An inquiry into the economic fundamentals of the Fama and French
学术英语(社科)-Unit1含答案ppt
Unit 1
Decision-Making Behaviors in Economic Activities
Text A
Critical reading and thinking
What is the author trying to prove?
What is the author assuming I will agree with?
Do you agree with the author?
Unit 1
Decision-Making Behaviors in Economic Activities
Critical reading and thinking
Activities
Example 2: water vs. diamond
Why is water so cheap, while diamonds are so
expensive?
water
Necessary for survival
diamond
Unit 1
Decision-Making Behaviors in Economic Activities
Text A
Critical reading and thinking
Example 3: a seat belt law
American laws require seat belts as standard equipment on new cars.
Unit 1
Decision-Making Behaviors in Economic Activities
Text A
Key terms
marginal cost: 边际成本 the additional cost from an increase in an activity
外研社 经济学英语1课后翻译
稀缺是经济学产生的原因。
所谓稀缺，就是指没有而且从来也不会有足够的产品和服务能够满足每个人、每个家庭和社会的需要。
稀缺的存在,使得个人和社会必须做出选择或决定。
这就使得经济学有了另一个定义:经济学是研究在稀缺世界中进行选择的科学。
Economics exists because there is scarcity. Scarcity means that there are not enough, nor can there ever be enough, goods and services to satisfy the wants and needs of all individuals, families, and societies. Scarcity forces individuals and societies to make choices or decisions. This gives rise to an alternative definition of economics, that is, economics is the study of decision making in a world of scarcity.当我们分析某些事件如何影响市场时,我们采取以下三步:首先,我们要决定这个事件是否使得供给曲线、需求曲线、或者有时使这两条曲线都发生移动;其次，我们要决定曲线是被左移还是右移;最后，我们要运用供求图表来检验曲线的移动如何影响均衡价格和均衡数量。
When analyzing how some event affects a market, we proceed in three steps. First, we decide whether the event shifts the supply curve, the demand curve, or, in some cases, both curves, Second, we decide whether the curve shifts to the right or left. Third, we use the supply-and-demand diagram to examine how the shift affects the equilibrium price and quantity.在解释消费者行为时，经济学家依赖于这样一个基本前提，即人们倾向于选择他们估价极高的那些商品和服务。
新发展研究生英语1综合教程1-6单元翻译
Unit 1 Human ReflectionsTranslationPart A1.对一些人来说，婚姻是爱情的坟墓；而对另一些人来说，婚姻是拯救那些过着孤单生活的人的好办法。
译：For some, marriage is the grave of love, while for others, marriage is an effective salvation for those who lead a solitary life.2.此次会议肩负着重大的历史责任，必然将对该组织的发展产生深远影响。
译：Blessed with a great historical responsibility, the Conference is destined to have far-reaching impact on the development of the organization.3.所有这些都寄寓着人们对美好生活的向往，因此得以代代流传。
译：All of these show people’s yearning for a better life, so they have been carried forward generation after generation.4.总统警告说，如果国会现在通过这一法案，那么他一直努力维护的脆弱的和平进程可能就会破裂。
译：If Congress approved the bill now, the president warned, the fragile peace process that he is trying to keep could fall apart.5.夫妻之间必须能够容忍彼此性格上的一些瑕疵，否则的话她们的婚姻很可能会以离婚而告终。
译：The couple must be tolerant of the little imperfections in each other’s character, otherwise their marriage may end up in divorce.Part B爱情是一部电话机，渴望它响起时，它却总是悄无声息；不经心留意时，它又叮铃铃地响起。
语法1
1.Human mortality, whilst consisting of unpredictable individual events, has a statisticalregularity when averaged across a large group. This makes possible a whole host ofproducts, of which the annuity is one. The price of an annuity paying a fixed regular income for life is based upon the statistical life expectancy of the purchaser at the time the annuity is to begin. The company selling the annuity will benefit from all those customers that die earlier than predicted, while customers are attracted by the prospect of guaranteed income for as long as they live. Annuities have the disadvantage that the capital invested isunrecoverable (i.e. upon the death of annuitant nothing is left for the heirs), but that factalso enables annuities to guarantee higher payments than could be obtained if the samesum of money were invested at interest.●The heirs of a person who buy an annuity tend to be against the purchase. C●Essentially, the purchaser of an annuity is gambling that they will live long enough toreceive a good return on their investment. C●Annuity returns are generally similar to returns from investing the money in aninterest bearing accounts. B2.In casual language, the terms theory and model are often used interchangeably. From atechnical point of view there is an important difference. Theories provide a generalframework, but because of the generality of the specification, a theory cannot be shownto be useful or useless until it is fully specified in the form of a model. A model, on theother hand, needs by definition to be formulated within the concepts, along with a set ofassumptions about the concepts and their relationships. The appropriateness of a modelmust then be evaluated with respect to a particular set of test data. The evaluation maybe done by conducting a suitably designed set of empirical investigations, by rationalinspection of the model assumptions in relation to the test data, or ideally both.In the strict sense, all models provide incomplete representations of the data to which they to fitted. Therefore the meaningful question is not whether a model is correct or incorrect, but rather whether the model fits the data well enough to be useful in guiding the process.Statistical evidence and judgment play important roles in answering that question.●It is more meaningful to look at the practical utility of a model than its absolute veracity.T●Most people fail to understand the difference between a theory and a model. C● A model can exist in the absence of a theory. Bmunication technologies are far from equivalent. A recent study comparing honestyacross a range of different media revealed that people were twice as likely to tell lieswhen using the phone than when communicating via e-mail. It had previously beenassumed that people would be more inclined to fabricate the truth when using e-mail,due to the remoteness of the interaction making people more comfortable aboutdeceiving others. On the contrary, it seems that anxiety over the accountability （有义务有责任的）afforded by the recording of e-mail exchanges induces greater truthfulness.However, the research also noted that people are much more likely to be rude orinsulting over e-mail, outweighing any benefits of increased honesty!●An implication of the study is that if telephone conversations are recorded andpeople are aware of this fact, they are likely to be more truthful over the phone. T●People are unconcerned about the repercussion（影响反响） of e-mail untruths. F●It had been assumed that people would communicate more honestly when using e-mail than when using the telephone. F4.There is often considerable scientific disagreement both about available reserves of naturalresources and about the extent of environmental damage caused by particular pollutants.Even where the scientific evidence is incontrovertible 无可争议的证据. There may bepolitical conflict, based on different vested interests, over the degree to which particularenvironmental controls should be accepted. Governments may, for example, refrain（节制） from introducing effective control if they fear these will adversely affect companyprofitability or jobs, even where the environmental cost of not introducing controls areconsiderable.●There is always scientific debate around the facts regarding the reserves ofnatural resources. T●Very rarely is there conflict over the degree to which particular environmentalcontrols should be accepted. F●Parties with a vested interest （既得利益）are more influenced by politics thanscience when deciding whether to implement environmental controls. T/C5.Whilst high visibility crime such as night-time drunken disturbance has increased, totalurban and rural crime, both reported and unreported, has fallen over the last two years,yet paradoxically people feel less safe, believing that the converse is the case. This fall incrime has coincided with a drop in the number of police officer on the street. A citizen’sfear of crime seems not to be a matter of reality at all- the visibility of law enforcementofficials has a greater impact on their view of reality than hard facts.●Reducing the number of police officer has led to a reduction in crime. C●Crime statistics support popular belief about the level of crime. F●People feel safer when there are more police on the street. C/A6.There is no task more difficult than that of ensuring the education of children in modernsociety. Not only school, but also teachers and their roles have changed out of allrecognition in the past few decades, thanks to the impact on teaching institutions byindoctrinating, and indoctrinated, reformist intellectuals bearing revolutionary ideas. Tothe perpetual indiscipline （持续无纪律）of youth has now been added the indisciplineof parents, many of whom interpret any reports of wrongdoing in school on the part oftheir offspring as a personal affront（人身攻击）, or as the manifestation of the malice（厌恶） of teachers. As for the teachers themselves, whilst many are respectable andlearned men and women, who view it as their vocation to induct their charges into acivilization and a way of behaving, others attempt to influence youth merely to further their political or ideological ends.●Some of those working in education have their own hidden agendas. T●Teacher with revolutionary ideas will attempt to influence their pupils for theirown political ends. C●Some teachers who report children of wrongdoing do so because of malice,rather than nay legitimate reason. Cst week, the competition commission outlined two packages to regulate the sale ofextended product warranties, which provide repair/replacement for faulty goodsbeyond the manufacturer’s original guarantee. Whilst warranty sa les are currentlyhighly profitable, with some retailers attributing up to ¾ of their profits to this income stream, they are also criticized for offering poor value for money due to obscure clauses （模棱两可的条款）, which restrict payment in many, but the most unlikely claimscenarios. The first package-to ban retailers selling a full warranty on the day ofpurchase was condemned by all as draconian（严厉的）-whilst the other, rather milder, option of forcing retailers to provide full information on warranty exclusions and anobligatory 60–day “cool-off” period for customers, received a more balanced hearing.Because no one believes that the first option will ever be implemented, investors and analysts have focu sed more closely on the implication of the “milder” package. In arecent leaked research note, one analyst suggested that the implementation of thereform in the second package would place a staff-training burden on the retailer,which would lead to a significant increase in the cost of warranty sales, and apredicted 20% fall in actual sales.●“Cool-off” periods are not currently offered by companies selling productwarranties. T●It is likely that neither package will be implemented. C●Preventing retailers from selling warranties on the day of purchase of a productwas felt to be too severe a restriction. T8.All scientific knowledge is provisional（暂时的）. Everything that science knows, even themost mundane（世俗的） facts and long-established theories, is subject to re-examination as new information comes in. the latest data and ideas are scrutinized the most. Some recantations（取消改变） will be unavoidable, but this is not a weakness of science, but rather its strength. No endeavor rivals science in its incremental progresstowards a more complete understanding of the observable universe.●Science improves understanding on the basis of leaving unchallenged thosetheories that appear to work. F●Some facts in science cannot be challenged if any progress is to be made.F●That which is not observable cannot be part of the domain of science. C9.The Statute on workplace safety requires that an employer should ensure, so far as isreasonably practicable, the health, safety and welfare at work of all full and part timeemployees, and also those not in direct employment who may be affected by acts oromissions at work. However, it is also the duty of employees to take reasonable care fortheir own health and safety and also that of other persons who may be affected by their acts or omissions at work, for example by complying with all notices on health and safety thatare posted.●If a workplace visitor is hurt due to an act of negligence by an employee then theemployee may be held solely responsible. F●An employer has responsibility for the safety of visitors to his factory. A●Employees have negligible可忽视的 responsibility for workplace health and safety. F10.Today’s historians aim to construct a record of human activities and to use this record toachieve a more profound understanding of humanity. This conception of their task is quite recent, dating from the development from 18th and early 19th centuries of scientific history, and cultivated largely by professional historians who adopted the assumption that the study of natural, inevitable human activity. Before the late 18th century, history was taught invirtually（actually） no schools, and it did not attempt to provide an interpretation ofhuman life as a whole. This is more appropriately the function of religion, of philosophy, or even perhaps of poetry.●That which constitutes the study of history has changed over time. T●Professional historians did not exist before 18th century. C●In the 17th century, history would not have been thought of as a way of understandinghumanity. A11.Whilst having similar effects on employees, there tend to be major difference between amerger and an acquisition. In an acquisition, power is substantially assumed by the newparent company. Change is often swift and brutal as the acquirer imposes its own controlsystems and financial restraints(抑制). Parties to a merger are likely to be evenly matched in terms of size, and the power and cultural dynamics of the combination are moreambiguous, integration is a more drawn out 拉长process.During an acquisition, there is often more overt(obvious) conflict and resistance and a sense of powerlessness. In mergers, because of the prolonged period between the initialannouncement and full integration, uncertainty and anxiety continue for a much longer time as the organization remains in a state of limbo.灰色地带●There tends to be a major power difference between parties in an acquisition. T●Mergers and acquisition tend to have distinctly different impacts on employees. F●Mergers yield a shorter period of anxiety and uncertainty amongst employees. F12.Management is, in effect, the catalyst 催化剂 that is essential for converting the resourcesand raw material inputs of the operation into valued outputs and, in the process, ensuring that stakeholder needs are satisfied. Managers represent the critical factor, whicheconomists refer to as “enterprise”, without which the other factors (land, labor and capital) cannot function. Managers are effectively the custodians（保管人）of the organization’sresource, responsible for deciding what the resources should be used for, how best to use them, and to which customers the outputs should be targeted.●Stakeholder needs are best served through the creation of valued outputs. C●Management has at least two major but different responsibilities. A●Managers must decide how best to handle all the resources at their disposal. A13.There is no doubt that vegetarian food can be healthier than a traditional diet（饮食）–indeed, research has demonstrated that vegetarians are less likely to suffer from heartdisease and obesity than those who eat meat. One long-standing concern about a vegetarian lifestyle is the risk of failing to take in enough protein. However, historical calculations as to the amount of protein needed for a healthy lifestyle have recently been shown tooverestimate the quantities needed, and if vegetarian select their food carefully they should be able to meet their protein needs.● A balanced diet is more likely to promote health than any particular food or food groupin isolation. B●Too much protein in the diet can lead to heart disease. C●Over time the recommendations as to what constitutes a healthy balanced diet havechanged. T14.Water, the most common liquid used for cleaning, has a property called surface tension.表面张力 Molecules in the body of the water are surrounded by other molecules, but at thesurface a “tension” is created as molecules are only surrounded by other molecules on the waterside. This tension inhibits the cleaning process, as it slows the wetting of surface due to tension causing the water to bead up（聚合）. This is where water droplets hold theirshape and do not spread. For effective cleaning to take place “surface tension” must bereduced so that water can spread. Surface-active agents表面活化剂, or surfactants, arechemicals, which are able to do this effectively.●Surface-active agents, or surfactants, are only used for cleaning. C●Water is the only known liquid used for cleaning. F●If surfactant chemicals are added to water when cleaning a surface, surface tension willoccur. F●The molecules on the waterside hinder the cleaning process. F15.The biggest risk facing the world’s insurance companies is possibly the rapid change nowtaking place within their own ranks. Sluggish growth in core markets and intense pricecompetition, coupled with shifting patterns of customer demand and the rising cost of losses, are threatening to overwhelm those too slow to react.●Insurance companies are experiencing a boom in their core markets. F●Insurance companies are competing to provide best prices to customers. T●Insurance companies are coping well with increased price competition and rising losses.C16.Short-sightedness is to a large extent inherited, its incidence varies from one family toanother. The reason behind the link between the common incidence of short-sightednessand high intelligence is unclear. Previous generations thought that eyes could becomestrained by years spent poring over研读 books, but a few decades ago the popular medical view was that short-sighted people gravitated被吸引 towards the library because theyfound it hard to excel at sports. Recently there has been partial support for a theory thathigh intelligence and short-sightedness may, in fact, be part of a genetic package.●The genetic link between intelligence and short-sightedness has recently beendisproven. F●People from all families stand at an equal chance of being short-sighted. F●Intelligence is to a large extent inherited C17.The cosmic microwave background (CMB) radiation is the afterglow夕照 from the Big Bang,and weak as it may be today, these primeval 初期microwaves hold valuable informationabout fundamental properties of the early universe. Slight differences, or anisotropies异向性， in the brightness and polarization极化 of the CMB reveal clues about the nature of thepolarized microwaves and the cosmological polarization must thus be measured at different wavelengths so as to isolate them from foreground signals前景近景.●The anisotropies of the CMB show solely that the primordial plasma was not uniform. F●The polarization of cosmic microwaves is measured at different wavelength so as toseparate the foreground from the background signals. T●Through studying the cosmological microwaves, one may learn about the forces ofgravity in the early universe. T18.Internet experts are warning of a new multitude of extremely dangerous computer virusesthat have recently been causing devastation and could potentially cripple使瘫痪 entireglobal computer systems. These viruses can replicate thousands of copies within hours and are capable of extirpating破除 security software that, in turn, enables hackers toappropriate control of the machines. Criminal gangs犯罪团伙 can then establish bankaccounts using stolen identities, sabotage破坏a company’s computer system and extort敲诈 money for its restoration恢复, and sell computers that have been interfered with on the black market. Computer users are often advised to refrain避免 from opening suspiciousprogram attached to the emails and to continually update their security software.●Internet experts are advising computer users to replace their software if they suspect ithas been tampered with篡改. C19.For most people, any reference to hypnosis 催眠brings to mind images of individualsinvolved in amusing, and often out of character, behavior. However, hypnosis is also a topic of scientific research. Research by scientists over the last few decades has revealed ways in which memory processes, and processes involved in pain perception can be changed using hypnosis. It has also been found that hypnotic suggestions can regulate activity inidentifiable sections of the brain and can contribute to the effective management ofcognitive conflict.认知冲突。
英语总结2
4. It is widely acknowledged that extensive deforestation contributed to heavy summer flooding. Experts argue that China must introduce a massive afforestation program. But I doubt whether afforestation alone will solve the problem.
