodity低档商品 inferior good ; low-priced goods商品尺寸Product Size免费商品 free goods ;free merchandise方便商品 convenience goods商品期货 commodity future商品的英语例句：1. Purchase tax was not payable on goods for export.出口商品不需要交购买税。

2. Shops in Ho Chi Minh City are stacked with goods.胡志明市的商店里堆满了商品。

3. The government increased prices on several basic commodities like bread and meat.政府提高了面包、肉类等几种基本商品的价格。

4. Some shoppers looked bewildered by the sheer variety of goods on offer.光是摆在那里的各式商品就让一些购物者晕头转向了。

5. Cheap goods are available, but not in sufficient quantitiesto satisfy demand.有一些廉价的商品，但是数量不足以满足需求。

6. It sells everything from hair ribbons to oriental rugs.这里出售各种商品，从发带到东方小地毯应有尽有。

外贸英语商品货物描述、价格描述中英对照

商品货物、价格商品article of commerce||commercial article食品article of food家具article of furniture衣着类商品article of clothing出口商品article of export实用品article of utility贵重品article of value委托买卖品article of consigned被抛弃货物abandoned goods空运货物air-borne goods货物的分配assignment of goods特价品bargain goods禁制品||黑市货black-market goods罐头canned goods||tinned goods生产原料capital goods粗制品coarse goods||crude goods||bad article出清存货||清仓货物clearance goodsconsumer goods||consumpiton goods禁止进口货contraband goods棉制品cotton goods应交税的商品customable goods易损商品damaged goods耐久商品durable goods危险品dangerous goods国货article of domestic manufacture||domestic goods(U.S.A.)||inland goods(U.K.) 衣料dress-goods陶瓷||瓷器earthen-ware goods绸缎尼龙纺织品dry-goods进口货article of import||foreign goods||imported goods||sea-borne||goods杂货fancy goods||sundry goods||miscellaneous goods||general goods||general merchandise高级品high-quality goods一等品(同样类推: second rate goods 二等品 ...)first-rate goods||first-class goods重品heavy goods轻质品light goodshousehold goods||domestic article||household article奢侈品luxury goods易燃品inflammable goods廉价品low-priced goods主要商品major goods制成品finished goods||manufactured goods||finished article半成品half-finished goods||semi-manufactured goods||unfinished goods||unfinished article体积货物measurement goods高级品quality goods||superior article||valuable merchandise不耐久货品perishable goods加工品processed goods衣料||论件商品piece-goods零售商品retail goods批发商品wholesale goods抢救货||剩余物资||换代货salvage goods绢制品||纺织品silk goods||soft goods体育用品sporting goodsseasonal goods标准货||正牌货standard goods||standard merchandise 缺货shortage of goods必需商品||纤维制品staple goods战略物资strategic goods代用品substitute goods供应商品supply of goods战争物资war goods已售货品sold goods退货商品reshipped goods||returned merchandise 剩货||存货unsold goods毛织品woollen goods酒类wet goods销货收入goods earnings货物的运送goods traffic完税商品dutiable article工艺品||特种商品fancy article礼品gift article化妆品toilet article二手货secondhand article||used article扣留品||查封货seized article陈列品shop soiled article有竞争力商品competing article有用物品useful article有害物品hazardous article已通(海)关商品approved merchandise未准通(海)关商品unapproved merchandise货主不明的货物unclaimed merchandise货车||火车merchandise train商品贸易merchandise trade商品的分配commodities allocation商品买卖介绍人||商品经纪人commodity broker货物买卖经纪人produce broker||produce exchange||produce partment 囤积货品commodity corner商品美金(美)commodity dollar物品集散、批发中心commodity distribution center||produce distributing center 商业汇票commodity draft商品交易所commodity exchange商品市场价格commodity market||commodity prices商品化币(美)commodity money日用品||必需品daily commodity必需品essential commodity易销商品||适销品marketable