经济学原理 曼昆 宏观部分 名词解释

CHAPTER 23
Microeconomics: is the study of how individual households and firms make decisions and how they interact with one
another in markets.
Macroeconomics: is the study of the economy as a whole. Its goal is to explain the economic changes that affect
many households, firms, and markets at once.
Gross domestic product (GDP) :is a measure of the income and expenditures of an economy.
Consumption (C):The spending by households on goods and services, with the exception of purchases of new
housing.
Investment (I):The spending on capital equipment, inventories, and structures, including new housing.
Government Purchases (G):The spending on goods and services by local, state, and federal not
include transfer payments because they are not made in exchange for currently produced goods or services.
Net Exports (NX): Exports minus imports.
Nominal GDP: values the production of goods and services at current prices.
Real GDP: values the production of goods and services at constant prices.
The GDP deflator: is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.

CHAPTER 24
The consumer price index (CPI) : is a measure of the overall cost of the goods and services bought by a typical
consumer.
The inflation rate :is the percentage change in the price index from the preceding period.
The producer price index: which measures the cost of a basket of goods and services bought by firms.
Indexation: the automatic correction of a dollar amount for the effects of inflation by law or contract
The nominal interest rate :is the interest rate usually reported and not corrected for inflation.
The real interest rate :is the interest rate that is corrected for the effects of inflation.

CHAPTER 25
Productivity: the quantity of goods and services produced from each unit of labor input.
Physical capital: the stock of equipment and structures that are used to produce goods and services.
Human capital: the knowledge and skills that workers acquire through education, training, and experience.
Natural resources: The inputs into production of goods and services that are produced by nature, such as land ,rivers,
and mineral deposits
Technological knowledge: society’s understanding of the best ways to produce goods and services.
Diminishing returns: the property whereby the benefit from an extra unit of an input declines as the quantity of the
input increases.
The catch-up: the property whereby countries that start off poor tend to grow more rapidly than countries that start
off rich.

CHAPTER 26
Financial system: the group of institutions in the economy that help to match one person’s saving with another
person’s investment.
Financial markets: financial institutions through which savers can directly provide funds to borrowers.
Bond: a certificate of indebtedness.
Stock: a claim to partial ownership in a firm.
Financial intermediaries: financial institutions through which savers can indirectly provide funds to borrowers.

Mutual fund: an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds.
National saving (saving): the total income in the economy that remains after paying for consumption and government
purchases.
Private saving: the income that households have left after paying for taxes and consumption.
Public saving: the tax revenue that the government has left after paying for its spending.
Budget surplus: an excess of tax revenue over government spending.
Budget deficit: a shortfall of tax revenue from government spending.
Market for loanable funds: the market in which those who want to save supply funds and those who want to borrow
to invest demand funds.
Crowding out: a decrease in investment that results from government borrowing.

CHAPTER 27
Finance: the field that studies how people make decisions regarding the allocation of resources over time and the
handling of risk.
Present value: the amount of money today that would be needed to produce, using prevailing interest rates, a given
future amount of money.
Future value: the amount of money in the future that an amount of money today will yield, given prevailing interest
rates.
Compounding: the accumulation of a sum of money in, say, a bank account where the interest earned remains in the
account to earn additional interest in the future.
If r is the interest rate, then an amount $$X to be
received in N years has a present value of $$X(1+r)
N
.

Diversification: the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated
risks.
Idiosyncratic risk: risk that affects only a single economic actor.
Aggregate risk: risk that affects all economic actors at once.
Fundamental analysis: the study of a company’s accounting statements and future prospects to determine its value.
Efficient markets hypothesis: the theory according to which asset prices reflect all publicly available information
about the value of an asset.
informationally efficient: reflecting all available information in a rational way.
Random walk: the path of a variable whose changes are hard to predict.

CHAPTER 28
Labor force: the total number of workers, including both the employed and the unemployed.
Labor force = Number of employed + Number of unemployed

Unemployment rate: the percentage of the labor force that is unemployed.
Unemployment rate=（Number of unemployed Labor force）×100%
Labor-force participation rate: the percentage of the adult population that is in the labor force.
Labor-force participation rate =(Labor force Adult population)×100%
Natural rate of unemployment: the normal rate of unemployment around which the unemployment rate fluctuates.
Cyclical unemployment: the deviation of unemployment from its natural rate.
Discouraged workers: individuals who would like to work but have given up looking for a job.

Frictional unemployment: unemployment that results because it takes time for workers to search for the jobs that best
suit their tastes and skills.
Structural unemployment: 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: the process by which workers find appropriate jobs given their tastes and skills.
Unemployment insurance: a government program that partially protects workers’ incomes when they become
unemployed.
Union: a worker association that bargains with employers over wages and working conditions.
Collective bargaining: the process by which unions and firms agree on the terms of employment.
Strike: the organized withdrawal of labor from a firm by a union.
Efficiency wages: above- equilibrium wages paid by firms in order to increase worker productivity.

