Macroeconomics

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宏 观 经 济 学 Macroeconomics 宏 观 经 济 学 Macroeconomics
思考问题 什么是财富？ 野果---兽肉---谷物 粮食(文景之治)---生产物资---生活 用品---金银---自然资源--房屋---股 票----教育---软件---文化产品与活
动(音乐文学演出)…… 什么是价值？ 重农主义---重商 主义---劳动价值论---边际效用论--
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宏 观 经 济 学 Macroeconomics 宏 观 经 济 学 Macroeconomics
**例：假定一个经济社会由 5个家庭组成，每个家庭 的消费支出(C)和他们的可支配收入(Yd)具有下列关 系：
家庭(可支配收入水平 消费函数 Yd)
A(Yd=M)
C(A)=1.00Yd
B(Yd= 2M)
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宏 观 经 济 学 Macroeconomics 宏 观 经 济 学 Macroeconomics
Enjoy Economics Enjoy Learning Have Own Belief
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宏 观 经 济 学 Macroeconomics 宏 观 经 济 学 Macroeconomics
宏 观 经 济 学 Macroeconomics 宏 观 经 济 学 Macroeconomics
“……我们非常羡慕你，首次远航 去经济学的世界从事激动人心的探 险。这种惊心动魄的经历你一生只 有一次。因此，当你开始之时，我 们要说:‘祝你一帆风顺!’……”
（萨缪尔森《经济学》致全体经济学初学者）
2、论点性争鸣性强，不同学说代表不同阶层 利益+社会经济发展+学术思想更新发展。朝 野变换多。但也绝非不可知论，基本概念、 原理在一定范围内是统一客观的。

• Back to policy
The Short Run – The Goods Market

The Composition of GDP • consumption +investment +government spending +net exports The Demand for Goods • Disposable Income, Consumption The Determination of Equilibrium Output • Demand, Production
Introduction – A Tour of the Book

Aggregate Output • GDP: Gross Domestic Product The Other Major Macroeconomic Variables • Unemployment rate = unemployment / labor force • Inflation rate is the rate at which the price level increase
A Decrease in the Budget Deficit
• Initially to a decrease in output. Over time, however, output returns to the natural level of output
Changes in the Price of Oil

The Short Run – Financial Markets

The Demand for Money • Money (Currency +Checkable deposits), Bond • Md = $Y L(i)

西方经济学（宏观）
曼昆 《经济学原理》宏观经济学分册第六版
一、什么是宏观经济学？
• 宏观经济学（macroeconomics）：研究总体经济变量 的经济学。
• 宏观经济学的主要研究对象：
– 经济增长（economic growth） – 失业（unemployment） – 通货膨胀（inflation） – 国际收支与汇率(balance of payments and exchange rate)
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23.3 GDP的组成部分
• GDP 是总支出 • 四个组成部分：
– 消费 （C） – 投资 （I） – 政府购买 （G） – 净出口（NX）
• 这四个组成部分的总和等于GDP（用Y表示）：
Y = C + I + G + NX
一国收入的衡量
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消费 (C)
• 家庭除购买新住房之外用于物品和劳务的总支出 • 关于居住成本的注释：
• 把所有组成部分加总起来得到：
Y = C + I + G + NX
一国收入的衡量
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美国的GDP及其组成部分：2007
总量（10亿）
占总量的百分 比
Y
$13,841
100.0
C
9,734
70.3
I
2,125
15.4
G
2,690
19.4
NX
–708
–5.1
人均量 $45,825 32,228 7,037 8,905 –2,344
D. 通用汽车公司生产了价值5亿美元的汽车，但消费者 只购买了价值4.7亿美元的汽车
主动学习 1
参考答案
A. Debbie在波士顿最好的饭店花了$200请他丈夫吃晚饭

宏观经济学英文名词宏观经济学（Macroeconomics）是经济学的一个分支，研究整个经济系统的总体行为和发展趋势。

它关注的是国家和地区整体经济，而不是个体经济主体的行为。

下面是一些与宏观经济学相关的英文名词和参考内容：1. GDP (Gross Domestic Product): GDP is the total value of all goods and services produced within a country's borders in a specific period of time. It is widely used as a measure of economic growth and is a key indicator of a country's overall economic performance.2. Inflation: Inflation refers to the increase in the general price level of goods and services over a period of time. It is usually measured by the Consumer Price Index (CPI) or the Producer Price Index (PPI). High inflation can erode purchasing power and lead to economic instability.3. Unemployment rate: The unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment. It is an important indicator of the health of an economy and can have significant social and political implications.4. Fiscal policy: Fiscal policy refers to the use of government spending and taxation to influence the overall economy. It can be expansionary (increasing government spending or reducing taxes) or contractionary (reducing government spending or increasing taxes) depending on the state of the economy.5. Monetary policy: Monetary policy involves the control and regulation of the money supply and interest rates by a central bank, such as the Federal Reserve in the United States. It is used to stabilize the economy, control inflation, and promote economic growth.6. Exchange rate: The exchange rate is the value of one currency in terms of another currency. Changes in exchange rates can have a significant impact on international trade, investment, and economic competitiveness.7. Balance of trade: The balance of trade is the difference betweena country's exports and imports of goods and services. A positive balance of trade (exporting more than importing) is known as a trade surplus, while a negative balance of trade is known as a trade deficit. This indicator is important for measuring a country's international trade competitiveness.8. Economic growth: Economic growth refers to an increase in the production and consumption of goods and services in an economy over time. It is usually measured by the annual percentage change in real GDP. Sustainable economic growth is a key goal for most countries.9. Aggregate demand: Aggregate demand is the total demand for goods and services in an economy at a given price level and period of time. It is affected by factors such as consumer spending, investment, government spending, and net exports.10. Business cycle: The business cycle refers to the fluctuations ineconomic activity over time. It consists of four phases: expansion (growth), peak (highest point), contraction (slowdown), and trough (lowest point). Understanding the business cycle is important for predicting and managing economic fluctuations.These are just a few examples of the many concepts and terms used in the field of macroeconomics. They provide insights into the overall performance, trends, and policies that shape an economy.。