近年来，艾滋病蔓延的幅度进一步扩大，一项新的研究预测，到2005年，世界上有超过三千万人将感染这一可怕的疾病。
18. Working with the disabled cannot help but leave one impressed with their indefatigable desire.
1. When asked about the ongoing uproar involving U.S. President BillClinton, most people say the affair involves a purely private matter. But many other people regard his actions as deplorable. I personally think the president committed impeachable offences.
高三英语经济单选题50题
高三英语经济单选题50题1. In the economic field, the term "supply" ______ the amount of a product or service that producers are willing and able to offer.A. refers toB. leads toC. contributes toD. turns to答案：A。
本题考查动词短语辨析。
“refers to”意为“指的是”，在经济领域中，“supply”这个术语指的是生产者愿意并且能够提供的产品或服务的数量，符合语境。
“leads to”意为“导致”；“contributes to”意为“有助于，促成”；“turns to”意为“转向，求助于”，均不符合此处“supply”的意思。
2. The ______ of a company is often determined by its financial performance and market share.A. valueB. costC. priceD. expense答案：A。
本题考查名词辨析。
“value”在此处指公司的价值，公司的价值通常由其财务表现和市场份额决定。
“cost”意为“成本”；“price”意为“价格”；“expense”意为“费用，开支”，这三个词都不符合句子要表达的公司整体的价值的意思。
3. Economic growth ______ an increase in the production of goods and services over time.A. consists ofB. results fromC. depends onD. is made up of答案：A。
本题考查动词短语。
“consists of”表示“由……组成，包括”，经济增长包括随着时间推移商品和服务生产的增加，符合题意。
耶鲁《金融市场》视频笔记
I thought I would just remember a couple of highlights from the first two lectures to consolidate what we said then.我想重申一下上两节课的几个重点，以便巩固我们讲过的内容In the first lecture, I talked about a lot of things,but one theme that comes to my mind is the theme of the moral purpose and mission of the finance community.第一课里，我讲了很多东西，但中心主旨就是金融界的道德目标和使命We talked about the sense that, I think, young people have a sort of prejudice against the field and they think that finance is a field that you go into if you really value money rather than people.我们谈论了年轻人对这一行业的偏见，他们认为进入金融业的人金钱至上而不尊重他人I want to reiterate again that’s not the way I view the field at all.我想重申一下，我对金融界的看法与他们截然不同I was just yesterday, I gave a talk in Montreal at the Caisse de Dep----昨天，我刚在蒙特利的魁北克储蓄投资集团做了一个讲演which is the big wealth management fund for the Province of Quebec这个投资集团是魁北克省的一所大型财产管理基金机构I met a lot of people there and I never once got the idea that anyone there was evil or grasping.在那我见了很多人，但是我没有察觉到任何恶毒或者贪婪的气息I think they have a moral purpose, which is to preserve the livelihoods of the people of the Province of Quebec.我认为他们都有一个共同的道德目标，就是维持魁北克省居民的生计You get a very different view of things when you meet the people.只有当你亲身面对这些人的时候，你会看到事情的另一面I think our entertainment industry likes to make movies about people in finance, but they are inevitably portrayed as evil and I don’t know why that is.娱乐产业喜欢制作关于金融业的电影，但里面的人物总是被刻画的很恶毒，我也不知道为什么I don’t think there has ever been a major motion picture about a financial person who ended up a philanthropist. Why is that?我觉得好像没有一部正儿八经的电影里金融业者最终成为了慈善家，为什么？I just don’t--people don’t like-- people would rather hate--我不…人们不喜欢…人们宁愿厌恶…I don’t know why it’s something--我不明白为什么It wouldn’t be a good movie theme, would it? Anyway, you have to overcome these--那不是好的电影主题吗？不管怎样，你们要克服这种想法…You have to think that if you go into the field you would probably and if you’re successful, you would probably end up as a philanthropist. but no movie will be made about your life and you may eccounter hostility the whole way.你们要认为，如果你进入这一行，你很可能，如果你成功了，你很可能成为一位慈善家，但是不会有电影记录你的人生，而且你可能整天遭受白眼It’s especially true right now with the subprime crisis.在次贷危机下，情况更是如此People are blaming the financial community for our troubles now.现在，人们都把危机怪罪到金融界的头上It is true that we’re seeing some people thrown out of their houses, in some cases, because of some rather questionable financial practices that got people into mortgages that they shouldn’t have gotten into.确实我们看到有些人被赶出他们的房子，在有些案例中，确实是有些有问题的金融操纵，使人们背上本不该背负的债务But overall, I think that the people in this field are good people.但是总体来说，这一行业的人是好人In the last lecture, I talke about－－上一课，我讲了…In the second lecture, I talked about the pooling of risks and the basic theme of that lecture was that we now have a mathematical theory, probability theory.第二课，我讲了风险汇聚及分摊，那节课的主题是一门数学理论，即概率论When you look at this theory, you realize that it suggests a very important technology for improving human welfare and by spreading risks.这一理论，提出了一个重要的技术即可以通过分散风险，提高收益The economy, and technology, and the weather and all sorts of factors create risks.经济，科技，天气各种其他因素都可能创造风险But the real technoloty is-- the technology that works to eliminate risks is to spread them out to pool them, to share them among many different people.但是真正的技术，能够降低风险，通过风险汇聚，将风险分散，让很多人共同承担So, the idea that therists suggest and it may be unreachable, but the perfect financial system would have all of our risks pooled completely.理论家提出的这一理论，可能无法达到, 但是一个完美的金融体系，能够将所有的风险完全分摊That is, nobody suffers alone.也就是说，没有人独自承担损失If anything happens to me in my livelihood, then it’s spread out over everybody and everybody means the whole world.如果我的生计出问题了，他将分散到每个人身上，每个人指全世界的人Whatever happens to me, when it’s spread out over six billion plus people, it ends up divided by six billion and it becomes unobservable.发生在我身上的事，分散到六十多亿人口上被六十亿除，就变得难以察觉It becomes so small that it’s meaningless and that’s the ideal.小到微不足道，这就是完美模型That’s what, in principle, we can do and what I think is the most important concept in finance--this concept of risk pooling.原则上，这就是我们能做的，我认为这也是金融业最重要的概念，即风险汇聚及分摊We live in a world where people suffer all kinds of misfortunes.我们生活的这个世界，人们会经历各种的不幸Of course, we can try to get rid of these misfortunes. We can do research on disease prevention and weather modification and global warming.当然，我们能够避免这些不幸。
The_consumption_upgrading_effect_of_the_citizenshi
Development Economics of China2023, VOL. 7, NO. 1, 38-42DOI: 10.47297/wspdecWSP2515-797306.20230701The consumption upgrading effect of the citizenship of migrant workers: An empirical studyYihan ZhuNanchang Hangkong University, Nanchan, Jiangxi, 330063, P. R. ChinaABSTRACTThe citizenship of migrant workers is conducive to expanding domesticdemand and promoting consumption, and many scholars haveconducted studies on the consumption effects brought about by thecitizenship of migrant workers. This paper explores the consumptionupgrading effect of the citizenship of migrant workers from theperspective of micro data by using the regression model of least squaresmethod using data from the China Household Finance Survey. The studyfinds that as the income and education level, social security level,willingness to settle in the city and life satisfaction of migrant workersincrease, they become more integrated into the city and their economicstatus, social security and self-identity improve, ultimately increasing theirconsumption level and optimising their consumption structure, achievingthe effect of consumption upgrading.KEYWORDSCitizenization of migrant workers; Consumption upgrading effect;Empirical analysis1 IntroductionSince the reform and opening up, a large number of migrant workers have continued to flock to urban areas to work in search of better living and working conditions, resulting in the transfer of labour from the agricultural sector to the non-agricultural sector. This process has provided hundreds of millions of cheap labour for China's economic development, improved the efficiency of resource allocation, promoted the development of urbanisation and economic development in China, and created huge social wealth. According to the 2016 and 2022 China Statistical Yearbook prepared by the National Bureau of Statistics, the proportion of China's year-end urban population has increased year-on-year from 45.86% in 2007 to 64.72% in 2021, which shows that China's urban population has increased year-on-year in recent years and urbanisation has developed significantly. In recent years, the group of migrant workers in China has been growing and more and more scholars are paying attention to the issue of migrant workers' urbanisation. The citizenship of migrant workers not only plays an important role in expanding urban and rural domestic demand, but also stimulates consumption growth, increases employment, promotes industrial structure optimisation and upgrading, increases urban housing expenditure, and has a positive effect on economic growth.According to the existing studies, the citizenship of migrant workers can effectively release the consumption potential of migrant workers and promote the economy. However, at present, the* Corresponding Author:Development Economics of Chinaconsumption level of migrant workers is still at a low level.[1][2]Studies on the consumption constraints of migrant workers' citizenship mainly include the social status of migrant workers, the amphibious consumption pattern separated from the family, and the coverage rate of basic pension insurance.[3][4] Previous scholars have put forward some policy recommendations on how to promote the consumption capacity of migrant workers and optimize the consumption structure.[5][6] However, few literatures have further studied the role of citizenization of migrant workers in promoting the consumption upgrading of migrant workers. Therefore, it is necessary to further study the consumption upgrading effect of citizenization of migrant workers on the basis of existing literatures2 Study design2.1 Model settingIn exploring the role of the citizenship of migrant workers on consumption upgrading, the following regression model was constructed here with reference to previous scholarly research and the specific variables selected. The method used in the regression model is the least squares (OLS) method:Con1i =β+β1citii+∑control+εi(1)Con2i =β+β1citii+∑control+εi(2)In equation (1)Con1iis the first explanatory variable representing the level of consumption ofmigrant workers, and in equation (2)Con2iis the second explanatory variable representing theconsumption structure of migrant workers.β0is the constant term,β1is the regression coefficient,and citiidenotes the core explanatory variable representing the level of citizenship of migrantworkers, and∑control denotes the set of control variables, andεidenotes the random disturbance term representing other factors outside the model that can influence the consumption upgrading of migrant workers.2.2 Description of variables2.2.1 Explanatory variable: Consumption upgradeIn this paper, we refer to Li Weijun et al.'s (2023) measure of consumption upgrading, and take the increase in consumption level and the optimisation of consumption structure as the measure of consumption upgrading.