曼昆宏观经济学(英文版)名词解释

GDP is the market value of final goods and services produced within a country in a given period of time.Consumption is spending by households n goods and services, with the exception of purchased of new housing.Investment is spending on capital equipment inventories, and structures, including household purchases of new housing.Government purchases are spending on goods and services by local, state, ad federal government.Net export is spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)Nominal GDP is the production of goods and services valued at current prices.Real GDP is the production of goods and services valued at constant prices.GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.CPI is measure of the overall cost of the goods and services bought by a typical consumer. Inflation rate is the percentage change in the price index from the preceding period.Producer price index (PPI) is a measure of the cost of a basket of goods and services bought by firms.Nominal interest rate is the interest rate as usually reported without a correction of the effects of inflation.Real interest rate is the interest rate corrected for the effects of inflation.Productivity is the amount of goods and services produced from each hour of a worker’s time. Physical capital is the stock of equipment and structures that are used to produce goods and services.Human capital is the knowledge and skills that workers acquire through education, training, and experience.Natural resources are the inputs into the production of goods and services that are provided by nature.Technological knowledge is society’s understanding of the bes ways to produce goods and services.Diminishing returns are the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.Catch-up effect is the property whereby continues that start off poor tend to grow more rapidly than countries that start off rich.Financial system is the group of institutions in the economy that help to match one person’s saving with another person’s investment.Financial markets are financial institutions through which savers can directly provide funds to borrowers.Bond is a certificate of indebtednessStock is a claim to partial ownership in a firmFinancial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.Mutual fund is an institution that sells shares to the public and uses the proceeds to buy a portion of stocks and bonds.National saving (saving)is the total income in the economy that remains after paying for consumption and government purchase.Private saving is the income that households have left after paying for taxes and consumption. Public saving is the tax revenue that the government has left after paying for its spending. Budget surplus is an excess of tax revenue over government spending.Budget deficit is a shortfall of tax revenue from government spendingCrowding out is a decrease in investment that results from government borrowing.Market for loanable funds are the market in which those who want to save supply funds those who want to borrow to invest demand funds.Labor force is the total number of workers, including both the employed and the unemployed. Unemployment rate is the percentage of the labor force that is unemployed.Labor-force participation rate is the percentage of the adult population that is in the labor force. Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates.Cyclical unemployment is the deviation of unemployment from its natural rate.Discouraged workers are individuals who would like to work but have given up looking for a job Frictional unemployment is the unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills.Structural unemployment is the unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one.Job search is the process by which workers find the appropriate jobs given their tastes and skills Unemployment insurance is a government program that partially protects workers’incomes when they became unemployed.Union is a worker association that bargains with employers over wages and working conditions Collective bargaining is the process by which unions and firms agree on the terms of employment.Strike is the organized withdrawal of labor from a firm by a unionEfficiency wages are above-equilibrium wages paid by firms in order to increase worker productivityMoney is the set of assets in an economy that people regularly use to buy goods and services from other people.Medium of exchange is an item that buyers give to sellers when they want to purchase goods and services.Unit of account is the yardstick people use to post prices and record debts.Store of value is an item that people can use to transfer purchasing power from the present to the future.Liquidity is the ease with which an asset can be converted into the economy’s medium of exchange.Commodity money is money that takes the form of a commodity with intrinsic value.Fiat money is money without intrinsic value fiat is used as money because of government decree. Currency is the paper bills and coins in the hands of public.Demand deposits are balances in bank accounts that depositions can access on demand by writing a check.Money supply is the quantity of money available in the economy.Monetary policy is the setting of the money supply by policymakers in the central bank Reserves are deposits that banks have received but have not loaned out.Fractional-reserve banking is a banking in which banks hold only a fraction of deposits as reservesReserve ratio is the fraction of deposits that banks hold as reserves.Money multiplier is the amount of money the banking system generates with each dollar of reserveOpen-market operation is the purchase and sale of U.S. government bonds by the Fed. Reserve requirements are regulations on the minimum amount of reserves that banks must hold against depositsDiscount rate is the interest rate on the loans that the Fed to banks.Nominal variables are variables measured in monetary units.Real variables are variables measured in physical units.Classical dichotomy is the theoretical separation of nominal and variables.Monetary neutrality is the proposition that changes in the money supply do not affect real variables.Velocity of money is the rate at which money changes hands.Quantity equation is the equation M*V=P*Y which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services.Inflation tax is the revenue the government raises by creating money.Fisher effect is the one-for-one adjustment of the nominal interest rate to the inflation rate. Shoeleather costs are the resources wasted when inflation encourages people to reduce their money holdings.Menu costs are the costs of changing prices.Close economy is an economy that does not interact with other economies in the worldOpen economy is an economy that interacts freely with other economies around the world. Exports are goods and services that are produced domestically and sold abroad.Imports are goods and services that are produced abroad and sold domestically.Net exports (trade balance) are the value of nation’s exports minus the value of its imports. Trade surplus is an excess of exports over imports.Trade deficit is an excess of imports over exports.Balanced trade is a situation in which exports equal imports.Net capital outflow is the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners.Nominal exchange rate is the rate at which a person can trade the currency of one country for the currency of another.Appreciation is an increase in the value of currency as measured by the amount of foreign currency it can buy.Depreciation is a decrease in the value of currency as measured by the amount of foreign currency it can buy.Real exchange rate is the rate at which a person can trade the goods and services of one country for the goods and services of another.Purchasing-power parity is a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries.Trade policy is a government policy that directly influences the quantity of goods and services that a country imports or exports.Capital flight is a large and sudden reduction in the demand for assets located in a country. Recession is period of declining real incomes and rising unemployment.Depression is a severe recession.Model of aggregate demand and aggregate supply is the model that most economists use to explain short-run fluctuations in economic activity around its long-run trend.Aggregate-demand curve is a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price level.Aggregate-supply curve is a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level.Stagflation is period of falling output and rising prices.Theory of liquidity preference is Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance.Multiplier effect is the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumers spending.Crowding-out effect is the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.Automatic stabilizers are changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate acton.。