习题集四PART AQUESTION 1The definition of the term ‘long run’ is based directly on:1. time.2. macroeconomic adjustment.3. the natural level of output.4. the balance of trade.QUESTION 2The underground economy is:1. a term applied to the mining industry.2. that part of the economy that is not measured in official GDP data owing to illegal activities and tax avoidance.3. the adjustment that should be made to official GDP data owing to environmental degradation.4. the opportunity cost incurred when workers are involuntarily unemployed. QUESTION 3‘Disagreements among macroeconomists can be generated by the different weights they apply to objectives even when their views about how the economy works are the same’. This statement is:1. true.2. false.QUESTION 4In an economy there are 18 million people over 15 years of age, there are 12 million people employed and 3 million people unemployed. The unemployment rate is:1. 10.0 percent.2. 16.7 percent.3. 20.0 percent.4. impossible to calculate without further information.QUESTION 5‘If we assume that the quantity of money is determined by the government as a matter of policy, then the interest rate must remain fixed as the number or value oftransactions changes.’ This statement is:1. true.2. false.QUESTION 6If the net value of the autonomous and policy-determined expenditures in a closed economy is $200 billion and the marginal propensity to consume is 0.8, then equilibrium output is:1. $200 billion.2. $250 billion.3. $800 billion.4. $1,000 billion.5. impossible to calculate without further information, but must be greater than $200 billion.Note: Y = Z（equilibium condition of goods market）→Y = Z C + I + G = c0 + c1(Y-T) + I + G→(1- c1)Y= c0 + I + G - c1T→Y =〔1/ (1- c1) 〕(c0 + I + G - c1T )(c0+ I + G - c1T ) is the net value of the autonomous and policy-determined expenditure.So, Y =〔1/ (1- c1) 〕(c0 + I + G - c1T )=〔1/ (1- 0.8) 〕* ( 200)=1000QUESTION 7For the economy in question 6 above, if income tax levied by the government is a lump sum of $200 billion (T = 200), then equilibrium consumption is:1. $160 billion.2. $200 billion.3. $360 billion.4. $800 billion.5. impossible to calculate without further information, but must be at least equal to $640 billion.Note: C= c0+c1(Y-T)= c0+0.8(1000-200)= c0+640QUESTION 8Macroeconomic models that allow for adjustment over time are called:1. simulation models.2. regression models.3. dynamic models.4. equilibrium models.5. econometric models.QUESTION 9Which of the following lists contains variables that are all stock variables?1. Income, saving, investment.2. Wealth, saving, investment.3. Wealth, savings, quantity of money.4. Savings, quantity of money, investment.QUESTION 10Which of the following statements is true when wealth can be held as money or bonds only and consumption is determined by current income only?1. Demand for money and demand for bonds are independent of each other.2. Other things being equal, an increase in wealth causes the demand for money to increase.3. Other things being equal, an increase in the interest rate leads to an increase in the demand for bonds.4. More than one of the statements above is true.5. None of the above statements is true.QUESTION 11If the central bank purchases government bonds on the open market (open market operations), a macroeconomist would conclude that it wishes to impact:1. aggregate demand.2. real income.3. the nominal interest rate.4. the real interest rate.QUESTION 12The IS relation identifies all combinations of real interest rate and real income at which the:1. goods market is in equilibrium.2. money market is in equilibrium.3. bond market is in equilibrium.4. both the goods and money markets are in equilibrium.5. all of the goods, money and bond markets are in equilibrium.QUESTION 13A decision by a government to increase income tax and reduce government spending simultaneously is:1. fiscal contraction.2. monetary contraction.3. fiscal expansion.4. monetary expansion.QUESTION 14In the IS–LM model an increase in income will cause:1. an increase in consumption.2. an increase in investment.3. an increase in the demand for money.4. both 1 and 2 above.5. all of 1, 2 and 3 above.QUESTION 15‘If the government of a closed economy wished to reduce the interest rate with little or no decline in output, it would combine monetary expansion with fiscal contraction.’ This statement is:1. true.2. false.QUESTION 16In the table below data are provided for selected macroeconomic variables for the former West Germany around the time of unification.Data in the table are consistent with:1. contractionary monetary policy.2. expansionary monetary policy.3. neutral monetary policy.QUESTION 17In the dynamic IS–LM model it is normally assumed that the interest rate:1. and output both adjust slowly.2. and output both adjust quickly.3. adjusts slowly, but output adjusts quickly.4. adjusts quickly, but output adjusts slowly.QUESTION 18If the inflation rate in Australia in 2000 is expected to be 5.5 percent and the nominal interest rate is expected to be 7.5 percent per year, the real interest rate is expected to be approximately:1. –2.0 percent per year.2. zero.3. 2.0 percent per year.4. 5.5 percent per year.5. 7.5 percent per year.QUESTION 19If a shareholder in a business is expecting a real dividend of $550 one year from now, what is the expected present discounted real value of that dividend if the real rate of interest is 10 percent per year now and is expected to remain at that rate?1. $495.2. $500.3. $550.4. it is impossible to calculate expected present discounted real value without knowing the expected rate of inflation.QUESTION 20Other things being equal, in the short run an increase in expected inflation is associated with:1. a decrease in output.2. an increase in output.3. either a decrease or an increase in output depending on the size of the increase in expected inflation.QUESTION 21Which of the following statements may be assumed to be true in macroeconomic modelling?1. Both the IS and LM relations depend on the nominal interest rate.2. The difference between the real interest rates on money and bonds is normally less than the expected inflation rate.3. Money has a zero real interest rate.4. More than one of the statements above is true.5. None of statements above is true.QUESTION 22Consumption is likely to fluctuate:1. less than investment.2. more than investment.3. about as much as investment.QUESTION 23If the expected present discounted present value of a planned investment project is less than the cost of that investment project, a business firm should:1. borrow and proceed with the project.2. proceed with the project only if there are sufficient internal funds to finance the project.3. not proceed with the project.QUESTION 24‘The user cost of capital is equivalent to the initial purchase price of that capital.’ This statement is:1. true.2. false.QUESTION 25In comparing bonds carrying identical risk of default, but having different maturity dates, it is necessary to consider their:1. interest rates.2. yields to maturity.3. yield curves.4. coupon payments.QUESTION 26In recent years share prices on the major stock exchanges around the world have:1. been close to their fundamental values.2. often deviated from their fundamental values.3. been explicable only in terms of fads.4. been explicable only in terms of rational speculative bubbles.QUESTION 27Introducing expectations into the IS–LM model can be expected to make:1. the IS curve steeper without affecting the LM curve.2. the IS curve flatter without affecting the LM curve.3. both the IS curve and the LM curve shift.QUESTION 28The real exchange rate is defined as the:1. price of foreign currency in terms of domestic currency.2. price of foreign goods in terms of domestic goods.3. price of foreign goods divided by the price of domestic goods4. nominal exchange rate divided by the domestic price index.QUESTION 29In the following table some data on the balance of payments for an economy are provided.The current account balance for the economy is:1. –$0.2 billion.2. –$2.2 billion.3. –$2.4 billion.4. +$0.6 billion.5. +$3.0 billion.QUESTION 30If a country with a floating exchange rate has a current account surplus it will have a capital account balance that is:1. positive.2. negative.3. equal to zero.QUESTION 31Assume that the interest parity relation holds. If the interest rate on domestic bonds is less than the interest rate on foreign bonds, the:1. domestic currency is expected to appreciate.2. domestic currency is expected to depreciate.3. expected return on foreign bonds is greater than the expected return on domestic bonds.4. expected return on foreign bonds is less than the expected return on domestic bonds.QUESTION 32If a real depreciation of the exchange rate is to improve the trade balance, it is necessary that the quantity of:1. exports increase.2. imports decrease.3. exports increase and the quantity of imports decrease by enough to compensate for the increase in the price of imports.4. exports increase and the quantity of imports decrease by enough to compensate for the increase in the price of imports and the increase in the government budget deficit.QUESTION 33If total saving and investment in an economy are equal to each other, then net exports will be:1. positive.2. negative.3. zero.4. either positive or negative depending on the nominal exchange rate.Note: NX = S + (T - G) - IQUESTION 34Compared to the closed economy IS curve, the open economy IS curve is:1. steeper.2. flatter.3. neither steeper nor flatter.QUESTION 35In most high income economies wages are determined by:1. the interaction of labour supply and demand.2. the reservation wage.3. relative bargaining power of workers and employers.4. a combination of 1 and 2 above.5. a combination of 2 and 3 above.QUESTION 36If individual goods markets are not perfectly competitive, it can be assumed that the markup will be:1. positive.2. negative.3. zero.4. any one of the above depending on the Q ratios of firms in individual goods markets.QUESTION 37If the expected price level increases:1. there will be a one-for-one increase in output.2. there will be a one-for-one increase in the price level.3. the aggregate demand curve will shift down.4. the aggregate demand curve will become steeper.5. more than one, but not all, of the above will occur.QUESTION 38A change in the nominal stock of money will be associated with a change in output in:1. the short run only.2. the long run only.3. both the short and long run.QUESTION 39Olivier Blanchard has estimated that the relationship between changes in the inflation rate (πt –πt-1) and the rate of unemployment (u t) in the USA as (πt –πt-1) = 7.5 –1.15u t. If the rate of unemployment in the USA falls from 7.5 to 5.5 percent, the rate of inflation can be expected to:1. increase by2.3 percentage points.2. decrease by 2.3 percentage points.3. remain constant.4. increase by5.2 percent.5. decrease by 5.2 percentage points.Note: (πt –πt-1) = 7.5 – 1.15u t = – 1.15(u t–7.5/1.15)QUESTION 40Uncertainty of knowledge in macroeconomics should cause policy makers to use:1. more active policies than they otherwise would.2. less active policies than they otherwise would.3. monetary policy in preference to fiscal policy.4. fiscal policy in preference to monetary policy.PART BQUESTION 41Define both of the following terms:(a) Eurosclerosis: p637 of text book.( “欧洲硬化症”: 用来描述欧洲经济萎靡不振，欧洲经济为高失业率和低增长率所困扰。