[7] Accordingly, the first explanatory variable consumption level (con1) is set to be expressed using the total consumption expenditure of migrant workers. As this absolute value indicator is large, it is treated logarithmically.In terms of optimising the consumption structure of the second explanatory variable, the consumption expenditure of migrant workers can be divided into subsistence consumption and developmental enjoyment consumption based on the type of consumption. Survival consumption includes clothing, food, local transport and housing costs. Developmental consumption includes education, communication, transport, health care, recreational and cultural services and services. The second explanatory variable, consumption structure (con2), is therefore expressed as the share of developmental enjoyment consumption in total consumption.2.2.2 Core explanatory variable: Migrant workers' citizenshipBased on the seven indicators of migrant workers' education level, income level, housing type, commercial insurance, unemployment protection, willingness to settle and satisfaction with life, a39Yihan Zhu 40principal component analysis was used to construct a citizenship index (citi) for migrant workers, which was used as the core explanatory variable. The seven indicators take into account the personal quality, economic status, insurance protection and self-perception of migrant workers, and can better represent the degree of citizenship of migrant workers.As this paper constructs indicators of the degree of citizenship of migrant workers based on seven indicators: education level, income level, housing type, commercial insurance, unemployment protection, willingness to settle, and satisfaction with life, using principal component analysis. Therefore, it is necessary to conduct a descriptive analysis of these seven indicators. These seven indicators can be directly obtained from the CHFS questionnaire. The seven indicators correspond to the questions in the CHFS questionnaire: A2012 (highest level of education completed), A2023lc (annual income), A2017b (type of housing currently lived in), F6001a (type of commercial insurance purchased), F3001 (whether there is unemployment insurance), A2022ha (whether they are willing to obtain an urban hukou in their location) and H3514 ( Feeling happy).2.2.3 Control variablesSince the factors affecting the consumption upgrading of migrant workers are diverse, a set of control variables is selected here to enhance the accuracy of the findings, referring to the practices of previous scholars such as Zhanbo Chen et al. (2021) and Chenghao Sun et al. (2020) : gender (gender), age (age), marital status (married), health (health), whether or not a member of a party (party), and Total assets (asset).[8][9] The explanations for each variable are shown in Table 6: the sample of individuals under 18 years of age is likely to have income from the household i.e. not financially independent and the level of consumption expenditure is not representative, so this category was excluded from the paper.2.3 Data sourcesThe data used in this paper are from the China Household Finance Survey 2019 (CHFS-2019). In order to screen out the migrant worker sample from it, residents with agricultural household registration and working in non-agricultural jobs in urban areas were defined as migrant workers by referring to Wang Xiaoqing (2022).[10] Therefore, after excluding the ineligible samples, a sample of 17,079 migrant workers was retained.3 Empirical analysis3.1 Regression analysisTable 1 shows the estimation results of the model. Model (1) is the effect of migrant workers' citizenship on consumption level, while model (2) is the effect of migrant workers' citizenship on consumption structure. Firstly, according to the results of model (1), the regression coefficient of the degree of citizenship of migrant workers (citi) is 0.264, with a p-value of less than 0.01, thus passing the significance test at the 1% level, which means that the increase in the degree of citizenship of migrant workers will drive up their consumption level.According to the regression results of model (2), the regression coefficient of the degree of citizenship of migrant workers (citi) is 0.0362, with a p-value less than 0.01. Therefore, it passes the significance test at the 1% level, so the increase in the degree of citizenship of migrant workers will also increase the proportion of development-oriented consumption. Among the control variables in model (2), the regression coefficient of health is significantly negative, indicating that the better theDevelopment Economics of China health status is, the lower the proportion of development-oriented consumption will be, which is due to the fact that health care consumption expenditure decreases when the health status is better.In summary, as migrant workers become more integrated into the city, their economic situation, social security and self-identity will improve, ultimately raising consumption levels and optimising the consumption structure, achieving the effect of consumption upgrading.3.2 Robustness testsThis section uses a replacement of the econometric model for robustness testing, by replacing the least squares method used in the previous section (OLS) regression model was changed to generalised least squares (GLS) regression. The regression coefficient of the degree of citizenship of migrant workers (citi) was determined to be significantly positive, and if the results were still significantly positive under different econometric models, the findings of this paper were robust. The regression coefficient of the degree of citizenship of migrant workers (citi) on the level of consumption (con1) is 0.112, which passes the significance test at the 1% level, indicating that the conclusion that the citizenship of migrant workers promotes the increase of consumption level is more robust. Similarly, the regression coefficient of 0.0369 for the degree of citizenship of migrant workers (citi) on consumption structure (con2) still passed the significance test at the 1% level, indicating that the conclusion that the citizenship of migrant workers enhances consumption structure is also relatively robust.In summary, this section can still conclude that the deepening of the citizenship of migrant workers increases consumption levels and optimises the consumption structure, ultimately leading to consumption upgrading, by replacing the econometric model. Therefore, the conclusions of this paper are robust and reliable.Tables 2. Table of robustness testTable 1. Estimates of the Consumption Escalation Effect of the Citizenship of Migrant WorkersVariablesCitiGenderAgeHealthMarriedPartyAssetConstant termSample sizeR-side Models (1)con10.263***(0.0379)-0.0421***(0.0113)-0.00967***(0.000395)0.00724(0.00606)0.185***(0.0139)0.0289(0.0231)0.215***(0.00372)8.549***(0.0552)17,0790.246Models (2)con20.0361***(0.0103)-0.00695***(0.00307)-0.00124***(0.000107)-0.0223***(0.00165)0.00137(0.00378)0.00152(0.00628)0.0244***(0.00101)0.290***(0.0150)17,0790.050Note: Standard errors in brackets, ***, ** and * indicate significant at the 1%, 5% and 10% levels respectively 41Yihan Zhu About the authorYihan Zhu is undergraduate of Nanchang Hangkong University, and her research field is migrant worker economy.References[1] Li X., Zhang R. (2015). Research on the relationship between citizenization of new generation migrant workers and economic growth based on empirical analysis. Chinese Management Information Technology, 03:144-146.[2] Jiang C., Han C. (2015). Tax support effect of migrant workers' citizenization: Theoretical interpretation and practical countermeasures. Social Sciences of Ningxia, 03:65-70.[3] Li X., Luo L. (2021). Migration patterns and migrant workers' consumption. China Agricultural Economic Review, 13(4):781-798.[4] Su J. (2013). Consumption and its effect on the process of urbanization of rural migrant workers. Thesis of Shaanxi Normal University, 4: 1-205.[5] Chen B., Lu M., Zhong N. (2015). How urban segregation distorts Chinese migrants' consumption?. World Development, 70:133-146.[6] Deng Z. (2019). The Internet consumer finance for new generation of migrant workers the influence of consumer behavior research. Thesis of Southwestern University of Finance and Economics. 7: 1-69.[7] Li W., Zhou Y., Wu Y. (2023). Hidden income: Housing provident fund system and residents' consumption upgrading. Consumer Economics, 02:33-44.[8] Chen Z., Huang W., Hao X. (2021). Research on the impact of mobile payment on Chinese rural consumption. Macroeconomic Research, 05: 123-141.[9] Sun C., Xie T. (2020). Empirical test on the impact of Internet consumer finance on household consumption upgrading. Statistics and Decision, 17:134-137.[10] Wang X. (2022). The influence of the housing security system for migrant workers in our country residence mode. Thesis of Southwestern University of Finance and Economics, 2: 1-160.VariablesCitiGenderAgeHealthMarriedPartyAssetConstant termSample sizeR-side Models (1)con10.112***(-0.0308)-0.0211***(-0.00774)-0.00686***(-0.000314)-0.00162(-0.00162)0.143***(-0.0106)0.0421**(-0.0174)0.206***(-0.00372)8.616***(-0.054)17,0790.215Models (2)con20.0369***(-0.00836)-0.00508**(-0.0021)-0.000788***(-8.52E-05)-0.0153***(-0.0153***)000423(-0.00289)-0.0041(-0.00471)0.0276***(-0.00101)0.201***(-0.0146)17,0790.056Note: Standard errors in brackets, ***, ** and * indicate significant at the 1%, 5% and 10% levels respectively 42。
专业英语四级阅读3
Exercise 3TEXT AThe early American settlers came primarily for economic reasons. They settled down in the colonies in America because they wanted to get more raw materials for English commerce and create new markets for English goods. Other reasons for settlement--to escape religious persecution, to reduce the population, to catch up with the Spanish and French advance in the colonies, and to search for a quicker passage to India--were secondary to the desire of the English Crown and commercial interests to develop America in ways that increased England's prosperity. Here, emphasis was placed on private property, contracts, and markets. The drive to take land, develop farms, kill or displace Native Americans, and import slaves was fueled by the effort to create markets that sent raw materials across the Atlantic and brought back finished goods from commercial and industrial interests in England.The Revolution freed this market-oriented economy from the chartered companies of the English Crown and created what eventually was to be a dynamic form of capitalism that relied upon disadvantaged and inexpensive ethnic labor. The enslavement of Africans was the first way to make use of ethnic populations to make profits; the mass killing of Native Americans was ultimately for the economic gains that came with their land and resources; the conquest of Mexican Americans in the Southwest marked a similar appropriation of land and subordination of an ethnic group for economic gain; finally, the large-scale importation of white ethnic groups from other parts of continental Europe and Asians from the east was used to keep further expansion of industrial development. Thus, the legacy of early British commercial capitalism developed into a system that depended upon subordinated ethnic labor- a situation that persists to the present day.81. What is the most important purpose of British colonial settlement in North America?A. To find a larger market for their raw material.B. To increase England's prosperity.C. To pursue their religion.D. To escape the Revolution.82. What was the English settlers' benefit from the new market in North America?A. They made Native Americans cheap ethnic labor.B. They escaped the religious persecution.C. They expanded the British territory.D. They profited in commerce and industry.83. After the Revolution, what happened to capitalism?A. The market became dependent on the chartered companies of the EnglishCrown.B. The economy became market-oriented.C. The system relied on subordinated ethnic labor.D. The system depended on the land and resources.84. Where were the inexpensive ethnic laborers from?A. Continental Europe.B. BritainC. North AmericaD. Mexico 81．B．细节题，第一段第三句列举各种理由，并指出英国欲在发展美洲过程中获益是主要原因。
Unit03_Inquiries
Unit Three Inquiries(询盘)
New Words & Expressions
3. quote quote v. 报价 quote sb. a price for (or: on) sth. 报给某人某种商品的价格 Please quote us your lowest prices for personal computers. 请报个人电脑的最低价。 We quoted this article at US$278 per case. 这种商品每箱报价二百七十八美元。 Would you please quote us your best price FOB Dalian for (or: on) 1,000 pieces of leather jacket. 请报一千件皮夹克的最好大连船上交货价。
n. 市场，行市 上市 找销路 畅销(滞销) 要购买 市场上涨 市场活跃 市场坚挺
Unit Three Inquiries(询盘)
New Words & Expressions
They are in the market for table-cloth and pillowcases. 他们要购买桌布和枕头套。 Please keep us informed of the supply and demand position in your market. 请随时告知你处市场的供求状况。 The market is strengthening. 行情在上涨。 market v. 推销，销售，在市场上出售 There is no difficulty in marketing these traditional products in the Southeast Asian market. 在东南亚市场推销这些传统产品不会有困难。
