宏观经济学英文版复习提纲docx文档格式.docx
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宏观经济学英文版复习提纲docx文档格式.docx
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RealGDPisthevalueofgoodsandservicesmeasuredusingaconstantsetofprices・
5.GDPdeflator
TheGDPdeflatoristheratioofnominalGDPtorealGDP.Itreflectswhat'
shappeningtotheoveralllevelofpricesinthecconomy.
6.Consumerpriceindex(CPI)
Theconsumerpriceindex(CPI)measuresthepriceofafixedbasketofgoodsandservicespurchasedbyatypicalconsumer.Itmeasurestheoveralllevelofprices・
7.Unemploymentrate
Theunemploymentrateshowswhatfractionofthosewhowouldliketoworkdonothaveajob.UnemploymentRate=NumberofUnemployed/LaborForcex100%・
&
Labor-forceparticipationrate
Thelabor-forceparticipationrateshowsthefractionofadultswhoareworkingorwanttowork.Labor-ForceParticipationRate=LaborForce/AdultPopulationxlOO%・Chapter3
9.Disposableincome
Wedefineincomeafterthepaymentofalltaxes,K-7^tobedisposableincome.
10.Marginalpropensitytoconsume(MPC)
Themarginalpropensitytoconsume(MPC)istheamountbywhichconsumptionchangeswhendisposableincomeincreasesbyonedollar.TheMPCisbetweenzeroandone.
1l.Realinterestrate
Therealinterestrateisthenominalinterestratecorrectedfortheeffectsofinflation.
Chapter4
12.Inflation
Theoverallincreaseinpricesiscalledinflation,
13.Hyperinflation
Hyperinflationisoftendefinedasinflationthatexceeds50percentpermonth,whichisjustover1percentperday.
14.Money
Moneyisthestockofassetsthatcanbereadilyusedtomaketransactions.
15.Fiatmoney
Moneythathasnointrinsicvalueiscalledfiatmoneybecauseitisestablishedasmoneybygovernmentdecree,orfiat.
16.Commoditymoney
Mostsocietiesinthepasthaveusedacommoditywithsomeintrinsicvalueformoney.Thistypeofmoneyiscalledcommoditymoney.
17.Moneysupply
Thequantityofmoneyavailableinaneconomyiscalledthemoneysupply*
18.Quantityequation
Thelinkbetweentransactionsandmoneyisexpressedinthefollowingequation,calledthequantityequation:
MoneyxVelocity=PricexTransactionsMV=PT.
19.Incomevelocityofmoney
Theincomevelocityofmoneytellsusthenumberoftimesadollarbillenterssomeone^sincomeinagivenperiodoftime.
20.Realmoneybalances
M/Piscalledrealmoneybalances.Realmoneybalancesmeasurethepurchasingpowerofthestockofmoney
21.Seigniorage
Therevenueraisedbytheprintingofmoneyiscalledseigniorage.
22.FisherequationandFishereffect
Thenominalinterestrateisthesumoftherealinterestrateandtheinflationrate:
i=r+□•TheequationwritteninthiswayiscalledtheFisherequation
Accordingtothequantitytheory,anincreaseintherateofmoneygrowthof1percentcausesa1percentincreaseintherateofinflation.AccordingtotheFisherequation,a1percentincreaseintherateofinflationinturncausesa1percentincreaseinthenominalinterestrate.Theone-fbr-onerelationbetweentheinflationrateandthenominalinterestrateiscalledtheFishereffect.
23.Shoeleathercosts
Theinconvenienceofreducingmoneyholdingiscalledtheshoeleathercostofinflation,becausewalkingtothebankmoreoftencausesone'
sshoestowearoutmorequickly
24.Menucosts
Highinflationinducesfirmstochangetheirpostedpricesmoreoften.Thesecostsarccalledmenucosts.
25.Classicaldichotomy
Classicaltheoryallowsustostudyhowrealvariablesaredeterminedwithoutanyreferencetothemoneysupply.Thistheoreticalseparationofrealandnominalvariablesiscalledtheclassicaldichotomy.
26.Monetaryneutrality
Inclassicaleconomictheory,changesinthemoneysupplydorftinfluencerealvariables.Thisirrelevanceofmoneyforrealvariablesiscalledmonetaryneutrality.
Chapter6
27.Naturalrateofunemployment
Naturalrateofunemploymentistheaveragerateofunemploymentaroundwhichtheeconomyfluctuates・
28.Frictionalunemployment
Theunemploymentcausedbythetimeittakesworkerstosearchforajobiscalledfrictionalunemployment.
29.Wagerigidity
Wagerigidityisthefailureofwagestoadjusttoalevelatwhichlaborsupplyequalslabordemand.
30.Structuralunemployment
Theunemploymentresultingfromwagerigidityandjobrationingiscalledstructuralunemployment.
31.Efficiencywages
Efficiency-wagetheoriesproposeathirdcauseofwagerigidityinadditiontominimum-wagelawsandunionization.Thesetheoriesholdthathighwagesmakeworkersmoreproductive.