45°
△y
y
三、影响乘数效应的因素 1、边际消费倾向的大小 2、社会中过剩生产能力的大小 3、投资与储蓄的决定是相互独立的，否
则投资增加所引起的对货币的需求会导 致利率上升，从而增加储蓄减少消费。
（ii）GNP核算一国居民的收入，而不管收入来自哪国。 • GNP=GDP+来自国外的收入—向国外的要素支付
=GDP+从国外获得净要素收入（NFP） • 国民生产净值（NNP）=GNP—折旧
•国民收入(NI)=NNP－企业间接税
• 个人收入（PI）=NI－公司利润－社会保险税－个人对非居民部 门利息支付+红利+政府转移支付+个人利息收入。
第四节 乘数理论
传统经济学：储蓄是美德，消费是罪恶 凯恩斯：消费是美德，储蓄是罪恶 （明）陆辑：予每博观天下大势，大抵
其地奢其民必易为生，其地俭其民必不 易为生也。 凯恩斯：无论你们购买什么都会拯救英 国。
一、乘数的含义 破窗经济 乘数指国民收入增加量与引起这种增加
的自发总需求增加量之间的比率。
第十三章 简单国民收入决定理 论
国民收入如何决定 凯恩斯理论的核心内容 四个市场：产品市场、货币市场、劳动
市场、国际市场
只包括产品市场的理论为简单国民收入 理论。
第一节 均衡产出
一、假定 1、不存在政府，只有两个部门即家庭
与企业； 2、封闭经济，不存在对外贸易； 3、消费与储蓄行为出现在家庭部门；
解决途径: (i) 利用价格指数的变化衡量物价水平的变化。 (ii)利用真实国民生产总值衡量实际总产出水平。
GDP折算指数和实际国内生产总值
定义1: t期实际国内生产总值(Q)=>按基期的商品和服 务的市场价