00087英汉翻译教程每课重点词汇
00087英汉翻译教程每课重点词汇00087英汉翻译教程每课重点词汇Lesson 11. fellow countrymen 同胞2. average height 中等身材3. gleaming eyes 闪光的眼睛4. in his middle twenties 二十多岁5. to be seated 招呼坐下6. stand squarely 端端正正地站着7. more than ten years his junior 比他年轻十几岁8. revolutionary road 革命道路9. Chinese communist Party 中国共产党10. full member 正式成员11. membership 党籍12. keep a secret 保密Lesson 21. immeasurable contrast 迥然不同2. to and fro 走来走去3. upturn face 仰着脸4. sweet spring 芬芳的春天5. anger and bitterness 又气愤又苦恼6. dense fog 大雾7. tense and anxious 紧张而焦急8. 五一的下午on the afternoon of May 1st9. 无言的呼唤wordless cry10. 探测绳sounding-lineLesson 31. 各种流派的different schools2. 前两天a few days ago3. 受限制be restricted/be subjected to4. 传统观念traditional thinking5. 不合理的制度irrational system6. 最高境界the highest state7. 浓妆艳抹heavy make up8. 主人公chief character/principal character9. 花言巧语flowery language10. 社会进步和人性发展social progress and human development Lesson 41. 工业革命Industrial Revolution2. 多功能的机器multi-purpose machine3. 出于自愿和兴趣on one’s own account, out of interest4. 新兴城市the rising town5. 大胆的举止in a bolder manner6. 实干家practical man7. 交通动脉arteries of communication8. in the air 传说中，酝酿中9. source of power 能源10. outstanding feature 突出特点Lesson 51. 极西地带far west2. 山区mountainous regions3. 永久定居permanent settlement4. 为…打下基础lay foundations for5. 专门从事devote exclusively to6. 合法手续legal title7. establish communities 建立村镇8. stock-raising 养殖畜牧业9. open public domain 开放的公共地带10. regular event 常事11. high plains 高原12. criss-crossed 纵横交错Lesson 61. 新民主主义new democracy2. 五四运动the May 4 Movement3. 辛亥革命the Revolution of 19114. 革命知识分子revolutionary intellectuals5. 帝国主义imperialist6. 无产阶级proletariat7. 在…的号召下at the call of8. 小资产阶级知识分子petty-bourgeois intellectuals9. 统一战线的革命运动the revolutionary movement of a united front10. 平民文学literature for the common people11. 北伐战争the Northern Expedition12. 右翼the rightwingLesson 71. life-giving 赋予生命2. everlastingly 无穷无尽的3. the Nile Delta 尼罗河三角洲4. freshly harvested 刚割的5. Mediterranean 地中海6. the Pyramids 金字塔7. negative effects 不良的后果8. a ghost town 鬼城；被遗弃的荒芜的城镇9. brightly painted 颜色鲜艳的10. member of a team 队员11. 河流入海口the mouth of the river12. 水坝发电power generated by the damLesson 81. Mt. Lofty Ranges 洛夫蒂岭山th2. average annual rainfall 平均年降雨量3. surveyor general 测量总监4. business district 商业区5. residential section 住宅区6. municipal government 自治政府7. lord mayoralty 市长的职位8. mineral deposit 矿藏9. marketing centre 贸易中心10. automobile components 汽车部件11. 地中海型气候Mediterranean climate12. 文艺节Festival of ArtsLesson 91. Palace Museum 故宫博物院2. walled courtyard 带围墙的院子3. watchtower 更楼4. complete group o f ancient buildings 完整的古代建筑群5. ravages of time 时间的摧残6. ancient Chinese architecture古代中国建筑7. historical sites 历史遗址8. cobbled roadway 鹅卵石路9. Golden Water Bridge 金水桥10. typical masterpiece 具有代表意义的杰作Lesson 101. global economy 全球性的经济2. sovereign nation 主权国家3. mutual prosperity 共同繁荣4. sum total 总数，总额5. foreign investment 外国投资6. per capita GNP 人均国民生产总值7. 沿海地区coastal areas8. 平均率average rate9. 电力生产electrical production10. 双边贸易two way trade11. 外汇foreign exchange12. 生活水平standard of livingLesson 111. marine insurance 海事保险2. flows of capital资本流动3. foreign exchange dealing 外汇交易4. outward investor 对外投资者5. Pacific region 太平洋地区6. the right climate for 良好的环境7. vast size and resources 地大物博8. to take a real interest in sth. 密切关注某事9. coastal city 沿海城市10. international community 国际社会11. entrepreneurial spirit 进取精神12. 对外开放政策the policy of opening to the outside world13. 世界投资体系world investment system14. 经济改革economic reformsLesson 121. 基本方针basic principle2. 自给自足self-sufficiency3. 客观有利因素favorable objective factors4. 生产条件production condition5. 耕地cultivated land6. 中、低产田medium-and-low-yield land7. 灌溉面积irrigated areas8. 宜农荒地arable land9. 复种指数multiple crop index10. 水利工程water-control projects11. 单位面积产量the yield per unit area12. 粮食总产量目标total grain output targetLesson 131. agonizing flashback 痛苦的回忆2. come and go 霎时即去3. property damage 财产损失4. monotonous 单调的，枯燥的5. flash-flooding 暴雨成灾6. to imprint on one’s mind 印在某人的脑海里7. scare tactic 吓唬人的办法8. power of nature 大自然的力量9. river bed 河床10. to give sth. much thought 仔细想某事11. 无情的relentless12. 雨季rainy seasonLesson 141. maternal grandfather 外祖父2. the flower of one’s youth 风华正茂3. popular science 科普读物4. undue absorption in the past 过分地怀念过去5. sucking vigor 汲取力量6. live one’s own life 独立生活7. the founder of Girton College 戈登学院的创办人8. clinging to youth 与年轻人呆在一起9. 过去的好时光the good old days10. 高等教育higher educationLesson 151. 旧梦重温going through old dreams2. 儿童出版社Children press3. 散文集collection of essays4. 丝绸之路the Silk Road5. 历史古迹the historic sites6. 大英博物馆the British Museum7. 简单的早餐simple breakfast8. 花坛flower bad9. 斗兽场arena10. 教皇PopeLesson 161. market-day 赶集的日子2.Sir John约翰爵士3.the renowned knight 著名的武士4.county history郡志5. lineal representative of the ancient family 古老世家的嫡派子孙Lesson 171. drug store 杂货店2. meticulously dressed 精心打扮，穿着讲究，一点不马虎3. tentative and uncertain manner 试探和踌躇的举止4.sb.’s face suddenly brighten 某人的脸上突然露出喜色Lesson 181. 初冬early winter2. 做中间人的；做中人的the go-between3. 月白色的pale green4. 祥林嫂Xianglin’s wife5. 试工期trial period6. 严厉的婆婆strict mother-in-law7. 打柴cut wood8. 熬夜to sit up9. 福礼sacrificial meat10.不惜力气not sparing oneselfLesson 191. a narrow swale 狭长的洼地2. the birth and death of the day 每一天的诞生和死亡3. the range of mountain 山脉4. mind and twist 蜿蜒5. a kind of invitation 殷勤邀请6. a beloved mother 亲爱的母亲7. dread of畏惧8. canyon峡谷9. sand bank 沙案10. part-time river 季节性河流Lesson 201. a far cry from 完全不同2. self-assurance 自信3. sober-faced 沉静的；镇静的4. odd-shaped 怪样子的5. well-mannered silence 规规矩矩，一声不响6. sailor suit 水手服7. the ice was broken 打破了僵局8. in unison 齐声；一致9. stare at sb. 凝视某人10. all of a sudden 突然11. resonant voice 洪亮的声音Lesson 211. 拉家带口be saddled with big family2. 拉排字车pull a hand cart3. 腊月二十三the twenty-third of the twelfth lunar month4. 前台front stage5. 小买卖人a peddler6. 养家to support the family7. 喊嗓子to practice singing8. 零工odd jobs9. 排队queue up10. 落汤鸡a drowned rat11. it rains cats and dogs 瓢泼大雨12. no show, no pay 不响锣，不给钱Lesson 221. mineral oil 矿物油2. onboard ship 在船上3. on shore 在岸上4. at chemist’s 在药店5. internal combustion engine 内燃机6. carriage drawn by the horse 马车7. be superior to 优于；好于8. in this respect 在这方面9. a thin file of oil 薄薄的一层油10. oil-burning lamp 油灯Lesson 231. superhighway 高速公路2. applied entomology 应用昆虫学3. living organisms 生物体4. an insect-free world 无昆虫的世界5. now and again 有时6. right to know 知情权7. science of biotic controls 生物控制学8. turn one’s back on 拒绝；冷眼相看9. entomologist 昆虫学家10. geneticist 遗传学家Lesson 241. 自然资源natural resources2. 人均per capita3. 淡水资源freshwater resources4. 长期的long-term5. 国民经济national economy6. 战略任务strategic task7. 大陆架continental shelves8. 专属经济区遣exclusive economic zones9. 海洋生物sea creature10. 低纬度low latitude11. 沉积盆地sedimentation basin12. 海洋旅游业marine tourismLesson 251. environmental law 环保法2. noise pollution 噪声污染3. public concerns 公众关注4. industrial pollutions 工业污染5. federal law 联邦法6. vaguely worded 措辞含糊7. court of appeals 上诉法院8. to grant a license 颁发许可证9. natural beauty 自然美10. Federal power Commission 联邦电力委员会Lesson 261. The Contracting States 成员国；缔约国2. copyright 版权3. universal convention 世界公约4. international understanding 国际间的了解5. domestic legislation 国内立法6. as follows如下7. unpublished works 未出版的作品8. works of the human mind 人类精神产品Lesson 271. 中外合资经营企业Chinese -Foreign Equity Joint V enture2. 经济合作economic cooperation3. 技术交流technological exchange4. 平等互利的原则principle of equality and mutual benefit5. 公共利益public interest6. 有限责任公司a limited liability company7. 注册资本. Registered capital8. 工业产权industrial property rights9. 先进技术advanced technology10. 董事会board of directors11. 总会计师treasurer12. 审计师auditor13. 储备基金reserve fund14. 外汇账户foreign exchange accountLesson 281. toast 祝酒词2. common ground 共同点3. differences 分歧4. magnificent dinner 盛大晚宴5．Compromise 妥协；让步6．Welcoming banquet 欢迎宴会7．Telecommunicate 电讯8．Prime minister 总理Lesson 291. full diplomatic relations 正式外交关系2. the Long March 长征3. the policies of reform and opening to the outside world 改革和对外开放政策4. Sino-American relationship 中美关系5. historically significant experiment 具有历史意义的尝试6. developing country 发展中国家7．Developed country 发达国家8．International affairs 国际事务9．Scientific exchange 科学交流10．National security policy 国家安全政策Lesson 301. 金秋时节golden fall2. 学术交流academic exchange3. 加强合作to promote cooperation4. 历史文化传统historical and cultural traditions5. 深刻的影响a profound impact6. 生化方式way of life7. 民族团结ethnic harmony; ethnic solidarity8. 区域自治regional autonomy9. 民族精神national spirit10. 周边环境neighboring environment11. 和平共处peaceful coexistence12.互相尊重mutual respect13.平等互利equality and mutual benefit14.互不干涉内政non-interference15.振兴中华rejuvenation of China。
经济学小论文英文怎么说
经济学小论文英文怎么说In the discipline of economics, there is an ongoing debate about the most effective policies for promoting economic growth. Some scholars argue that government intervention is necessary to correct market failures and ensure the efficient allocation of resources. Others advocate for a laissez-faire approach, arguing that government intervention often leads to inefficiency and unintended consequences.Proponents of government intervention point to examples such as the Great Depression and the recent global financial crisis as evidence of the need for strong regulatory measures. They argue that without government intervention, markets are prone to speculative bubbles, excessive risk-taking, and financial instability. They also point to the importance of public goods and the need for government provision of infrastructure, education, and healthcare.On the other hand, advocates of laissez-faire policies argue that government intervention often leads to unintended consequences and can stifle innovation and entrepreneurship. They point to examples such as the Soviet Union's centrally planned economy and the failure of many government-led development projects in the developing world as evidence of the inefficiency of government intervention. They also argue that government regulations can create barriers to entry for small businesses and stifle competition.In reality, the optimal policy mix likely lies somewhere in between these two extremes. A pragmatic approach that recognizes the potential benefits of both government intervention and freemarkets is likely to be most effective. This might include targeted government interventions to correct market failures, promote innovation, and provide public goods, while also recognizing the importance of competition and free markets in driving economic growth.Ultimately, the question of the most effective economic policies is complex and context-dependent. It requires a careful consideration of the specific circumstances and trade-offs involved. Rather than adhering to rigid ideological positions, it is important to remain open to evidence and to continually evaluate and adjust economic policies based on their effectiveness in promoting sustainable and inclusive economic growth.In addition to the debate over the role of government intervention, there is also ongoing discussion about the importance of fiscal and monetary policies in promoting economic growth. Fiscal policies involve government spending and taxation, while monetary policies involve the control of the money supply and interest rates by central banks.Proponents of expansive fiscal policies argue that government spending can stimulate demand in the economy, create jobs, and spur investment. They point to examples such as the New Deal in the United States and the infrastructure development programs in China as evidence of the potential of fiscal stimulus to promote economic growth. On the other hand, critics argue that excessive government spending can lead to budget deficits, inflation, and crowding out private