CHAPTER 29
Money: the set of assets in an economy that people regularly use to buy goods and services from other people.
Medium of exchange: an item that buyers give to sellers when they want to purchase goods and services.
Unit of account: the yardstick people use to post prices and record debts.
Store of value: an item that people can use to transfer purchasing power from the present to the future.
Liquidity: the ease with which an asset can be converted into the economy’s medium of exchange.
Commodity money: money that takes the form of a commodity with intrinsic value.
Fiat money: money without intrinsic value that is used as money because of government decree.
Currency: the paper bills and coins in the hands of the public.
Demand deposits: balances in bank accounts that depositors can access on demand by writing a check.
Federal Reserve (Fed): the central bank of the United States.
Central bank: An institution designed to oversee the banking system and regulate the quantity of money in the
economy.
Money supply: the quantity of money available in the economy.
Monetary policy: the setting of the money supply by policymakers in the central bank.
Reserves: deposits that banks have received but have not loaned out.
Fractional-reserve banking: a banking system in which banks hold only a fraction of deposits as reserves.
Reserve ratio: the fraction of deposits that banks hold as reserves.
Money multiplier: the amount of money the banking system generates with each dollar of reserves.
money multiplier =1reserve ratio
Open market operations: the purchase and sale of U.S. government bonds by the Fed.
Reserve requirements: regulations on the minimum amount of reserves that banks must hold against deposits.
Discount rate: the interest rate on the loans that the Fed makes to banks.

CHAPTER 30
Quantity theory of money: a theory asserting that the quantity of money available determines the price level and that
the growth rate in the quantity of money available determines the inflation rate.
Nominal variables: variables measured in monetary units.
real variables: variables measured in physical units.
Classical dichotomy: the theoretical separation of nominal and real variables.
Monetary neutrality: the proposition that changes in the money supply do not affect real variables.
Velocity of money: the rate at which money changes hands.

Velocity =nominal GDPmoney supply
M×V=P×Y
Quantity equation: 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: the revenue the government raises by creating money.
nominal interest rate= real interest rate+ inflation rate
Fisher effect: the one-for-one adjustment of the nominal interest rate to the inflation rate.
Shoeleather costs: the resources wasted when inflation encourages people to reduce their money holdings.
Menu costs: the costs of changing prices.

CHAPTER 31
Closed economy: an economy that does not interact with other economies in the world.
Open economy: an economy that interacts freely with other economies around the world.
Exports: goods and services that are produced domestically and sold abroad.
Net exports: the value of a nation’s exports minus the value of its imports, also called the trade balance.
NX=Exports-Imports
Trade surplus: an excess of exports over imports.
Trade deficit: an excess of imports over exports.
Balanced trade: a situation in which exports equal imports.
Net capital outflow: the purchase of foreign assets by domestic residents minus the purchase of domestic assets by
foreigners.
NCO= purchase of foreign assets by domestic residents- purchase of domestic assets by foreigners
Y=C+I+G+NX
S=Y-C-G=I+NX=I+NCO
Nominal exchange rate: the rate at which a person can trade the currency of one country for the currency of another.
Appreciation: an increase in the value of a currency as measured by the amount of foreign currency it can buy.
Depreciation: a decrease in the value of a currency as measured by the amount of foreign currency it can buy.
Real exchange rate: the rate at which a person can trade the goods and services of one country for the goods and
services of another.
real exchange rate= nominal exchange rate×domestic price foreign price = e×p p*
Purchasing- power parity: 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.
e=p*p

CHAPTER 32
Trade policy: a government policy that directly influences the quantity of goods and services that a country imports
or exports.
Capital flight: a large and sudden reduction in the demand for assets located in a country.
NX = NCO.

CHAPTER 33
Recession: a period of declining real incomes and rising unemployment.
Depression: a severe recession.
Model of Aggregate Demand and Aggregate Supply: the model that most economists use to explain short-run

fluctuations in economic activity around its long-run trend.
Aggregate-Demand Curve: 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: a curve that shows the quantity of goods and services that firms choose to produce and sell
at each price level.
Natural rate of output: the production of goods and services that an economy achieves in the long run when
employment is at its natural level.
Quantity of output=Natural rate of output +a(Actual price level – Expected price level)
Stagflation: a period of falling output and rising prices.

CHAPTER 34
Theory of liquidity preference: Keynes’s theory that the interest rate adjusts to bring money supply and money
demand into balance.
Multiplier effect: the additional shifts in aggregate demand that result when expansionary fiscal policy increases
income and thereby increases consumer spending.
Multiplier=1(1-MPC)
Crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raises the interest
rate and thereby reduces investment spending.
Automatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a
recession without policymakers having to take any deliberate action.

CHAPTER 35
Phillips curve: a curve that shows the short- run tradeoff between inflation and unemployment
unemployment rate= natural rate -α（actual inflation- expected inflation）
Natural-rate hypothesis: the claim that unemployment eventually returns to its normal, or natural rate, regardless of
the rate of inflation.
Supply shock: an event that directly alters firms’ costs and prices, shifting the economy’s aggregate-supply curve and
thus the Phillips curve.
Sacrifice ratio: the number of percentage points of annual output lost in the process of reducing inflation by 1
percentage point.
Rational expectations: the theory according to which people optimally use all the information they have, including
information about government policies, when forecasting the future.