一、国内生产总值的定义
•
定义：在某一既定时期一国之内生
产的所有最终产品和劳务市场价值总
和。
•
上述定义包括以下几方面规定：
•
第一，“一国之内…”。GDP按国
土原则计算
•
GDP以领土为统计范围，强调无
论劳动力和其它生产要素是属于本
国、还是外国，只要是在本国领土
生产的产品和劳务的价值都计入本
国的GDP。，
企业家愿意提供的产品越多。
•
—— 供给定理
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（2）经济理论的图形表达
P
S
O
Q
35
（3）经济理论的数学表达
•
•
•
•
用函数的形式表达供给定理，该理
论可以表示为：
Q
= f（P）
供给量
价格
函数
上式表示供给量是价格的函数。
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（4）著名的经济学模型 ：供求模型
•
例如，猪肉的需求函数：
•
Qd = D（P、Y）
流量而不是存量，通常以年度或季
度为单位度量。
存量 VS .流量
•
存量：
在某一时点上存在的数量。
（洗脸盆中的水，你书架上的书和
你储蓄账户上的货币量也是存量。）
•
流量：
在一定时期发生的量。
（打开的水龙头流到洗脸盆中的水。
我们在一个月里买的书和我们在一个
月里赚到的收入也是流量。）
存量 VS .流量
•
化等。
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值得研究的问题：
•
（1）为什么会有经济增长？决定因
素是什么？
•
（2）如何准确测量经济增长的速度
和成本，经济增长如何维持？如何实

GDP Composition
The breakdown of GDP into its various components, such as consumption, investment, government spending, and net exports.
VS
A measure of the percentage of the labor force that is jobless and actively seeking employment.
04
Fiscal Policy and Government Speing is a significant component of the economy, representing a significant share of GDP.
Government spending can also act as a stabilizer during economic downturns, stimulating growth and absorbing economic shocks.
05
Monetary Policy and Central Bank Operations
The main monetary policy tools used by central banks are open market operations, reserve requirements, and interest rate policy.
02
Examples include stimulus packages during the Great Recession, infrastructure spending programs, and social welfare policies.

MACROECONOMICSUNIT 3 – Aggregate Demand and Aggregate Supply: Fluctuations in Outputs and PricesAbout 50-60% of AP Macro ExamThis is the heart of the AP Macro Exam. Not only are the concepts important, and the method of analysis is important to have as well as it gets used in future units. A basic knowledge of aggregate demand and supply (AD/AS) model is important. Knowledge of the Keynesian and classical theories using this analysis is also very important. Know the relationships between the Keynesian and AD/AS models.You must understand the graphs used in this unit. The AP exam will require you to interpret, use, and draw the graphs. It is nearly impossible to pass the AP Macroeconomics Exam without understanding the AD/AS model. Understand the Keynesian model is very useful but most essay questions on the exam can probably be answered using the AD/AS model.Key ideas in UNIT THREE•Aggregate demand (AD) and aggregate supply (AS) curves look and operate much like the supply and demand curves used in microeconomics. However, these macroeconomic AD and As curves depictdifferent things, and they change for different reasons than microeconomic demand and supply curves.AD and AS curves can be used to illustrate changes in real output and the price level of an economy.•The downward sloping aggregate demand curve is explained by the wealth effect, the income effect, and the foreign purchases effect.•The aggregate supply curve is divided into three ranges: the horizontal or Keynesian range, the upward sloping or intermediate range, the upward sloping or intermediate range, and the vertical or classicalrange.•Changes in the price level and output are illustrated by shifts and movements along the aggregate demand and supply curves.•Shifts in aggregate demand can change the level of output and the price level or both. The determinants of AD include changes in consumer spending, investment spending, government spending, and netexport spending.•Shifts in aggregate supply can also change the level of output and the price level. Determinants of AS include changes in input prices, productivity, the legal institutional environment, and the quantity ofavailable resources.•Changes in outputs can also be illustrated by the Keynesian expenditure-output model. This model differs from the AD/AS model because in the Keynesian model the price level is assumed to be constant.The Keynesian model has fixed prices.•The AD/AS model can be reconciled with Keynesian expenditure-output model. In the Keynesian (horizontal) range of the AS curve, both models are identical. The models differ in the intermediate and vertical ranges of the AS curve.•Autonomous spending is that part of AD that is independent of the current rate of economic activity.•Induced spending is that part of AD that depends upon the current rate of economic activity.•The multiplier is a number that influences the relationship of changes in autonomous spending to changes in real GDP.•The formula for calculating the multiplier is: 11 - MPC•The multiplier results from subsequent rounds of induced spending that occur when autonomous spending changes.•Keynesian economists believe that equilibrium levels of GDP can occur at less than or more than the full0employemnt level of GDP. Classical economists believe that long-run equilibrium can occur only at full employment.•Fiscal policy consists of government actions that may increase or decrease aggregate demand. These actions involve changes in government spending and taxing.•The government uses an expansionary fiscal policy to try to increase aggregate demand during a recession. The government may decrease taxes, increase spending, or do a combination of the two. •The government uses a contractionary fiscal policy to try to decrease aggregate demand during a period of inflation. The government may increase taxes, decrease spending, or do a combination of the two. •Discretionary fiscal policy means the federal government must take deliberate action or pass a new law changing taxes or spending. The automatic or built-in stabilizers change government spending or taxes without new laws being passed or deliberate action being taken.•The balanced budget multiplier indicates that equal increases or decreases in taxes and government spending increase or decrease equilibrium GDP by an amount equal to that increase or decrease. •Stagflation can be explained by a decrease in aggregate supply.。

1
A C T I V E L E A R N I N G 2: Answers
2004 (base yr) 2005
2006
P
QPQ
P
Q
good A $30 900 $31 1,000 $36 1050 good B $100 192 $102 200 $100 205
A. Compute nominal GDP in 2004.
▪ Find public saving, taxes, private saving,
national saving, and investment.
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A C T I V E L E A R N I N G 1: Answers
Given: Y = 10.0, C = 6.5, G = 2.0, G – T = 0.3
13
A C T I V E L E A R N I N G 1B: Exercise
▪ Now suppose the government cuts taxes by
$200 billion.
▪ In each of the following two scenarios,
determine what happens to public saving, private saving, national saving, and investment.
Public saving = T – G = – 0.3 Taxes: T = G – 0.3 = 1.7 Private saving = Y – T – C = 10 – 1.7 – 6.5 = 1.8 National saving = Y – C – G = 10 – 6.5 – 2 = 1.5 Investment = national saving = 1.5

• The price level is determined by the level of demand relative to the productive capacity of the economy
• Conclusion: high rates of inflation are always due to changes in AD in the long run
• Macroeconomics aggregates the individual markets vs. microeconomics examines the behavior of individual economic units and the determination of prices in individual markets
• Trend path of GDP is the path GDP would take if factors of production were fully utilized
• Deviation of output from the trend is referred to as the output gap
1-8
The Business Cycle and the Output Gap
• Business cycle is the pattern of expansion and contraction in economic activity about the path of trend growth
• When AD pushes output above the sustainable level, firms increase prices