investment.Similarly, supporters of expansive monetary policies argue that central banks can use measures such as lower interest rates andquantitative easing to boost investment and consumption. They point to the actions of central banks during the global financial crisis as evidence of the effectiveness of monetary stimulus. Critics, however, warn of the risks of inflation, asset bubbles, and financial instability associated with loose monetary policies.Moreover, there is also ongoing debate about the importance of trade and industrial policies in promoting economic growth. Proponents of free trade argue that removing barriers to international trade can lead to economic efficiency, specialization, and access to a wider range of goods and services. On the other hand, proponents of protectionist policies argue that domestic industries need to be shielded from foreign competition in order to grow and develop.In practice, the most effective economic policies are likely to involve a combination of fiscal, monetary, trade, and industrial policies tailored to specific national and global economic conditions. The key is to find a balanced approach that leverages the potential benefits of government intervention while also recognizing the importance of market forces. Moreover, there is also a need to account for the potential impacts of economic policies on income inequality, environmental sustainability, and social welfare.In conclusion, the debate over the most effective economic policies for promoting growth is multifaceted and continually evolving. It requires a nuanced understanding of the complexities of economic systems and a willingness to adapt policies based on empirical evidence and real-world outcomes. An open-minded and pragmaticapproach that seeks to integrate the best elements of different economic perspectives is likely to be the most effective in fostering sustainable and inclusive economic growth.。
2023年经济学考博英语词组大盘点
2023年考博英语词组大盘点：A开头的词组adjust to 调整以适应after all 还是;终于;毕竟aim of 瞄准;致力于…;旨在all but 几乎，差点;除…之外的所有all the while 一直地;始终all the more 更加越发all the same 尽管如此，依旧allow for 酌量;考虑到and vice versa 反过来也同样anything/nothing but 一点也不/只是;仅仅是anything but 一点也不，决不是nothing but 只是，只但是是 .apart from 除了;且不说appeal to 规定;上诉;引起…注意approve of 赞赏，批准;获准，认可around the corner 在拐角处;即将到来as a matter of course 当然，理所当然的(事)as a result/consequence 结果;因此as fellows 如下a matter of 几(分钟，里路，块钱等)的事;大约，左右;是个…问题，事关…about of 即将;打算absent from 不在;缺席absorbed in 吸引;专心于…account for 说明(因素);解释;占…adhere to 粘附在…上;坚持，遵守;依附as for/to/regards 至于，说到就…而言/关于as it is (was) 事实上;按照原样as it were 似乎;事实上可以这么说;简直是;可谓as opposed to 和…相反;与…相对比as well 也…;和as/so far as 就…而言;至于; 到…限度;在…范围内ask after/for 问候，询问，探问/请求;找某人;规定at a stretch 不休息地，一口气地at a time 一次at all 一点也不，完全不(用于否认句)at (the) best/worst 顶多，充其量也但是/最坏也就是at (all) time 总是;无论何时，一直at a loss 不知所措at all/any cost(s) 不惜一切代价at all events 不管如何，反正at any moment 随时at any rate 不管如何;总而言之at first 起初;开始at first sight 乍一看，一见就at intervals (of) 不时，时时;每隔…at large 一般的;普遍的;详尽地;在逃;逍遥自在地at leisure 有空闲，闲着的;从容地，慢慢地at liberty 自由，有权(做某事);闲着at (the) most/least 至多/至少at stake 关系到…的得失;在危险中at that 就这样;并且at sea 茫然，不知所措at the mercy of 完全受…支配，听命于at the moment 此刻at the risk of 冒…的危险attach to 附上;贴上;使从属attend to 解决，办理;照看，照料;注意，专心于2023年考博英语词组大盘点：B开头的词组 back up 支持;倒退be bent on (upon) 一心想做(某事)be better of 处境更好;情况转好be bound to 肯定，注定;一定要; 决心be composed of 由…组成be concerned with 关于…，与…有关;参与…be determined to 坚定;坚决;决心be fed up with/about 对…厌烦了;讨厌be fit for 适合be inclined to 倾向于…;想要be obliged to (do) 被迫，不得不be obliged to 感谢be related to 与…相关的，同…有亲戚关系be/get tired/sick of 对…失去爱好;厌烦be/get used/accustomed to 习惯于bear/keep in mind 记住;牢记bear on/upon 对…施加压力;与…有关;对…有影响before long 不久;不久以后blow out (使火)熄灭;(轮胎)爆裂blow up 炸毁;充气;放大(照片);勃然大怒boil/narrow down (to) 压缩成;归结为;简化为…break down (机器)发生故障;(计划，谈判等)失败;分析;分解;破除;战胜;(感情)失控，(身体)垮了break in 闯入;打断;训练;使驯服;使习惯于;break into 闯入;打断;忽然开始…;忽然…起来break out 忽然暴发;逃脱break through 突破;冲破;克服;挤过break up 使粉碎;弄破;解散;结束;解体解散;中断;终止;(学校)放假使苦恼;恳(地) bring down 使垮台;失败;击落，打下;减少(物价，温度等)bring up 抚养，教育;提出(问题等);呕吐bring/come/put/carry into effect 开始生效;实行build up 积累;聚集;增进(健康);增强(体格);确立(信誉);吹捧burn down 烧光;把…烧成平地burst out/into 忽然发生;忽然…起来，怒放but for 除…以外;假如没有by accident/chance (纯粹)偶尔地;恰巧;无意by all means 务必，一定，千方百计by no means 决不，一点，也不by and large 大体上;基本上;总的说来by for 更加…得多;特别;最…by means/way of 用;以;依靠(某种方法，工具，工艺等)/作为;当作;经由by reason of 由于;由于by the way 顺便说一句by virtue of 因;靠;由于;借助于2023年考博英语词组大盘点：C开头的词组change for the better/worse 改善;改善;好转/恶化;每况愈下change/speak one’s mind 改变决定或主意/直抒己见charge (sb.) with 使负…罪名;托付，使承担check in/out 签到;报到;办理(住宿，乘机等)手续;退房登记;办清手续后离开;检查，核对check up 体格检查;核对，检查clean up 扫除，清洗干净;收拾干净;搬空;肃清;扫除;clear away 消除;收拾clear up 整理;解决，澄清，说明白;转晴;变好close up 关闭;阻塞;(人)互相靠紧;(伤口)愈合come about 发生，(风等)改变方向come across (无意中)碰到，找到，想到come along/on 来呀;赶紧;一道来;赞成;进步/赶紧;登台;(病，痛苦)加重，加深;来临;接着开始come back 回到本来的(地方，话题等);忽然想起;重新流行;恢复，复原，复苏;复辟come down 下降，跌价come down to 归根结底;实质上是;实际意味着come in 到来，出现;进入;兴起;到成熟期;上台执政;其作用call for 去接人;取(物件);规定;提倡call off 宣告终止;取消;(使注意力)转移开;放弃call on/upon 指名要(某人)去干(某事);请求;号召;动用call up 打电话;召集，召唤;征召(服役);使人回忆起;从计算机中调出(资料)calm/cool down 安静下来;使(人)冷静下来capable of (人)敢于;能…的;易于做出…的;(事)能…的;易…的care for/about 照顾;关照;喜欢;爱慕/关心;在意carry away 使激动得失去控制，使入迷，使倾倒carry back (to) 使回忆起carry forward 发扬;推动;转入下一页下期等carry off 夺走，诱拐;夺去…生命;获得(奖品等)carry on 继续;喧闹，起哄;从事;解决;经营;开展carry out 完毕;贯彻;贯彻;实现;执行carry through 贯彻到底;度过难关;支持到底cast doubt (on) 使人怀疑come/get/keep in (to) contact/touch 与…联系，接触;交往come off 松开;脱落;剥落;(如期)发生;实现;奉行;应验come out 现出，露出;出版;发行;结果是…;取得(第…名);罢工;解答出来;消失褪去;源于;来自;发表，讲出come (a)round 来访;转而批准某见解;恢复知觉;清醒come to (a standstill/an end/light/no harm/the rescue of) 清醒过来;恢复知觉(停止/结束/发现;显露/无害;无碍/营救;救援)come up with/to 提出;赶上;达成…标准;到达;不辜负(众望)compete with/against 同…竞争;与…相匹敌;竞赛;竞争complain about/of 抱怨;叫屈;申诉;投诉/自诉有…病痛concern about 关心;紧张cut short 剪短;削短;(忽然)中止;打断;缩短;从简count on 指望;期待(某人)相助critical of 对…持批评态度的;对…苛求的cross out 删除;划掉cut down 削减;减少;砍伐cut off 切断;截止;中断供应(疾病等)使(人)死亡;叫(人)闭口无言cut out 割掉;删去;戒掉;省掉2023年考博英语词组大盘点：D开头的词组do wrong/justice (to) 对待(某人)不公平;冤枉某人/逼真;杰出;处置公道;公正对待draw back 退回，往后退;不履行draw in 拉入，吸人; (火车，汽车)进站，到达;吸取参与;(日子)逐渐变短;收(网);紧缩开支draw on 接近;靠近;临近;运用;依赖;凭借; (紧身衣物)穿，戴draw out 取出;拔出; (火车，汽车)缓缓开出; (白天)逐渐变长;拉长，延长;拟订draw up 起草;拟订;(使车、马)停下dress up 化装;装饰;打扮drop in (over) 顺访;串门drop off 睡着;(客人)一个个地散去;(爱好等)减弱drop out 逃(学);离队出走dry up 干瘪;干涸;(思绪等)枯竭deal/cope with 办理;解决;对付;论述;与…打交道，做买卖，妥善;解决;相应付devote to 献身于…;致力于die away 消逝;减弱;渐息die down 平息;安静下来;熄灭die from/of 由于…而死/因(患)…而死，…死于die for 迫切想要(某物);渴望die off 相继死亡;绝种die out 熄灭，绝种，不复存在do away with 除去;废除;干掉;杀死do/try one’s best/utmost 努力;尽力而为do/go without 没有也行2023年考博英语词组大盘点：E、F开头的词组engage in 从事;进行equal to 相等;相同;敌得过;担得起;胜任even if/though 即使;甚至every other 每隔…一(天、周等);所有其他except for/that 除…之外;只是fall back (on) 撤退;退缩(求助于;投靠;转而依靠)fall behind 落后;被甩在后面，拖欠fall on/upon 碰到，看到;降临;落到;袭击;适逢(日期)fall out (头发，牙齿)脱落;掉;掉下来;掉队;(队伍)原地解散;不和;吵翻了fall through 落空;失败famous for 以…著称，闻名;驰名far from 远离，远非;主线谈不上;决不是;差得远feel like 想做(某事);感到像是…的样子fill in 填写;填充;填满;对…提供最新情况;fill out/up 填写;长丰满，长胖;变粗装满;填写;充满;占掉(地方或时间)find fault (with) 找…岔子;挑剔find out 发现;找出;弄清楚;结识到;查明follow up 继而进行…;追踪，跟踪fond of 爱好;喜欢for all (that) 尽管;如此，还是for ever/good 永久;永远for/in fear (of) 唯恐;以免为…而紧张for the sake of 为了;为了…的好处，利益free of/from 不受…影响的;摆脱了…的from time (door/side) to time (door/side) 时时;不定期地(挨家挨户/左右摇摆;晃动)2023年考博英语词组大盘点：G开头的词组get across (使人)了解;讲清楚get/go ahead 赶过;胜过;有进展/开始;进行中;继续下去;走在前面，先走get around/round (to) 克服(困难);避开;(消息)传开;(终于有时间)做某事get at 够得着;拿得到;弄清，了解;意指，暗示get away (with) 逃脱;逃跑get/learn by heart 牢记，熟记;背得出get down (to) (使人)不快;沮丧;写下;咽下(to)开始认真做…get even (with) 报复，和…算账get/take/catch hold of 弄到手;掌握;了解;知道(去向)get in the way 妨碍，阻碍get off (with) 下车;出发;拜别;不涉足，避开;脱下(衣服等);使免遭处罚get on (with) 相处;继续做;进行下去;顺利发展;上车;穿(衣);上年纪get out/into 拜别;逃走;退出;出去;取出;拿出;拨出;出版;谈话吃力;(消息)走漏;泄露/进入;穿上;成癖;陷于;研究;从事于;变成get over 越过;恢复;完毕，结束;克服(困难);解决难题get rid of 除去;丢弃;扔掉;摆脱;消灭get the better 胜过，超过;占上风;左右;支配get through 完毕;到达;渡过;用光;(使人)明白;通过;接通(电话)get together 集会;聚会get up 起床;站起;举办;安排;化装;打扮get up to 到达;赶上give away 背弃;出卖;泄露;散掉，给掉(钱财)give in/way (to) 屈服;让步;递交;交上;让位于，转变为;听任支配give out 分发;分派;失灵;报废;用尽;耗光give rise to 引发;导致;产生given that 只要是，考虑到;假定，已知go after 寻找;追求go by 通过;通过;依照…行事;根据…的说法go down 去某地;下去;跪下;咽下;(日)落;(船)沉;病倒;垮台;(计算机)停机(故障) go down with 为…所接受，为…所相信，为…所心服go for 去(做某事);去请，去找，去拿;想要，愿做，喜欢;可应用于;赞成;被认为go in for 从事;参与(考试;竞赛);喜欢上(业余爱好)go out 出去;熄灭;公布，发表;过时，不再流行go over 越，渡，转向;仔细检查;仔细推敲go through 遭遇;经历;熬过;用光(钱);获准，通过go up 升高;提高;涨高;增长;盖起;建造起;被烧(炸)毁;(舞台幕布)拉起go with 连带;带有;随着;与…匹配;同…协调grow away from 与…疏远起来grow from 由…长大，由…发展起来grow in 在…方面成长;增长(力量等)grow into 成长为，发展为grow on 使越来越感爱好，渐渐成为习惯;加深对…的影响grow out of 由…产生;长高大了(衣服等)穿不上;抛弃;戒除(恶习)grow up 长大成人;成长;发展2023年考博英语词组大盘点：H开头的词组have/give access to 得以进入;可以接近have/give an/the advantage over 比…占上风;有利/优于…have to do with 与…有关系hit on/upon 无意中找到;偶尔想出hold back 踌躇(该不该做某事);阻止;阻碍;隐瞒;忍住hold in 克制(情绪等)，控制住hold on (to) 坚持下去;等一等;别挂电话hold on to 抓住不放hold out 坚持规定;坚持到底;守住;提出;伸出;主张;坚持;维持hold out for 坚持(得到…)而不愿妥协hold together (合在)一起;团结在一起hold up 举起;托住;支撑;使停滞;耽搁;提出;阻挡;列举，推举;(理论等)经得住hunt for 搜索;探求hurry up 赶紧;快点hand down (财产，技术或知识)往下传，传给(后人)hand in 交进来(去);交上去;递交;面呈hand out 派送;分发;(乱)给(批评，处分，忠告等)hand over/on to 捐赠;移交;让与;将…移交给;交出;将…送交，依次传递hang about/around 闲逛;转悠;观望/闲逛;缠(人);与…泡在一起hang back 畏缩不前;迟疑(不愿做某事)hang behind 迟迟不离开，落在后面hang on/to 稍等;坚持住;赖着不走;抱(推，抓)住不放hang out 晾衣服;居住，呆(在某处);停留hang together 团结合作，互相支持;一致，不矛盾hang up 挂起来;挂上话筒;耽搁，搁置2023年考博英语词组大盘点：I开头的词组in front of 在…的正对面;在…前边;对面;当…的面in general/particular 总之;大体上;一般;普遍/特别;特别in honor of 向…表达尊敬;为祝贺…in (the) light of 考虑到;依照;根据in line 排队;排列;批准;准备就绪;按顺序; 受约束in control 由…控制;管理in office 执政;在位in/within sight 看得见;在眼前;在望;不远了in a way 有点;稍微;在某种意义上in a big/small way 大/小规模地in memory of 为纪念…in need/want of 需要;急需in order (that/to) 以便;为了in other words 换句话说;换言之in place of 代替;而不是;更换; 顶替in progress 在进行中;尚未竣工in proportion (to/with) 和…成比例;和…相关;和…相比if only 只要;哪怕;要是…就好了;真希望in a sense/way 在某种意义上;有一点儿/在某些方面;有几分;稍微in a word 总而言之;一言以蔽之in accordance with 照;根据;与…一致;合乎in addition (to) 加之;此外;除…之外又in advance (of) 比…先进;提前;提早;预先;事先;在…之前in any case/event 并且;总之;无论如何;好歹in case (of) 假如;万一;倘;以便;以防;以备;如有in charge of 主持;领导;主管…的;照看…的in common (with) 共同;相通;与…同样in conclusion 最后;总之in confidence 私下里;秘密地;暗中in conflict (with) 和…矛盾;和…发生冲突;与…相抵触in secret/private/public 私下;暗地/不公开; 私下;秘密地/当众;公开地in short/brief/sum 简言之;总之in spite of 虽然;不管;不顾;纵使in support of 维护…;支持…;证实…in debt 负债;欠钱in defense 保卫;保护in detail 具体;详尽in connection with 关于…;与…有关;有联系in consequence (of) 因此;结果;…结果;由于…的缘故in/by contrast/comparison to/with 与…对比;对照;和…大不相同/和…比起来;与相比in disguise 伪装;乔装;假装;隐瞒;掩饰;假象;貌似in exchange for 互换;调换in favor (of) 支持;赞成;对…有利;偏向in force/effect 有效;生效;在实行中在有效期中/事实上;事实上有效;生效;在实行中in question 讨论中的;谈及的;争论中的in/with respect of/to 关于in return 回报;付给in search of 寻找;搜寻;查究in that 由于in/under the circumstances 在这种情况下;考虑到这种情况in the course of 在…期间;在…的过程中in the end 最后;最终;结果;终归in the face of 面临;不顾(反对等)in the first place 起初;一方面;早先(not) in the least/the least bit 一点(也不);丝毫(不); (常用于强调否认)in the long/short run 结果;最后/暂时：目前in the name of 在…的名下;以…的名义;为…的缘故in no/good time 立刻;立即，一转眼工夫;迅速地;恰好in vain 徒劳;无益in view of 鉴于;考虑到independent of 独立于…之外;不依赖…的;不受…支配的inform of 告诉;报告;告知insist (on/upon) 坚决主张;坚决规定;坚持认为;定要;坚持要instead of 代替;而不是interfere with 干涉;干预;妨碍;干扰;影响involve in 涉及;卷入;陷入;使进入;使连累2023年考博英语词组大盘点：J、K开头的词组join in 参与;加入jump to a conclusion 草率决定;贸然断定keep down 控制，限制，;低下;蹲下;躺下;压住;压制;弹压;忍住了呕吐;缩减keep from 隐瞒，瞒住;避开;使免于keep off 驱散;避开;防止，挡住;不接近keep on 继续…;不断地…keep to 恪守;遵守;遵循;按…办;坚持(做)keep to the (a) minimum 控制到最低限度;尽也许短(少)keep under control 控制(监视等)keep up (with) 跟上;赶上;保持;不落在后面;及时了解(情况)knock down 拆除;拆卸;打倒，撞倒;使减价knock off 下班，停止工作;减低，扣掉;匆忙做完(写完)knock out 敲出;击倒;击昏;使失效;急忙做好;(药物)使入睡knock over 打翻know of/about 知道;听说考博出现12次obscure :not clear 不清楚的，不清楚的考博出现10次ambiguous: (amb-周边) 模棱两可的； ambulance 救护车I’m a little hoarse.我声音沙哑。
学术英语综合Unit1
Unit 1
Economics
Adam Smith (16 June 1723 – 17 July 1790) was a Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure.