commodity易腐品||保管困难的商品perishable commodity商品转手movement of commodity主要物品||重要产品shortage of commodities生活用品vital commodity产品陈列馆produce museum农作物||农产品produce of fields工业产品industrial products智力产品intellectual productsmarine products天然产品natural products副产品residual products上等货Al article||OK article一级品first grade article||fine article||good article||superior article超级品article of first quality||article of extrra OK grade||extra fine article中级品middling||medium goods||common goods||good fair average(G.F.A.)||fair average quality(F.A.Q.)低档货inferior article||article of inferior quality||low grade goods||bad goods实际价actual price标价||不二价fixed price进口价import price出口价export price价格表||价目表list price时价||现行价current price市场标价market price||tag price出厂价格factory price||price at factorycost price||prime cost||first cost原成本initial cost购入价格buying price||purchase price出售价格selling price||sale price净价net price||nett price现货价格||立即付款价格spot price总价||毛价gross price特别价格||牺牲价格special price特价||低于市场价格marked-down price付现金价格||现金支付价cash price赊购价格||挂帐价格credit price契约价格||合同价contract price特贵(讨价)价格fancy pirce||exorbitant pirce||extravagant price 普通价格average price||natural price||normal price缺货时的市场价famine price平面价格flat price询价asked priceadditional price加上杂费的价格all-round price按行情索要的最高价best price obtainable出价||递价bid price一揽子价格blanket price||lump price 削价||折扣价||降价cut price||price cutting 竞销价格||拍卖价格auction price开价||起始价opening price概算价格approximate price行市价格ruling price基本价格basic price||ground price 记录价格||破记录价格record pirce收盘价||稍跌的价格close price收盘行情closing pirce竞争价格competitive price加价价格cost plus price保证金付清后价格exhaust priceextra price平价||相当价格fair price实价||固定价格firm price发行价格issue price高价high price低价low price清算价格(美) making-up price造币价格(纯金) mint price廉价||低价moderate price名义价格nominal price最低价格||成交价格lowest price最低价格||成交价格rock-bottom pirce 最高价格ceiling price最低价格floor price报价||报盘价offered price公定价格||官方定价official price黑市价格black-market price包括一切费用的价格overhead price质量单位价格per quality unit price现行价格present price||price current 禁止价格prohibitive price开价||报价quoted price克己价格||竞买最低价reserve price零售价格retail price批发价格wholesale price双方议定价格settling price场外价格||交易所外价格street price预约价格subscription price卷尺价格tape price内部行情trade price||inside price两种价格two prices单价||单位价格unit price最低价格||开拍价格upset price广大价格||行情价格wide price商品价格协会price association标价price card价格协定price cartel价格波动price fluctuation物价指数price index||price numbers限价price-limit||limit价格表price-list价目记号price mark价格变动price movements交易价格||议定价price negotiated价格条款price terms加上费用价格price plus投标价格price tendered工资price wages||price-work装运港船上交货价格F.O.B. price||Free on board price装运港船上交货并含平仓费在内的价格F.O.B. & Trimmed price船边交货价格F.A.S. price||Free alongside ship price到岸价格(成本+运费+保险)C.I.F. price||Cost, insurance, and freight price成本加运费价格C. & F. price||Cost & freight priceCIF加佣金和利息价格C.I.F. & C.I. price||C.I.F. Commission, Interest price CIF加汇费价格C.I.F. & E. price||C.I.F. & Exchange price含全部费用的价格franco price现场交货价格loco price卡车交货价F.O.T. price||Free on Truck price码头交货价free docks price目的地码头交货价Ex quay price工厂交货价Ex factory price目的地船上交货价EX ship price||free overside price火车站交货价At station price含铁路运费价格On rail price到岸价格||陆上交货价landed price关栈交货价||保税仓库交货价Inbond||bond price完税后交货价格Duty paid||Ex customs compound完税前交货价格Duty unpaid price。