宏观经济学（Macroeconomics），是使用国民收入、国民经济统计等宏观经济学数，对一个国家的经济活动开展研究。

宏观经济学是相对于微观经济学之中的各个学派以国民生产总值以及国民收入主要指标的研究视角，国民经济学、太阳经济学都被认为是宏观经济学研究领域之一。

宏观经济学是现代经济学科学体系中重要的学科，宏观经济学来源于法国魁奈的《农业经济管理论》（1613）和英国坎蒂隆的《商业性质概论》（1758）。

首次使用“宏观经济学”一词的是1893年一位英国经济学家创造出来的。

宏观经济学的英文介绍如下：Macroeconomics is a field of economics that studies the performance of the economy as a whole. It focuses on aggregate variables such as national income, output, employment, and inflation, and explores how these variables interact and respond to policy changes. Macroeconomics also examines the role of government policies in stabilizing the economy and achieving economic growth.The key theories and models in macroeconomics include the Keynesian model, which emphasizes the role of government spending and taxation in stabilizing the economy; the monetarist model, which emphasizes the role of money supply and inflation in macroeconomic performance; and the supply-side model, which emphasizes the role of supply-side factors such as labor supply and capital in economic growth.Macroeconomists also study international macroeconomics, which explores how countries' economies interact with each other through trade, exchange rates, and financial markets. They also study macroeconomic policies such as fiscal policy (taxes and government spending) and monetary policy (changes in interest rates and money supply) and how they can be used to achieve economic stability and growth.希望以上信息对您有所帮助。

经济学(Economics)：研究人和社会对具有不同用途的稀缺资源配置并加以选择的科学；其目标是有效利用稀缺资源来生产商品和劳务，并在现在或将来把它们合理地分配给社会成员或集团以供消费之用。

微观经济学(Microeconomics)：研究微观(Micro)、或“小型”经济单位的经济行为，如单个消费者、生产者和单一市场的经济行为。

宏观经济学(Macroeconomics)：研究社会总体的经济行为及其后果，即对整个社会的消费、投资、生产、收入等进行分析研究。

经济人(Economic man)：作出决策的出发点是个人利益，寻求个人利益最大化。

需求（Demand）：一种商品的需求是指消费者在一定时期内在各种可能的价格下愿意而且能够购买的该种商品的数量。

需求函数（Demand function）：用来表示一种商品的需求数量和影响该需求数量的各种因素之间相关关系的数学表达式。

供给（Supply）：一种商品的供给是指生产者在一定时期内在各种可能的价格下愿意而且能够提供出售的该种商品的数量。

供给函数（Supply function）：用来表示一种商品的供给数量和影响该供给数量的各种因素之间相关关系的数学表达式。

均衡（Equilibrium）：指各个经济决策者（消费者、厂商）所作出的决策正好相容，在外界条件不变的情况下，每个人都不愿意再调整自己的决策，是一种相对静止的状态。

均衡价格（Equilibrium price）：指商品的市场需求量和市场供给量相等时候的价格。

均衡数量（Equilibrium quantity）：在均衡价格水平下相等的供求数量。

均衡点（Equilibrium point）：一种商品的市场需求曲线和市场供给曲线的交点。

需求量的变动（Variation of demand quantity）：仅仅因价格因素的变动而引起的需求数量的变动,是一种线上运动。

需求的变动（Variation od demand）：由于价格以外的因素的变动而引起的需求数量的变动,是一种线的移动。

衰退名词解释宏观经济学
宏观经济学，英文名称Macroeconomics，是使用国民收入、经济整体的投资和消费等总体性的统计概念来分析经济运行规律的一个经济学领域。

经济衰退（Economicrecession），指经济出现停滞或负增长的时期。

不同的国家对衰退有不同的定义，但美国以经济连续两个季度出现负增长为衰退的定义被人们广泛使用。

而在宏观经济学上通常定义为“在一年中，一个国家的国内生产总值（GDP）增长连续两个或两个以上季度出现下跌”。

但是这个定义并未被全世界各国广泛接受。

比如，美国国家经济研究局就将经济衰退定义成更为模糊的“大多数经济领域内的经济活动连续几个月出现下滑”。

凯恩斯认为对商品总需求的减少是经济衰退的主要原因。

宏经名词解释1.Macroeconomics：The study of the economy as a whole.宏观经济学：把经济视为一个整体而进行的研究。

2.Gross domestic product (GDP)：The total income earned domestically, including theincome earned by foreign-owned factors of production; the total expenditure on domestically produced goods and services.国内生产总值：国内所获得的总收入，包括在国外使用的生产要素带来的收入；对一国产品与服务产出的总支出。

3.Value added：The value of a firm’s output minus the value of the intermediate goods thefirm purchased.增加值：企业产出的价值减去企业购买的中间产品的价值。

4.Real GDP ：The value of goods and services measured using a constant set of prices.实际GDP：用一组不变价格衡量的产品与服务的价值。

5.GDP deflator：The ratio of nominal GDP to real GDP; a measure of the overall level ofprices that shows the cost of the currently produced basket of goods relative to the cost of that basket in a base year.GDP平减指数：名义GDP与实际GDP比率；衡量总体价格水平的指标，表现现期生产的一篮子物品的成本相对于基年生产的同一篮子物品的成本的值。