What is EAP?
English for Academic Purposes/EAP
内容：教材分为《学术英语》综合、 人文、理工、社科等。我们的课程 分为读学科主题文章、听专业相关 讲座、练学术口语、写学科专业论 文以及做学科相关研究等环节。
目标：训练对信息的获取、分析、整 合、利用能力；提高学生撰写学期论 文及学术论文的技能；帮助学生过度 到专业双语课程及全英课程学习；全 面培养学生的学业能力、思辨创新能 力和解决实际问题的学术研究能力。
5. Writing • Understand what kind of topic is suitable
and manageable for a term paper
Unit 1
Economics
Unit Objectives
6. Researching • Independently locate and study a variety
Unit 1
Economics
Text A Overview
1. Summarize the main ideas of Text A. 2. Do Task 1/Critical reading and thinking.
Use the labor and skills behind the Thanksgiving weekend as examples to illustrate the concept of “the invisible hand”
英语知识经济英语40题
英语知识经济英语40题1. In the knowledge economy, we often talk about "_____ innovation".A. technologicalB. economicC. culturalD. social答案：A。
本题考查词汇含义。
选项A“technological”意为“技术的”，在知识经济中，技术创新是常见的表述。
选项B“economic”指“经济的”，不太符合“知识经济中关于创新”的语境。
选项C“cultural”是“文化的”，与技术创新的主题不相关。
选项D“social”是“社会的”，也不符合此处强调的技术方面的创新。
2. The knowledge economy requires a lot of "_____ workers".A. skilledB. unskilledC. trainedD. untrained答案：A。
“skilled”意为“有技能的”，知识经济需要有技能的工人来推动发展。
“unskilled”表示“无技能的”，不符合要求。
“trained”侧重于“接受过培训的”，不如“skilled”更能准确表达所需工人的特点。
“untrained”是“未接受过培训的”，与知识经济所需相悖。
3. In the economic field, "_____ resources" are very important.A. humanB. naturalC. financialD. material答案：A。
在经济领域，人力资源非常重要。
“human resources”是常见的表述。
“natural resources”指“自然资源”。
“financial resources”意为“财政资源”。
“material resources”是“物质资源”，都不如人力资源在知识经济中的重要性突出。
2023年英语四六级长难句句
四六级长难句100句1. The American economic system is, organized around a basically private-enterprise, market-oriented economy in which consumers largely determine what shall be produced by spending their money in the marketplace for those goods and services that they want most.[参照译文] 美国旳经济是以基本旳私有企业和市场导向经济为架构旳，在这种经济中，消费者很大程度上通过在市场上为那些他们最想要旳货品和服务付费来决定什么应当被制造出来。
2. Thus, in the American economic system it is the demand of individual consumers, coupled with the desire of businessmen to maximize profits and the desire of individuals to maximize their incomes, that together determine what shall be produced and how resources are used to produce it.[参照译文] 因此，在美国旳经济体系中，个体消费者旳需求与商人试图最大化其利润旳欲望和个人想最大化其收入效用旳欲望相结合，一起决定了什么应当被制造，以及资源怎样被用来制造它们。
3. If, on the other hand, producing more of a commodity results in reducing its cost, this will tend to increase the supply offered by seller-producers, which in turn will lower the price and permit more consumers to buy the product.[参照译文] 另首先，假如大量制造某种商品导致其成本下降，那么这就有也许增长卖方和制造商能提供旳供应，而这也就会反过来减少价格并容许更多旳消费者购置产品。
阅读经济学的英语作文
阅读经济学的英语作文Economics is the study of how individuals, businesses, and governments allocate resources to satisfy their needs and wants. It's all about choices and trade-offs. When you choose to spend money on one thing, you're giving up the opportunity to spend it on something else.Supply and demand are the forces that drive the economy. When there's a high demand for a product or service but a limited supply, prices go up. On the other hand, whenthere's an oversupply of something, prices go down. It'sall about finding the right balance.Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. It's important because it affects the cost of living and the real value of money.Gross Domestic Product (GDP) is the total value of allgoods and services produced in a country in a given time period. It's a key indicator of a country's economic health and is used to compare the economic performance ofdifferent countries.The labor market is an important aspect of the economy. It's all about the supply of and demand for labor, and the wages and salaries paid to workers. It's a complex system that affects everyone, whether you're an employee, an employer, or looking for work.。
签署金融改革法案英语演讲稿
签署金融改革法案英语演讲稿the president:well, good morning, everyone.audience:good morning.the president:we are gathered in the heart of our nation’s capital, surrounded by memorials to leaders and citizens who served our nation in its earliest days and in its days of greatest trial.today is such a time for america.over the past two years, we have faced the worst recession since the great depression.eight million people lost their jobs.tens of millions saw the value of their homes and retirement savings plummet.countless businesses have been unable to get the loans they need and many have been forced to shut their doors.and although the economy is growing again, too many people are still feeling the pain of the downturn.now, while a number of factors led to such a severe recession, the primary cause was a breakdown in our financial system.it was a crisis born of a failure of responsibility from certain corners of wall street to the halls of power in washington.for years, our financial sector was governed by antiquated and poorly enforced rules that allowed some to game the system and take risks that endangered the entire economy.unscrupulous lenders locked consumers into comple 某 loans with hidden costs.firms like aig placed massive, risky bets with borrowed money.and while the rules left abuse and e某cess unchecked, they also left ta某payers on the hook if a big bank or financial institution ever failed.now, even before the crisis hit, i went to wall street and i called for common-sense reforms to protect consumers and our economy as a whole.and soon after taking office, iproposed a set of reforms to empower consumers and investors, to bring the shadowy deals that caused this crisis into the light of day, and to put a stop to ta某payer bailouts once and for all.(applause.) today, thanks to a lot of people in this room, those reforms will become the law of the land.for the last year, chairmen barney frank and chris dodd have worked day and night -- (applause) -- barney and chris have worked day and night to bring about this reform.and i am profoundly grateful to them.i would be remiss if i didn't also e某press my appreciation to senator harry reid and speaker nancy pelosi for their leadership.it wouldn’t have happened without them.(applause.)passing this bill was no easy task.to get there, we had to overcome the furious lobbying of an array of powerful interest groups and a partisan minority determined to block change.so the members who are here today, both on the stage and in the audience, they have done a great service in devoting so much time and e某pertise to this effort, to looking out for the public interests and not the special interests.(applause.)and i also want to thank the three republican senators who put partisanship aside -- (applause) -- judged this bill on the merits, and voted for reform.we’re grateful to them.(applause.)and the republican house members.(applause.)good to see you, joe.(applause.)now, let’s put this in perspective.the fact is, the financial industry is central to our nation’s ability to grow, to prosper, to compete and to innovate.there are a lot of banks that understand and fulfill this vital role, and there are a whole lot of bankers who want to do right -- and do right -- by their customers.this reform will help fosterinnovation, not hamper it.it is designed to make sure thateverybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps.it demands accountability and responsibility from everyone. it provides certainty to everybody, from bankers to farmers to business owners to consumers.and unless your business model depends on cutting corners or bilking your customers, you’ve got nothing to fear from reform.(applause.)now, for all those americans who are wondering what wall street reform means for you, here’s what y ou can e某pect.if you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print.what often happens as a result is that many americans are caught by hidden fees an d penalties, or saddled with loans they can’t afford.that’s what happened to robin fo某, hit with a massive rate increase on her credit card balance even though she paid her bills on time.that’s what happened to andrew giordano, who discovered hundre ds of dollars in overdraft fees on his bank statement –- fees he had no idea he might face.both are here today.well, with this law, unfair rate hikes, like the one that hit robin, will end for good.(applause.)and we’ll ensure that people like andrew aren’t unwittingly caught by overdraft fees when they sign up for a checking account.(applause.)with this law, we’ll crack down on abusive practices in the mortgage industry.we’ll make sure that contracts are simpler -–putting an endto many hidden penalties and fees in comple某 mortgages -– so folks know what they’re signing.with this law, students who take out college loans will be provided clear and concise information about their obligations.and with this law, ordinary investors -– like seniors and folks saving for retirement –- will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can make better financial decisions as to what will work for them.so, all told, these reforms represent the strongest consumer financial protections in history.(applause.)in history.and these protections will be enforced by a new consumer watchdog with just one job:looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system.and that’s not just good for consumers; that’s good for the economy.because reform will put a stop to a lot of the bad loans that fueled a debt-based bubble.and it will mean all companies will have to seek customers by offering better products, instead of more deceptive ones. now, beyond the consumer protections i’ve outlined, reform will also rein in the abuse and e某cess that nearly brought down our financial system.it will finally bring transparency to the kinds of comple某and risky transactions that helped trigger the financial crisis.shareholders will also have a greater say on the pay of ceos and other e某ecutives, so they can reward success instead of failure.and finally, because of this law, the american people will never again be asked to foot the bill for wall street’s mistakes. (applause.)there will be no more ta某-funded bailouts -- period. (applause.)if a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy.and there will be new rules to make clear that no firm is somehow protected because it is “too big to fail,” so we don’t have another aig.that's what this refo rm will mean.now, it doesn’t mean our work is over.for these new rules to be effective, regulators will have to be vigilant.we may need to make adjustments along the way as our financial system adapts to these new changes and changes around the globe.no la w can force anybody to be responsible; it’s still incumbent on those on wall street to heed the lessons of this crisis in terms of how they conduct their businesses.the fact is every american -– from main street to wall street –- has a stake in our financial system.wall street banks and firms invest the capital that makes it possible for start-ups to sell new products.they provide loans to businesses to e某pand and to hire.they back mortgages for families purchasing a new home.that’s why we’ll all stand to gain from these reforms.we all win when investors around the world have confidence in our markets.we all win when shareholders have more power and more information.we all win when consumers are protected against abuse.and we all win when folks are rewarded based on how well they perform, not how well they evade accountability.in the end, our financial system only works –- our market is only free –- when there are clear rules and basic safeguards that prevent abuse, that check e某cess, that ensure that it is more profitable to play by the rules than to game the system.and that’s what these reforms are designed to achieve -- no more, no less.because that’s how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions -–that it works for all of us.this is the central lesson not only of this crisis but of our history.ultimately, there’s no dividing line between main street and wall street.we rise or fall together as one nation. so these reforms will help lift our economy and lead all of us to a stronger, more prosperous future.and that’s why i’m so honoredto sign these reforms into law, and i’m so grateful to everybody who worked so hard to make this day possible.thank you very much, everybody.(applause.)(the bill is signed.)(applause.)。
有关经济的金句英语作文
有关经济的金句英语作文Title: Economic Quotes Insights into the World of Economics。
Introduction:Economics is a subject that affects every aspect of our lives. It helps us understand how resources are allocated, how markets function, and how policies shape our society. Throughout history, renowned economists, thinkers, and leaders have shared their wisdom through powerful quotes. In this essay, we will explore some of the most influential economic quotes, analyze their meanings, and discuss their relevance in today's world.1. "The invisible hand of the market always movesfaster and better than the heavy hand of government." Milton Friedman。
Milton Friedman, a Nobel laureate in economics,emphasized the importance of free markets and limited government intervention. This quote highlights the belief that market forces, left to their own devices, lead to efficient resource allocation and economic growth. However, it also raises questions about the role of government in addressing market failures and ensuring fairness.2. "In the long run, we are all dead." John Maynard Keynes。
商务英语课文翻译(贺雪娟)
Unit One课文A世界经济发展世界经济比以往任何时候都更富裕，但是国家内部与国家之间财富显然分布不均衡。
世界上最富裕国家如卢森堡的年人均收入比世界最贫穷国家如塞纳里昂年人均收入高出一百多倍。
国与国之间经济发展不平衡倾向表现各异。
20世纪50、60年代，发展中国家经济获得了飞速而持续的发展。
然而，自80年代以来，除了少数几个主要亚洲国家经济成功地获得快速发展、更多全球开放市场外，其他发展中国家面临了经济不稳，社会福利收效甚微的问题。
全球化并没有缩小贫富国家收入差异。
富裕国家比贫困国家往往能更优先进入资本市场，吸引更多外国资本直接投资，更有弹性地应对全球商品市场。
现在，埃塞俄比亚居民平均收入不与出生于欧洲或美国居民的1/35，而在50年代，埃塞俄比亚人均收入是发达国家人均收入的1/16。
同样，美国目前人均收入比尼伯尔人均收入从50年代的19倍上升到了27倍。
世界上大多数最贫困国家或多或少在某种程度上相对滞后。
尤其是70年代中期以来，发展中国家经济增长进入停滞与不稳定的交替期，只有少数几个发展中国家在最近几十年能持续增长，这些国家中尤以两个世界人口大国中国和印度著名。
中国可以看作是成功进行体制改革的例子。
20世纪70年代后期改革开放以来，中国经济一直保持了高速发展。
除一些社会、经济不稳定因素之外，最近20年，中国经济改革所取得的成就解决了几千万人的温饱问题。
因为没有现存的改革经验可借鉴，中国经济改革的过程被看作是“摸着石头过河〞。
实际上，经济发展是改革的落脚点和最终目标。
中国经济体制改革是以全面提高经济效益为目的，依靠发挥个人积极性，培育各种类型的市场竞争。
通常，中国向市场经济的转型过程是个缓慢的经济改革过程，表现在三个不同时期。
第一个时期从1978年至1993年，改革主要是改善激励机制和扩大市场对资源的配置X围。
这一时期以成功进行农业体制改革和双重价格体系改革为特点；第二个时期开始于1994年，这一时期中国政府决定把最终建立现代市场经济体制作为改革目标；最新时期，重点是处理好由于经济增长所带来的地区差异和贫富悬殊。