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8 of 33
7-1 The Goods Market and the IS Relation
Shifts of the IS Curve
We have drawn the IS curve in Figure 5-2, taking as given the values of taxes, T, and government spending, G. Changes in either T or G will shift the IS curve.
Determining Output
Taking into account the investment relation, the equilibrium condition in the goods market becomes:
Goods and Financial Markets: The IS–LM Model
$Y Y P
12 of 33
7-2 Financial Markets and the LM Relation
Deriving the LM Curve
a) An increase in income leads, at a given b) Equilibrium in the financial interest rate, to an increase in the demand for markets implies that an The Derivation of the money. Given the money supply, this increase increase in income leads to an LM Curve in the demand for money leads to an increase increase in the interest rate. in the equilibrium interest rate. The LM curve is therefore upward sloping. Figure 7 - 4
Y C(Y T ) I G
2 of 33
7-1 The Goods Market and the IS Relation
Investment, Sales, and the Interest Rate
Investment depends primarily on two factors:
Goods and Financial Markets: The IS–LM Model
7 of 33
7-1 The Goods Market and the IS Relation
Deriving the IS Curve
Figure 7 - 2 The Derivation of the IS Curve
Goods Goods and and Financial Financial Markets: Markets: The The IS IS– –LM LM Model Model
7-1 The Goods Market and the IS Relation
Equilibrium in the goods market exists when production, Y, is equal to the demand for goods, Z. This condition is called the IS relation.
4 of 33
7-1 The Goods Market and the IS Relation
Determining Output
Note two characteristics of ZZ: Because it’s assumed that the consumption and investment relations in Equation (5.2) are linear, ZZ is, in general, a curve rather than a line. ZZ is drawn flatter than a 45-degree line because it’s assumed that an increase in output leads to a less than one-for-one increase in demand.
Real Money, Real Income, and the Interest Rate
The equation M $YL(i ) gives a relation between money, nominal income, and the interest rate. The LM relation: In equilibrium, the real money supply is equal to the real money demand, which depends on real income, Y, and the interest rate, i:
9 of 33
7-1 The Goods Market and the IS Relation
Shifts of the IS Curve
Figure 7 - 3
Shifts of the IS Curve
Goods and Financial Markets: The IS–LM Model
An increase in taxes shifts the IS curve to the left.
Y C(Y T ) I (Y , i ) G
For a given value of the interest rate i, demand is an increasing function of output, for two reasons: An increase in output leads to an increase in income and also to an increase in disposable income. An increase in output also leads to an increase in investment.
6 of 33
7-1 The Goods Market and the IS Relation
Determining Output
Note two characteristics of ZZ: Because it’s assumed that the consumption and investment relations in Equation (5.2) are linear, ZZ is, in general, a curve rather than a line. ZZ is drawn flatter than a 45degree line because it’s assumed that an increase in output leads to a less than onefor-one increase in demand.
Goods and Financial Markets: The IS–LM Model
10 of 33
7-2 Financial Markets and the LM Relation
The interest rate is determined by the equality of the supply of and the demand for money:
M $YL(i )
Goods and Financial Markets: The IS–LM Model
In the simple model developed in Chapter 3, the interest rate did not affect the demand for goods. The equilibrium condition was given by:
Goods and Financial Markets: The IS–LM Model
M = nominal money stock $YL(i) = demand for money $Y = nominal income i = nominal interest rate
11 of 33
7-2 Financial Markets and the LM Relation
Goods and Financial Markets: The IS–LM Model
M YLi P
From chapter 2, recall that Nominal GDP = Real GDP multiplied by the GDP deflator:
$Y YP
Equivalently:
Equilibrium in the Goods Market The demand for goods is an increasing function of output. Equilibrium requires that the demand for goods be equal to output.
Goods and Financial Markets: The IS–LM Model
(a) An increase in the interest rate decreases the demand for goods at any level of output, leading to a decrease in the equilibrium level of output. (b) Equilibrium in the goods market implies that an increase in the interest rate leads to a decrease in output. The IS curve is therefore downward sloping.