宏观经济学原理曼昆名词解释微观经济学〔microeconomics〕，研究家庭和企业如何做出决策，以及它们如何在市场上互相影响。

宏观经济学〔macroeconomics〕，研究整体经济现象，包括通货膨胀、失业和经济增长。

国内消费总值GDP〔gross domestic product〕，在某一既定时期，一个国家内消费的所有最终物品与效劳的市场价值。

消费〔consumption〕，家庭除购置新住房之外，用于物品与效劳的支出。

投资〔investment〕，用于资本设备、存货和建筑物的支出，包括家庭用于购置新住房的支出。

政府购置〔government purchase〕，地方、州和联邦政府用于物品与效劳的支出。

净出口〔net export〕，外国人对国内消费的物品的支出〔出口〕，减国内居民对外国物品的支出〔进口〕。

名义GDP〔nominal GDP〕，按现期价格评价的物品与效劳的消费。

真实GDP〔real GDP〕，按不变价格评价的物品与效劳的消费。

〔总之，名义GDP是用当年价格来评价经济中物品与效劳消费的价值，真实GDP是用不变的基年价格来评价经济中物品与效劳消费的价值。

〕GDP平减指数〔GDP, deflator〕，用名义GDP与真实GDP的比率乘以100计算的物价程度衡量指标。

消费物价指数CPI〔consumer price index〕，普通消费者所购置的物品与效劳的总费用的衡量指标。

通货膨胀率〔inflation rate〕，从前一个时期以来，物价指数变动的百分比。

消费物价指数〔producer price index〕，企业所购置的一篮子物品运效劳的费用的衡量指标。

指数化〔indexation〕，根据法律或合同按照通货膨胀的影响，对货币数量的自动调整。

名义利率〔nominal interest rate〕，通常公布的、未根据通货膨胀的影响，校正的利率。

真实利率〔real interest rate〕，根据通货膨胀的影响校正过的利率。

Macroeconomics 宏观经济学The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors.研究国民收入的各方面。

Microeconomics 微观经济学The study of the operations of the components of a national economy, such as individual firms, households, and consumers.研究经济中单个因素行为的分析。

GDP 国内生产总值(Gross Domestic Product)The total market value of all final goods and services produced within the borders of a nation during a specified period.一国国民在各行业中一年内生产的最终产品和最终服务价值总和。