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An inquiry into the economic fundamentals of the Fama and Frenchequity factorsMarc W.Simpson a ,1,Sanjay Ramchander b ,⁎aDepartment of Finance,Northern Illinois University,DeKalb,IL 60115,United States b Department of Finance and Real Estate,Colorado State University,Fort Collins,CO 80523-1272,United Statesa r t i c l e i n f o ab s t r ac tArticle history:Received 20October 2006Received in revised form 8February 2008Accepted 22February 2008Available online 29February 2008This study investigates the economic underpinnings of the Fama and French three-factor (FF3)model.We evaluate the impact of surprises in 23different types of macroeconomicannouncements on stock returns in the framework of the CAPM and the FF3model.Therelative merit of the FF3model is demonstrated whenever macroeconomic surprises have asmaller impact on the returns within an FF3model versus their impact within the CAPM.Ingeneral,there is strong evidence to suggest that the FF3model outperforms the CAPM.Therelative merit of the FF3model is highlighted by its ability to capture information related toPersonal Consumption,Retail Sales,CPI,PPI,Factory Orders,Leading Indicators,ConstructionSpending,Housing Starts,and New Home Sales.An attribution analysis of the relativeperformance of SMB and HML equity factors indicate that both factors,in isolation,equallyaccount for macroeconomic stly,there is evidence that the FF3model can bemarginally improved by incorporating credit variables.©2008Elsevier B.V.All rights reserved.JEL classi fication:G10G12Keywords:Asset pricing Fama French Equity Factors CAPMEconomic Fundamentals1.IntroductionThere is now a substantial body of empirical work in finance that has reported patterns in average stock returns that are inconsistent with the Capital Asset Pricing Model (CAPM)of Sharpe (1964)and Lintner (1965).For example,Fama and French (hereafter FF),taking an admittedly ad hoc approach,in a series of articles (1992,1993,1995,1996),show the pragmatic utility of firm size (ME,market value of equity)and book-to-market value of equity (BE/ME)in explaining the cross-sectional returns on stocks.2The interpretation of this evidence has received a lot of attention in the literature and continues to be a subject of ample debate.On the one hand,researchers argue that ME and BE/ME are company-speci fic factors –which means that the risk associated with them might be eliminated through diversi fication –rather than pervasive risk factors or state variables,and therefore the observed signi ficance of the FF factors is indicative of irrational investor behavior or market inef ficiencies (see for example,Lakonishok et al.,1994;LaPorta,1996;LaPorta et al.,1997;Mun et al.,2000).Still others,such as Kothari,Shanken and Sloan (1995)and MacKinlay (1995),cite several reasons,including:sample selection biases,data mining,beta estimation,and trading frictions,in downplaying the economic importance of the FF factors.In responding to these concerns,FF posit that while size and BE/ME variables are ad hoc,and do not technically meet the de finition of pervasive risk factors,they may still proxy for such variables.3Along this line of inquiry Perez-Quiros and Journal of Empirical Finance 15(2008)801–815⁎Corresponding author.Tel.:+19704916681.E-mail addresses:MarcWSimpson@ (M.W.Simpson),sanjay.ramchander@ (S.Ramchander).1Tel.:+19563185225.2The importance of pre-determined,firm-speci fic fundamental variables such as size,BE/ME ratio and earnings/price ratio in determining the average stock returns was earlier established by studies such as Basu (1977),Banz (1981),Reinganum (1981),Jaffe,Keim and Wester field (1989),and Dimson and Marsh (1999).3Fama and French (1996)present evidence that their three-factor model is a three-factor version of the APT orICAPM.0927-5398/$–see front matter ©2008Elsevier B.V.All rights reserved.Contents lists available at ScienceDirectJournal of Empirical Financej o ur n a l h o m e p a g e :ww w.e l s ev i e r.c o m /l o c a t e /j e m pf i n802M.W.Simpson,S.Ramchander/Journal of Empirical Finance15(2008)801–815Timmermann(2000)indicate that smallfirms have high average returns because they are more susceptible to changes in credit market conditions.Since the availability of credit is tied to underlying economic factors,the higher returns to smallfirms can be viewed as a compensation for the high sensitivity to a credit-related risk factor.The relationship between FF factors and economic state variables is further supported by Liew and Vassalou(2000)who show that the FF factors are able to predict future GDP growth in some countries,and Hahn and Lee(2006)whofind that changes in term and default yield spreads capture most of the systematic risks proxied by the size and BE/ME factors(also see Vassalou and Xing,2004).Interestingly,changes in term and default yield spreads are,themselves,theoretically linked to underlying macroeconomic risk factors(see,for example,Ramchander et al.,2005).In summary,there appears to be a divergence of evidence regarding the economic argumentation and interpretation of the FF factors.Furthermore,existing studies are inadequate in comprehensively exploring the relationship between the FF factors and specific types of macroeconomic variables with which they may be associated.This led Lewellen(1999)to conclude that,“the rational pricing story[of the FF factors]will remain incomplete,and perhaps unconvincing,until we know more about the underlying risks.”Therefore,any meaningful resolution to this debate would have to answer questions such as,“Can specific fundamentals be identified as state variables that lead to common variation in returns that is independent of the market and carries a different premium than general market risk?”(FF1993),and“What are the underlying economic state variables that produce variation in earnings and returns related to size and BE/ME?”(FF1994).The current study offers a novel approach to uncovering the economic underpinnings of the FF factors by examining the precise manner in which the factor premiums relate to23types of periodic macroeconomic announcements.Through this analysis we are able to show,acrossfirms with different size and BE/ME characteristics,the types of macroeconomic information that are better represented by the three-factor FF(FF3)model than the CAPM.We extend this analysis to examine two additional issues.First,we examine whether the performance of the FF3model in controlling for the impact of different categories of macroeconomic surprises can be attributed to either the SMB or HML factor.Second,we compare the FF3model with an enhancedfive-factor model that includes quality and term spread variables in terms of their ability to reflect macroeconomic information.The rest of the paper is organized as follows.Section2discusses the data used in the analyses,while Section3explains the methodology.Section4presents the results and Section5offers some concluding remarks.2.DataThere are two sets of data used in our analysis:returns on Fama–French portfolios sorted by ME and BE/ME,and the unanticipated component in23types of macroeconomic announcements.The monthly data cover the twelve-year time period beginning from January1,1991through December31,2002.4The analysis of FF(1993,1995,and1996)provides the basis for the creation of portfolios that represent common factors. Specifically,all non-financial stocks listed on the NYSE,AMEX,and NASDAQ are divided into six intersecting portfolios on the basis of two size portfolios and three portfolios based on book-to-market ratios.The threshold point for dividing stocks between big and small is the median value of market capitalization on the NYSE at mid-year.The breakpoints of the BE/ME ratios are the 30th and70th percentiles corresponding with growth,neutral,and value portfolios.The SMB portfolio is created by subtracting the average return on the three large portfolios from the average return on the three small portfolios:SMB=1/3(Small Value+ Small Neutral+Small Growth)−1/3(Big Value+Big Neutral+Big Growth).The HML portfolio is created by subtracting the average return on the two growth portfolios from the two value portfolios:HML=1/2(Small Value+Big Value)−1/2(Small Growth+Big Growth).5This study examines whether the FF factors capture news related to underlying economic state variables to a greater degree than does the CAPM.This approach will help us identify those economic variables that are most likely to be represented by the book-to-market and size-based factors.Therefore,we estimate both the FF3model and the CAPM using25portfolios formed by the intersection of the quintiles of the universe of stocks sorted by size(ME)and book value(BE/ME).6With regards to the second data set,the study employs consensus(median)forecasts of23types of periodic macroeconomic news releases provided by Money Market Services(MMS),together with the actual values of the macroeconomic announcements to compute the unanticipated component,or surprise,in each announcement(i.e.,Surprise=Actual−Forecast).These announcements,which are instantaneously disseminated to the market,are released periodically on pre-announced dates,and hence not clustered in time.7In the analysis,we regress the dependent variables on the surprise component of the announcements, regardless of when during the month the announcement was made.4This time frame is chosen because this is the longest period over which the survey data on the macroeconomic announcements is available.The majority of these series begin in1990or1991,and there is no consistent data available for the series before that.5The returns on the six component portfolios are obtained from Kenneth French's website at /pages/faculty/ken.french/.6The size(BE/ME)quintiles are arranged from small(low)to big(high)and correspond with quintiles1through5,respectively.7For instance,the employment report which contains information on average hourly earnings,non-farm payroll and the unemployment rate is announced on thefirst Friday of the month.Furthermore,the use of this survey data is particularly appealing in that the surprises generated by their use display very low correlation with each other,thus mitigating any concerns about multicollinearity.The average correlation among the surprises in the macroeconomicThe value of the surprise is normalized by its standard deviation in order to help us compare the magnitude of each macroeconomic announcement's impact on the dependent variables.Several studies such as Pearce and Roley (1985)and Almeida,Goodhart and Payne (1998),among others,have noted the unbiased nature of the forecast provided by MMS.It must be emphasized that,in well-functioning capital markets,macroeconomic survey forecasts provide useful information to agents as they update their expectations about the future state of the economy.For the most part,such changes in expectations are unobservable to the econometrician.It is in this framework that survey-based expectations data have become increasingly popular in the financial economics literature as they offer a unique window into the nature and process of expectations formation.For instance,it is only at the time of the news release that market participants learn how accurate their past expectations have been,and consequently adjust their current expectations accordingly.Consequently,survey data on macroeconomic forecasts have been used in a variety of contexts.Studies have examined the impact of surprises in macroeconomics announcements on currency markets (Andersen et al.,2003),yield curve modeling (Balduzzi et al.,2001),and Treasury futures prices (Simpson and Ramchander,2004),among others.Each of the 23different types of macroeconomic announcements used in this study conveys unique information about some aspect of the state of the overall economy.In order to better understand the information content of each announcement,and to help interpret the empirical results,the twenty-three announcements are divided into five broad categories –consumer demand,in flation,interest rates,economic growth,and real estate –each related to the economy in a different way.The categorization of the macroeconomic announcements into these general categories is meant only as an aide to exposition,and is not meant to deny some amount of overlap among the announcements.2.1.Consumer demandConsumer demand is recognized as one of the important driving forces in the economy.Aside from the obvious short-run effects of an increase in consumer demand,a sustained increase in consumer demand can eventually lead to investment in capital equipment and a higher rate of growth for the overall economy.Five of the twenty-three types of macroeconomic announcements considered in this study are hypothesized to reveal information on consumer demand.They are Auto Sales,Business Inventories,Personal Income,Personal Consumption Expen-ditures,and Retail Sales.2.2.In flationIn flation is probably one of the most widely watched economic indicators given its impact on the real wealth and the real income of consumers,and its in fluence on interest rates (via the Fisher effect)and exchange rates (via the Purchasing Power Parity effect).The most widely cited in flation indicator is the Consumer Price Index (CPI)which is a measure of the price level of a fixed market basket of goods and services purchased by consumers.In comparison,the Producer's Price Index (PPI)measures the price of inputs into the production process and hence provides an indication of wholesale in flation.Capacity Utilization is also an important indicator of in flationary pressures.For instance,when an economy is operating at a high percentage of its productive capacity,ceteris paribus,there is likely to be more in flationary pressure than when it is at a low percentage of capacity.The three remaining in flationary indicators in our study come from the Employment Situation Report:the Unemployment Rate,Non-farm Payrolls,and Hourly Earnings.An increase in the non-farm payroll number,or a decrease in the unemployment rate,is considered an indication of a strengthening economy.At the same time,increased demand for labor,and/or a higher price for labor –as indicated by the Hourly Earnings figure –could also lead to in flationary expectations.2.3.Interest ratesThe