Chapter7
32.Steadystate
At\k=0,sothecapitalstockkandoutput^)aresteadyovertime(ratherthangrowingorshrinking).Wethereforecallk*thesteady-statelevelofcapital.Thesteadystaterepresentsthelong-runequilibriumoftheeconomy.
33.GoldenRulelevelofcapital
Thesteady-statevalueofkthatmaximizesconsumptioniscalledtheGoldenRulelevelofcapitalandisdenotedk*gold.
Chapter8
34.Endogenousgrowththeory
Moderntheoriesofendogenousgrowthattempttoexplaintherateoftechnologicalprogress,whichtheSolowmodeltakesasexogenous・
Chapter9
35.Okun'
slaw
Becauseemployedworkershelptoproducegoodsandservicesandunemployedworkersdonot,increasesintheunemploymentrateshouldbeassociatedwithdecreasesinrealGDP・ThisnegativerelationshipbetweenunemploymentandGDPiscalledOkuifslaw.Okunoslawsaysthat1percentagepointofunemploymenttranslatesinto2percentagepointsofGDP.
36・Aggrcgatcdemand
Aggregatedemand(AD)istherelationshipbetweenthequantityofoutputdemandedandtheaggregatepricelevel.Inotherwords,theaggregatedemandcurvetellsusthequantityofgoodsandservicespeoplewanttobuyatanygivenlevelofprices・
37.Aggregatesupply
Aggregatesupply(AS)istherelationshipbetweenthequantityofgoodsandservicessuppliedandthepricelevel.
38.Demandshocks
Ashockthatshiftstheaggregatedemandcurveiscalledademandshock.
39.Supplyshocks
Ashockthatshiftstheaggregatesupplycurveiscalledasupplyshock.
40.Stabilizationpolicy
Economistsusethetermstabilizationpolicytorefertopolicyactionsaimedatreducingtheseverityofshort-runeconomicfluctuations.
Chapter10
41.IScurve
ISstandsfor“investment"
and"
saving/"
andtheIScurverepresentsthenegativerelationshipbetweentheinterestrateandthelevelofincomethatarisesfromequilibriuminthemarketforgoodsandservices・
42.LMcurve
LMstandsfor"
liquidity"
money广andtheLMcurverepresentsthepositiverelationshipbetweentheinterestrateandthelevelofincomethatarisesfromequilibriuminthemarketforrealmoneybalances・
43.Keynesiancross
TheKeynesiancrossisabasicmodelofincomedetermination.Ittakesfiscalpolicyandplannedinvestmentasexogenousandthenshowsthatthereisonelevelofnationalincomeatwhichactualexpenditureequalsplannedexpenditure・
FIGURE10-3
income
TheKeynesianCrossTheequilibriumintheKeynesiancrossisthepointatwhichincome(actualexpenditure)equalsplannedexpenditure(pointA).
Chapter13
44.Phillipscurve
ThePhillipscurveinitsmodemformstatesthattheinflationratedependsonthreeforces:
■Expectedinflation
■Thedeviationofunemploymentfromthenaturalrate,calledcyclicalunemployment
■Supplyshocks・
Thesethreeforcesareexpressedinthefollowingequation:
II=ETI-(3(m—un)+v
Inflation=ExpectedInflation-(BxCyclicalUnemployment)+SupplyShock,whereBisaparametermeasuringtheresponseofinflationtocyclicalunemployment.Thereisaminussignbeforethecyclicalunemploymentterm:
otherthingsequal,higherunemploymentisassociatedwithlowerinflation
45.Adaptiveexpectations
Asimpleandoftenplausibleassumptionisthatpeopleformtheirexpectationsofinflationbasedonrecentlyobservedinflation.Thisassumptioniscalledadaptiveexpectations.
46.Demand-pullinflation
Thesecondterm,B(w一un),showsthatcyclicalunemployment—thedeviationofunemploymentfromitsnaturalrate—xertsupwardordownwardpressureoninflation・Lowunemploymentpullstheinflationrateup.Thisiscalleddemand-pullinflationbecausehighaggregatedemandisresponsibleforthistypeofinflation.
47.Cost-pushinflation
Thethirdterm,v,showsthatinflationalsorisesandfallsbecauseofsupplyshocks.Anadversesupplyshock,suchastheriseinworldoilpricesinthe1970s,impliesapositivevalueofvandcausesinflationtorise.Thisiscalledcost-pushinflationbecauseadversesupplyshocksaretypicallyeventsthatpushupthecostsofproduction.
48.Sacrificeratio
ThesacrificeratioisthepercentageofayearnsrealGDPthatmustbeforgonetoreduceinflationby1percentagepoint.Althoughestimatesofthesacrificeratiovarysubstantially,atypicalestimateisabout5:
foreverypercentagepointthatinflationistofall,5percentofoneyear'
sGDPmustbesacrificed.
49.Rationalexpectations
Analternativeapproachistoassumethatpeoplehaverationalexpectations.Thatis,wemightassumethatpeopleoptimallyusealltheavailableinformation,includinginformationaboutcurrentgovernmentpolicies,toforecastthefuture.
50.Natural-ratehypothesis
Thenatural-ratehypothesisissummarizedinthefol
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