It is often seen as an indicator of the standard of living in a country.Gross Domestic Product＝consumption + investment goods + government purchases + net exportsEconomic Growth 经济增长steady growth in the productive capacity of the economy (and so a growth of national income)Real Economic Growth Rate 实际经济增长率A measure of economic growth from one period to another expressed as a percentage and adjusted for inflation (i.e. expressed in real as opposed to nominal terms). The real economic growth rate is a measure of the rate of change that a nation's gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used if a nation's economy is heavily dependent on foreign earnings. The real economic growth rate builds onto the economic growth rate by taking into account the effect that inflation has on the economy. The real economic growth rate is a "constant dollar" and therefore a more accurate look at the rate of economic growth because the real rate is not distorted by the effects of extreme inflation or deflation.GDP deflator GDP指数In economics the GDP deflator (implicit price deflator for GDP) is a measure of the change in prices of all new, domestically produced, final goods and services in an economy. GDP stands for gross domestic product the total value of all goods and services produced within that economy during a specified period.Nominal GDP 名义GDPA gross domestic product (GDP) figure that has not been adjusted for inflation.Real GDP 实际GDPThis inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price", "inflation-corrected" GDP or "constant dollar GDP". Unlike nominal GDP, real GDP can account for changes in the price level, and provide a more accurate figure.Potential output 潜在产量/潜在GDPIn economics, potential output (also refered to as "natural real gross domestic product") refers to the highest level of real Gross Domestic Product output that can be sustained over the long term.GDP Gap GDP缺口The forfeited output of an country's economy resulting from the failure to create sufficient jobs for all those willing to work. A GDP gap denotes the amount of production that is irretrievably lost. The potential for higher production levels is wasted because there aren't enough jobs supplied.（与书异）Net Exports 净出口The value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or GDP, in an open economy. In other words, net exports is the amount by which foreign spending on a home country's goods and services exceeds the home country's spending on foreign goods and services.Recession 经济衰退A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.Notes:Recession is a normal (albeit unpleasant) part of the business cycle. A recession generally lasts from six to eighteen months. Interest rates usually fall in recessionary times to stimulate the economy by offering cheap rates at which to borrowDepression 经济萧条A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. In times of depression, consumer's confidence and investments decrease, causing the economy to shutdown.Value Added 附加值The enhancement a company gives its product or service before offering the product to customers. This can either increase the products price or value.（与书异）Gross National Product – GNP 国民生产总值An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents. GNP is a measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.Disposable Income 可支配收入The amount of after-tax income that is available to divide between spending and personal savings. This also known as your take home pay.Unemployment Rate 失业率The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.Labor force 劳动力the group of people who have a potential for being employed.Frictional Unemployment 摩擦性事业Unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information.Structural Unemployment 结构性失业Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers.Cyclical Unemployment 周期性失业Unemployment resulting from changes in the business cycle.Natural Unemployment 自然失业率（与书异）The lowest rate of unemployment that an economy can sustain over the long run. Keynesians believe that a government can lower the rate of unemployment (i.e. employ more people) if it were willing to accept a higher level of inflation (the idea behind the Phillips Curve). However, critics of this say that the effect is temporary and that unemployment would bounce back up but inflation would stay high. Thus, the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remains stable. Also known as the "non-accelerating inflation rate of unemployment" (NAIRU).Notes:When the economy is said to be at full employment, it is at its natural rate of unemployment. Economists debate how the natural rate might change. For example, some economists think that increasing labor-market flexibility will reduce the natural rate. Other economists dispute the existence of a natural rate altogether!Frictional unemployment — This reflects the fact that it takes time for people to find and settle into new jobs. If 12 individuals each take one month before they start a new job, the aggregate unemployment statistics will record this as a single unemployed worker. Technological change often reduces frictional unemployment, for example: the internet made job searches cheaper and more comprehensive.Structural unemployment —This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers. If 4 workers each take six months off to re-train before they start a new job, the aggregate unemployment statistics will record this as two unemployed workers. Technological change often increases structural unemployment, for example: technological change might require workers to re-train.Natural rate of unemployment —This is the summation of frictional and structural unemployment. It is the lowest rate of unemployment that a stable economy can expect to achieve, seeing as some frictional and structural unemployment is inevitable. Economists do not agree on the natural rate, with estimates ranging from 1% to 5%, or on its meaning — some associate it with "non-accelerating inflation.The estimated rate varies from country to country and from time to time.Demand deficient unemployment — In Keynesian economics, any level of unemployment beyond the natural rate is most likelydue to insufficient demand in the overall economy. During a recession, aggregate expenditure is deficient causing the underutilization of inputs (including labour). Aggregate expenditure (AE) can be increased, according to Keynes, by increasing consumption spending (C), increasing investment spending (I), increasing government spending (G), or increasing the net of exports minus imports (X−M).{AE = C + I + G + (X−M)}Okun's Law 奥昆法则A relationship between an economy's GDP gap and the actual unemployment rate. The relationship is represented by a ratio of 1 to 2.5. Thus, for every 1% excess of the natural unemployment rate, a 2.5% GDP gap is predicted.Inflation 通货膨胀The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Deflation 通货紧缩steadily falling pricesA general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation, deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Hyperinflation 超级通货膨胀Extremely rapid or out of control inflation.Inflation rate 通货膨胀率In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). If one likes analogies, the size of a balloon is like the price level, while the inflation rate is how quickly it grows in size. Alternatively, the inflation rate is the rate of decrease in the purchasing power of money.Consumer Price Index (CPI) 消费价格指数The CPI, as it is called, measures the prices of consumer goods and services and is a measure of the pace of US inflation. The US Department of Labor publishes the CPI every month.Demand－pull inflation 需求拉动型通货膨胀inflation due to high demand for GDP and low unemployment, also known as Phillips Curve inflation.Cost－push inflation 成本推动型通货膨胀nowadays termed "supply shock inflation", due to an event such as a sudden increase in the price of oil.Built-in inflation - induced by adaptive expectations, often linked to the "price/wage spiral" because it involves workers trying to keep their wages up with prices and then employers passing higher costs on to consumers as higher prices as part of a "vicious circle". Built-in inflation reflects events in the past, and so might be seen as hangover inflation. It is also known as "inertial" inflation, "inflationary momentum", and even "structural inflation".Indexing 指数化The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.Linking movements of rates to the performance of an index.Notes:1. Indexing is a passive investment strategy. An investor can achieve the same risk and return of an index also by investing in an index fund.2. Types of rates that could be linked to the performance of an index are wage or tax rates.Phillips Curve 菲利普斯曲线An economic concept developed by A. W. Phillips stating that inflation and unemployment have a stable and inverse relationship. The theory states that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. The concept has been proven empirically and some government policies are directly influenced by it.第二章Aggregate Demand 总需求The total amount of goods and services demanded in the economy at a given overall price level and in a given time period. It is represented by the aggregate-demand curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally there is a negative relationship between aggregate demand and the price level. Alsoknown as "total spending".Notes:Aggregate demand is the demand for the gross domestic product (GDP) of a country, and is represented by this formula: Aggregate Demand (AD) = C + I + G (X-M)C = Consumers' expenditures on goods and services.I = Investment spending by companies on capital goods.G = Government expenditures on publicly provided goods and services.X = Exports of goods and services.M = Imports of goods and services.Aggregate Supply 总供给The total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as "total output".Notes:A shift in aggregate supply can be attributed to a number of variables. These include changes in the size and quality of labor, technological innovations, increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation. In the short run, aggregate supply responds to higher demand (and prices) by bringing more inputs into the production process and increasing utilization of current inputs. In the long run, however, aggregate supply is not affected by the price level and is driven only by improvements in productivity and efficiency.Exogenous Variable 外生变量A variable whose value is determined outside the model in which it is used.An economic variable that is related to other economic variables and determines their equilibrium levels. For example, rainfall is exogenous to the causal system constituting the process of farming and crop output. An exogenous variable by definition is one whose value is wholly causally independent from other variables in the system.Endogenous Variable 内生变量A value determined within the context of a model.An economic variable which is independent of the relationships determining the equilibrium levels, but nonetheless affects the equilibrium.Consumption 消费in economics, direct utilization of goods and services by consumers, not including the use of means of production, such as machinery and factories (see capital). Consumption can be divided into public and private sectors.Investment 投资An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. In the financial sense investments include the purchase of bonds, stocks or real estate property. Government Purchases 政府购买Expenditures made in the private sector by all levels of government, such as when a government entity contracts a construction company to build office space or pave highways. A component of Keynesian expenditures, government purchases can be used as a tool for a government to influence the business cycle and provide economic stimulation when it is deemed necessary. Keynesian Economics 凯恩斯经济An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability. A supporter of Keynesian economics believes it is the government's job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation.Classical Economics 古典经济学Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.Equilibrium of AD and AS 总供给和总需求的均衡supply and demand result in an equilibrium price (the interest rate)Stagflation 滞胀A condition of slow economic growth and relatively high unemployment - a time of stagnation - accompanied by a rise in prices, or inflation.