level of interest rates,which is closely tied to in flationary expectations,plays an important role in determining the demand for durable and capital goods,and thereby the rate of growth of the economy.Announcements on Consumer Credit and the Treasury Budget are hypothesized to in fluence domestic interest rates through demand and supply interactions in the loanable funds market.2.4.Economic growthWe have classi fied 7of the 23types of macroeconomic variables to be primarily associated with economic growth.The Durable Goods Orders release measures the dollar volume of orders,shipments,and un filled orders of durable goods.Factory Orders consist of the earlier announced durable goods report plus non-durable goods orders.The index of Industrial Production is a constant-weighted measure of the physical output of the nation's factories,mines,and utilities.The Leading Indicators report is,for the most part,a compendium of other economic indicators:new orders,jobless claims,money supply,average workweek,building permits,and stock prices.Also,included in the Leading Indicators report is the expectational component of the consumer sentiment index,and thus a possible link to consumer demand.Trade Balance 803M.W.Simpson,S.Ramchander /Journal of Empirical Finance 15(2008)801–815furthermore in fluences the currency market as market participants revise their estimates of the supply and demand for dollars.The final two economic growth variables are the Gross Domestic Product (GDP)growth rates and the United States National Association of Purchasing Manager's Index (NAPM,or the Institute of Supply Manager's,ISM,Index)which indicate the status of the overall economy and the manufacturing sector,respectively.The NAPM index is based on a survey of several hundred factory purchasing managers.2.5.Real estateInformation about the real estate sector can be obtained from the announcements in the Construction Report,Housing Starts and New Home Sales.The Construction Spending report is broken down between residential,non-residential,and public expenditures on new construction.As a component of investment,construction spending could be seen as a leading indicator of economic growth,but a lagging indicator of residential and commercial mortgage interest rates.Similarly,Housing Starts and New Home Sales are indicators of conditions in the housing market and can signal economic growth,and/or lower mortgage interest rates.3.Methodological issuesThe methodological framework is designed to explore three central issues:1)identify a set of macroeconomic variables whose information is better captured by the FF3model than by the CAPM,2)determine which of the two extra-market factors in the FF3model,SMB or HML,account for the increase in the performance of the model with respect to the different categories of macroeconomic variables,and 3)compare the performance of the FF3model with a five-factor model in which the three-factor FF model is augmented with interest rate default and term spread variables.3.1.Evaluating the relative merit of the Fama –French three-factor model versus the CAPMIf the factors related to firm size and book-to-market-value are proxies for fundamental economic state variables it should be possible,and indeed may be bene ficial,to determine exactly which macroeconomic variables are explicitly represented by the three-factor model,that are not captured by the CAPM.The empirical analysis comparing the FF3with the CAPM is conducted in three steps.In the first step,each one of the 25portfolio returns that are formed from the intersections of size and BE/ME quintiles are fitted to an augmented CAPM and an augmented FF3model using seemingly unrelated regression analysis (SUR)(see Eqs.(1)and (2)).The augmented model is de fined as one which includes various types of macroeconomic surprises as additional explanatory variables,estimated as follows:8r t ;s ;b Àrf t ¼a c ;s ;b þb c ;s ;b MKT t Àrf t ðÞþX 23i ¼1k i ;c ;s ;b A i ;t þe t ;c ;s ;bð1Þr t ;s ;b Àrf t ¼a f ;s ;b þb f ;s ;b MKT t Àrf t ðÞþq f ;s ;b SMB t þv f ;s ;b HML t þX 23i ¼1k i ;f ;s ;b A i ;t þe t ;f ;s ;bð2Þwhere,r t,s,b is the monthly return,at time t ,on the portfolio comprised of the stocks in the s th size quintile,and the b th BE/ME quintile,MKT t is the return on the value-weighted CRSP index at time t ,SMB t is the FF size premium at time t ,HML t is the FF book value premium at time t ,and rf t is the one-month T-bill rate (as compiled by Ibbotson Associates).The variables (A i,t )are the surprises in the 23types of macroeconomic announcements.The coef ficients carry the subscripts f ,s ,b or c ,s ,b ,indicating that they are from the regression that fit the returns of the portfolio in the s th size quintile and the b th BE/ME quintile,either to the Fama –French three-factor model (f )or to the CAPM (c ).In the second step,the performance of the FF3model vis-à-vis CAPM is evaluated by comparing the impact of the surprises in the 23types of macroeconomic announcements (A i,t )in Eqs.(1)and (2).To the extent that macroeconomic announcements have a larger in fluence in Eq.(1)versus Eq.(2)it can be said that the FF3model is better at controlling for macroeconomic announcements than the CAPM.In order to ascertain the differential per-formance of the FF3model relative to the CAPM,we compare the difference in the absolute values of the coef ficients (DIF i,s,b )of each macroeconomic announcement for a given set of returns regressed in the augmented CAPM and FF3equations.In other words,DIF i ;s ;b ¼j k i ;c ;s ;b j Àj k i ;f ;s ;b jð3Þwhere,k i,c,s,b and k i,f,s,b are the announcement variable coef ficients in Eqs.(1)and (2),respectively.8The use of seemingly unrelated regression analysis and Wald Coef ficient test statistics allows for the computation of the covariances among the coef ficients in the separate regressions.This would ensure the asymptotic validity of the test statistics,given that the coef ficients arise from related data.We thank one of the 804M.W.Simpson,S.Ramchander /Journal of Empirical Finance 15(2008)801–815The statistical signi ficance of each DIF variable is determined by a Wald coef ficient test statistic with the following null and alternate hypotheses:9H 0:j k i ;c ;s ;b j ¼j k i ;f ;s ;b jð4ÞH a :j k i ;c ;s ;b j N j k i ;f ;s ;b j ð5ÞA summary of the Wald test results is provided in Table 1,and discussed in the results section of the paper.In the second step,we examine the combined impact of speci fic categories of macroeconomic announcements on portfolios comprised of different size and BE/ME quintiles of stocks.For the sake of illustration,the following discussion outlines the procedure followed in determining the aggregate impact on each size quintile that spans across the five BE/ME quintiles.The corresponding analysis of evaluating the response of each BE/ME quintile that spans across the five size quintiles is undertaken in an analogous fashion.For each size quintile,s ,the following 10equation system is estimated via SUR:r t ;s ;1Àrf t ¼a c ;s ;1þb c ;s ;1MKT t Àrf t ðÞþX 23i ¼1k i ;c ;s ;1A i ;t þe t ;c ;s ;1ð6Þr t ;s ;2Àrf t ¼a c ;s ;2þb c ;s ;2MKT t Àrf t ðÞþX 23i ¼1k i ;c ;s ;2A i ;t þe t ;c ;s ;2ð7Þ⋮r t ;s ;5Àrf t ¼a c ;s ;5þb c ;s ;5MKT t Àrf t ðÞþX 23i ¼1k i ;c ;s ;5A i ;t þe t ;c ;s ;5ð8Þandr t ;s ;1Àrf t ¼a f ;s ;1þb f ;s ;1MKT t Àrf t ðÞþq f ;s ;1SMB t þv f ;s ;1HML t þX 23i ¼1k i ;f ;s ;1A i ;t þe t ;f ;s ;1ð9Þ⋮r t ;s ;5Àrf t ¼a f ;s ;5þb f ;s ;5MKT t Àrf t ðÞþq f ;s ;5SMB t þv f ;s ;5HML t þX 23i ¼1k i ;f ;s ;5A i ;t þe t ;f ;s ;5ð10ÞIn Eqs.(6)–(10),the number after s indicates the BE/ME quintile of the portfolio.Thus,each 10equation SUR estimation analyses the portfolios across the five BE/ME quintiles within a particular size quintile,s.In order to measure the relative performance of the two asset pricing models in controlling for macroeconomic announcements across the portfolios in a particular quintile we calculate the sum of the difference in the absolute values of the coef ficients on a particular announcement from the matched sets of equations for the augmented FF3and augmented CAPM (i.e,|k i,c,s,b |−|k i,f,s,b |).These are summed across the five sets of equations in each size quintile,s ,and summed across all of the macroeconomic announcements in a particular category,g ,where g is one of the five groups of macroeconomic announcements.For example,there are 5announcements in9For our purposes,in Eq.(4)we wish to test the null hypothesis that the absolute value of the coef ficient on the surprise in the i th macroeconomic announcement from the augmented CAPM and those obtained from the augmented FF3model are equal to each other.That is,the null hypothesis is:j k i ;c ;s ;b j ¼j k i ;f ;s ;b jorj k i ;c ;s ;b j Àj k i ;f ;s ;b j ¼0:The Wald test for the difference between the two coef ficients is calculated as:W ¼k i ;c ;s ;b Àk i ;f ;s ;b ÀÁ2p;where s p 2is the estimated pooled variance of the two coef ficients and is given as:Var k f ;s ;i ;1ÀÁþVar k c ;s ;i ;1ÀÁþd 2Cov k f ;s ;i ;1;k c ;s ;i ;1ÀÁÂÃ;where the value of d depends on the linear restrictions that are imposed to calculate the absolute difference in the coef ficients.The linear restrictions,themselves,depend on the initial signs of the coef ficients.If the two coef ficients are,initially,of the same sign,then the absolute difference between them would be found via subtraction and d would be equal to -1,and if the two coef ficients are,initially,of different signs,then the absolute difference between them would be found via addition and d would be equal to 1.For instance,if k c ;s ;i ;1N 0and k f ;s ;i ;1b 0;then j k c ;s ;i ;1j Àj k f ;s ;i ;1j is calculated as k c ;s ;i ;1þk f ;s ;i ;1and d ¼1if k c ;s ;i ;1b 0and k f ;s ;i ;1N 0;then j k c ;s ;i ;1j Àj k f ;s ;i ;1j is calculated as Àk c ;s ;i ;1Àk f ;s ;i ;1and d ¼1if k c ;s ;i ;1N 0and k f ;s ;i ;1N 0;then j k c ;s ;i ;1j Àj k f ;s ;i ;1j is calculated as k c ;s ;i ;1Àk f ;s ;i ;1and d ¼À1if k c ;s ;i ;1b 0and k f ;s ;i ;1b 0;then j k c ;s ;i ;1j Àj k f ;s ;i ;1j is calculated as Àk c ;s ;i ;1þk f ;s ;i ;1and d ¼À1The value of the Wald test statistic is then compared to the critical values for a one-sided chi-squared test.The Wald statistic to test the null and alternate 805M.W.Simpson,S.Ramchander /Journal of Empirical Finance 15(2008)801–815the consumer demand category;thus,if we allow i to indicate the i th announcement in the set of 5consumer demand related announcements,the SUM g,s variable for the portfolios of stocks in the s th size quintile is computed as follows:SUM g ;s ¼X5i ¼1X 5b ¼1j k i ;c ;s ;b j Àj k i ;f ;s ;b j ð11ÞSubsequently,a Wald coef ficient test is conducted with the following null and alternate hypotheses:H 0:X5i ¼1X 5b ¼1j k i ;c ;s ;b j ¼X 5i ¼1X 5b ¼1j k i ;f ;s ;b j ;ð12ÞH a :X5i ¼1X 5b ¼1j k i ;c ;s ;b j N X 5i ¼1X 5b ¼1j k i ;f ;s ;b j :ð13ÞThe SUM g,s statistic along with the p-scores from the Wald coef ficient tests are computed in a similar manner for the remaining categories of macroeconomic announcements,and are plotted in Figs.1–6,and discussed below.The analysis of the differential performance of the FF3in controlling for the macroeconomic surprises on portfolios in different BE/ME quintiles is performed in a completely analogous fashion.These results are also reported in Figs.1–6.3.2.Analyzing the relative merit of the HML versus SMB in the FF three-factor modelThe analysis of the marginal role of SMB versus HML in controlling for macroeconomic surprises in the FF3model is undertaken in a series of steps that are similar to the ones that are outlined in the previous section.Speci fically,in the first step,the following two 2-factor models are estimated:r t ;s ;b Àrf t ¼a h ;s ;b þb h ;s ;b MKT t Àrf t ðÞþv h ;s ;b HML t þX 23i ¼1k i ;h ;s ;b A i ;t þe t ;h ;s ;bð14Þr t ;s ;b Àrf t ¼a m ;s ;b þb m ;s ;b MKT t Àrf t ðÞþq m ;s ;b SMB t þX 23i ¼1k i ;m ;s ;b A i ;t þe t ;m ;s ;b ð15Þwhere,the combined impact of speci fic categories of macroeconomic announcements on various size and BE/ME based portfolios are measured by computing the SUM metric (analogous to that in Eq.(11)).This metric,along with related p-scores from Wald coef ficient tests,is used to compare the relative performance of the two-factor HML model versus the two-factor SMB model.These results are exhibited in Figs.7–12.3.3.Analyzing the relative merit of the FF three-factor model augmented by credit variablesStudies such as Vassalou and Xing (2004)and Hahn and Lee (2006)document the importance of quality spreads and term structure variables in asset pricing models.Therefore,it may be worthwhile to compare the performance of a five-factor (FF5)model that includes these additional factors along with the traditional three-factors in the FF model.10In order to ascertain whether augmenting the FF3model with term structure and default spread variables enhances the model's ability to control for macroeconomic announcements,the following five-factor model (FF5)is estimated:r t ;s ;b Àrf t ¼a v ;s ;b þb v ;s ;b MKT t Àrf t ðÞþs v ;s ;b SMB t þv v ;s ;b HML t þ#v ;s ;b TRM t þx v ;s ;b QAL t þX 23i ¼1k i ;v ;s ;b A i ;t þe t ;v ;s ;bð16Þwhere,TRM t is the log change in the yield difference between a 10-year Treasury bond and a 1-month T-bill,and QAL t is the difference between the yield on BAA-rated corporate bonds and the yield on the 10-year Treasury bond.We perform SUR analysis for various size and BE/ME quintiles similar to Eqs.(6)–(10),where the equations are the augmented FF3(Eq.(2))and the augmented FF5(Eq.(11))models.We then calculate the SUM metric and Wald coef ficient tests analogous to that in Eq.(11).The results of this analysis are plotted in Fig.13,and discussed in the following section.4.Empirical results4.1.Analyzing the relative merit of the FF model versus the CAPMTable 1provides summary descriptions of the impact of each of the 23surprise variables on stock returns associated with various size and BE/ME portfolios in the augmented CAPM and the augmented FF3model.This involves the estimation of Eqs.(1)and (2).Such a comparison provides evidence of the relative merit of the two models in accounting for the underlying economic 806M.W.Simpson,S.Ramchander /Journal of Empirical Finance 15(2008)801–815。