第三章Fiscal Policy 财政政策Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy.Government spending 政府支出consists of government purchases, including transfer payments, which can be financed by seigniorage (the creation of money for government funding), taxes, or government borrowing It is considered to be one of the major components of gross domestic product.Multiplier Effect 乘数效应The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. In other words, it is money used to create more money and calculated by dividing total bank deposits by the reserve requirement.The multiplier effect depends on the set reserve requirement. The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.Crowding Out Effect 挤出效应An economic theory explaining an increase in interest rates due to rising government borrowing in the money market.Notes:Governments often borrow money (by issuing bonds) to fund additional spending. The problem occurs when government debt 'crowds out' private companies and individuals from the lending market. Increased government borrowing tends to increase market interest rates. The problem is that the government can always pay the market interest rate, but there comes a point when corporations and individuals can no longer afford to borrow.Marginal propensity to consume （MPC）边际消费倾向refers to the increase in personal consumer spending (consumption) that occurs with an increase in disposable income (income after taxes and transfers). For example, if a household earns one extra dollar of disposable income, and the marginal propensity to consume is 0.65, then of that dollar, the family will spend 65 cents and save 35 cents.Mathematically, the marginal propensity to consume (MPC) function is expressed as the derivative of the consumption (C) function with respect to disposable income (Y).In other words, the marginal propensity to consume is measured as the ratio of the change in consumption to the change in income, thus giving us a figure between 0 and 1. One minus the MPC equals the marginal propensity to save.Marginal propensity to save (MPS) 边际储蓄倾向refers to the increase in saving (non-purchase of current goods and services) that results from an increase in income. For example, if a family earns one extra dollar, and the marginal propensity to save is 0.35, then of that dollar, the family will spend 65 cents and save 35 cents. It can also go the other way, referring to the decrease in saving that results from a decrease in income. It is crucial to Keynesian economics and is the key variable determining the value of the multiplier. Mathematically, the marginal propensity to save (MPS) function is expressed as the derivative of the savings (S) function with respect to disposable income (Y).In other words, the marginal propensity to save is measured as the ratio of the change in saving to the change in income, thus giving us a figure between 0 and 1. It is the opposite of the marginal propensity to consume (MPC). In the example above, the marginal propensity to consume would be 0.65. In general MPS = 1 - MPC.Money Supply 货币供给（与书异）The entire quantity of bills, coins, loans, credit, and other liquid instruments in a country's economy. Money supply is divided into three categories--M1, M2, and M3--according to the type and size of account in which the instrument is kept. The money supply is important to economists trying to understand how policies will affect interest rates and growth.M1The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. M1 is the narrowest idea of "money." This is used as a measurement for economists trying to quantify the amount of money in circulation.M2A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, andnon-institutional money-market funds. M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions.M3The category of the money supply that includes M2 as well as all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. This is the broadest measure of money it is used by economists to estimate the entire supply of money within an economy.（书没有）Fiat Money 【美】（根据政府法令发行的）不兑现纸币Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Most of the world's paper money is fiat money.Legal tender 合法货币；偿付债务时债主必须接受的货币is payment that cannot be refused in settlement of a debt by virtue of law.Transactions demand交易性需求is the demand or foreign currency. It is used for purposes of business transactions and personal consumption. transactions demand is one of the determinants of demand for money (and credit).Speculative demand 投机性需求is the demand for financial assets, such as securities, money or foreign currency, or financing. It is one of the determinants of demand for money (and credit).Liquidity Preference Theory 流动性偏好理论The hypothesis that forward rates offer a premium over expected future spot rates. Proponents of this theory believe that, according to the term structure of interest rates, investors are risk-averse and will demand a premium for securities with longer maturities. A premium is offered by way of greater forward rates in order to attract investors to longer-term securities. The premium received normally increases at a decreasing rate due to downward pressure from the decreasing volatility of interest rates as the term to maturity increases. Also known as "liquidity preference hypothesis."Interest Rate 利率The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.Nominal Interest Rate/the money interest rate名义利率The interest rate unadjusted for inflation. Not taking into account inflation gives a less realistic number.Real Interest Rate 实际利率The amount by which the nominal interest rate is higher than the inflation rate. The real rate of interest is approximated by taking the nominal interest rate and subtracting inflation. The real interest rate is the growth rate of purchasing power derived from an investment.Intermediate targets 中间目标An intermediate target is a variable (such as the money supply) that is not directly under the control of the central bank, but that does respond fairly quickly to policy actions, is observable frequently and bears a predictable relationship to the ultimate goals of policy.Open Market Operations 公开市场业务The buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growth while sales of securities do the opposite. Notes: Open market operations are the principal tools of monetary policy. (The discount rate and reserve requirements are also used.) The U.S. Federal Reserve's goal in using this technique is to adjust the federal funds rate--the rate at which banks borrow reserves from each other.Discount Rate 贴现率The interest rate that an eligible depository institution is charged to borrow short-term funds directly from a Federal Reserve Bank. This type of borrowing from the Fed is fairly limited. Institutions will often seek other means of meeting short-term liquidity needs. The Federal funds discount rate is one of two interest rates the Fed sets, the other being the overnight lending rate, or the Fed funds rate.Lender of Last Resort 最后的贷款者/偿付者An institution, usually a country's central bank, that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky or near collapse. In the U.S. the Federal Reserve acts as the lender of last resort to institutions that do not have any other means of borrowing and whose failure to obtain credit would dramatically affect the economy.Notes: The lender of last resort functions both to protect individuals who have deposited funds, and to prevent panic withdrawing from banks who have temporary limited liquidity. Commercial banks usually try not to borrow from the lender of last resort because such action indicates that the bank is experiencing financial crisis. Critics of the lender-of-last-resort methodology suspect that the safety it provides inadvertently tempts qualifying institutions to acquire more risk than necessary - since they are more likely to perceive the potential consequences of risky actions to be less severe.Reserve Requirements 法定准备金Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank.Notes: Set by the Fed's Board of Governors, reserve requirements are one of the three main tools of monetary policy. The other two tools are open market operations and the discount rate. Also known as required reserves.第四章Supply-side economics 供给经济学A theory of economics that reductions in tax rates will stimulate investment and in turn will benefit the entire society.Laffer Curve 拉弗尔曲线Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve:The curve suggests that, as taxes increase from low levels, tax revenue collected by the government also increases. It also shows that tax rates increasing after a certain point (T*) would cause people not to work as hard or not at all, thereby reducing tax revenue. Eventually, if tax rates reached 100% (the far right of the curve), then all people would choose not to work because everything they earned would go to the government.Notes: Governments would like to be at point T*, because it is the point at which the government collects maximum amount of tax revenue while people continue to work hard.Tax revenue税收is the income that is gained by governments because of taxation of the peopleBudget deficit 联邦预算赤字The amount by which government spending exceeds government revenues.Unemployment benefits 失业救济are sums of money given to the unemployed by the government or a compulsory para-governmental insurance system. Depending on the jurisdiction and the status of the person, those sums may be meager, covering only basic needs (thus a form of basic welfare), or may compensate the lost pay somewhat proportionally to the previous earned salary. They often are part of a larger social security scheme. Unemployment benefits are generally given only to those registering as unemployed, and often on conditions ensuring that they seek work and do not currently have a job.Capital Stock 资本存量The common and preferred stock a company is authorized to issue, according to their corporate charter.Notes: Capital stock are normally listed on a company's balance sheet. In financial statement analysis, an increasing capital stock account tends to be a sign of economic health since the company can use the additional proceeds to invest in projects or machinery that will increase corporate profits and/or efficiency.i ncomes policies 收入政策are wage and price controls used to fight inflation.第五章Mercantilism 重商主义is the economic theory that a nation's prosperity depends upon its supply of capital and that the total volume of trade is unchangeable. The amount of capital, represented by bullion（金条）, is best increased through a favourable balance of trade. Mercantilism suggests that the government should advance these goals by playing an active, protectionist role in the economy by encouraging exports and discouraging imports, especially through the use of tariffs. The economic policy that flourished in the early modern period is often referred to as the mercantile system.Trade deficit or surplus 贸易逆差或顺差The difference in the value of a nation's imports over exports (deficit) or exports over imports (surplus).Trade Surplus 贸易顺差/ export surplus出口顺差A nation's excess of exports over imports during a given time frame.Zero-Sum Game。