第29 章1.Definition of money: the set of assets in an economy that people regularly use to buy goods and services from other people.2.Definition of medium of exchange: an item that buyers give to sellers when they want to purchase goods and services.3. Definition of unit of account: the yardstick people use to post prices and record debts.4. Definition of store of value: an item that people can use to transfer purchasing power from the present to the future.5.Definition of liquidity: the ease wi th which an asset can be converted into the economy’s medium of exchange.6.Definition of commodity money: money that takes the form of a commodity with intrinsic value.7. Definition of fiat money: money without intrinsic value that is used as money because of government decree.8.Definition of currency: the paper bills and coins in the hands of the public.9.Definition of demand deposits: balances in bank accounts that depositors can access on demand by writing a check.10.Definition of Federal Reserve (Fed): the central bank of the United States.11. Definition of central bank: An institution designed to oversee the banking system and regulate the quantity of money in the economy.12. Definition of money supply: the quantity of money available in the economy.13. Definition of monetary policy: the setting of the money supply by policymakers in the central bank.14. Definition of reserves: deposits that banks have received but have not loaned out.15. Definition of fractional-reserve banking: a banking system in which banks hold only a fraction of deposits as reserves.16. Definition of reserve ratio: the fraction of deposits that banks hold as reserves.17.Definition of money multiplier: the amount of money the banking system generates with each dollar of reserves.18.Definition of bank capital: the resources a bank’s owners have put into the institution.19.Definition of leverage: the use of borrowed money to supplement existing funds for purposes of investment.20.Definition of leverage ratio: the ratio of assets to bank capital.21. Definition of capital requirement: a government regulation specifying a minimum amount of bank capital.22. Definition of open-market operations: the purchase and sale of U.S. government bonds by the Fed.23. Definition of discount rate: the interest rate on the loans that the Fed makes to banks.24.Definition of reserve requirements: regulations on the minimum amount of reserves that banks must hold against deposits.25.Definition of federal funds rate: the short-term interest rate that banks charge one another for loans.第30章1. Definition of 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.2. Definition of nominal variables: variables measured in monetary units3. Definition of real variables: variables measured in physical units.4. Definition of classical dichotomy: the theoretical separation of nominal and real variables.5. Definition of monetary neutrality: the proposition that changes in the money supply do not affect real variables.6. Definition of velocity of money: the rate at which money changes hands.7. Definition of 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.8. Definition of inflation tax: the revenue the government raises by creating money.9. Definition of Fisher effect: the one-for-one adjustment of the nominal interest rate to the inflation rate.10. Definition of shoeleather costs: the resources wasted when inflation encourages people to reduce their money holdings.11. Definition of menu costs: the costs of changing prices.第31章1.Definition of closed economy: an economy that does not interact with other economies in the world.2. Definition of open economy: an economy that interacts freely with other economies around the world.3. Definition of exports: goods and services that are produced domestically and sold abroad.4. Definition of imports: goods and services that are produced abroad and sold domestically.5.Definition of net exports: the value of a nation’s exports minus the value of its imports also calle d the trade balance.6. Definition of trade balance: the value of a nation’s exports minus the value of its imports also called net exports.7. Definition of trade surplus: an excess of exports over imports.8.Definition of trade deficit: an excess of imports over exports.9.Definition of balanced trade: a situation in which exports equal imports.10. Definition of net capital outflow (NCO): the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners.11. Definition of nominal exchange rate: the rate at which a person can trade the currency of one country for the currency of another.12. Definition of appreciation: an increase in the value of a currency as measured by the amount of foreign currency it can buy.13. Definition of depreciation: a decrease in the value of a currency as measured by the amount of foreign currency it can buy.14.Definition of 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.15.Definition of 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.第32章1.Definition of trade policy: a government policy that directly influences the quantity of goods and services that a country imports or exports.2.2. Definition of capital flight: a large and sudden reduction in the demand for assets located in a country.第33章1. Definition of recession: a period of declining real incomes and rising unemployment.2. Definition of depression: a severe recession.3. Definition of 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.4. Definition of 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.5. Definition of aggregate-supply curve: a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level6．Dfinition of natural level of output: the production of goods and services that an economy achieves in the long run when unemployment is at its natural rate.7. Definition of stagflation: a period of falling output and rising prices.第三十四章1.Definition of theory of liquidity preference: Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance.2.Definition of fiscal policy: the setting of the level of government spending and taxation by government policymakers.3.Definition of multiplier effect: the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending.4. Definition of crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.5. Definition of 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.第三十五章1. Definition of Phillips curve: a curve that shows the short-run trade-off between inflation and unemployment.2. Definition of the natural-rate hypothesis: the claim that unemployment eventually returns to its normal or natural rate regardless of the rate of inflation.3.Definition of supply shock: an event that directly alters firms’ costs and prices shif ting the economy’s aggregate-supply curve and thus the Phillips curve.4. Definition of sacrifice ratio: the number of percentage points of annual output lost in the process of reducing inflation by one percentage point.5. Definition of rational expectations: the theory according to which people optimally use all the information they have including information about government policies when forecasting the future.。
L17国际货币体系与汇率最早的国际货币体系称作金本位制,在这个体制下各国承诺在受到要求时将其货币由纸币兑换为黄金。
The earliest international monetary system was known as the gold standard under which countries pledged to change their paper currencies into gold when requested to do so.在金本位制下,各国都将其货币价值与黄金挂钩以确立货币金平价,由此,便形成了固定汇率制。
19世纪大部分时间直到第一次世界大战结束主要贸易国家均采用金本位制。
The gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value, for most of the 19th century till the end of the First World War.由于英国当时在经济、政治和军事上的强大,英镑成为国际贸易往来中最重要的货币。
因此便产生了“基于英镑的金本位制”这一说法。
Major trading countries followed this system and the British Pound was the most important currency in international business as a result of the economic, political and military power of the United Kingdom, hence the term sterling-based gold standard.由于第一次世界大战对世界经济产生了很大的压力,以及随之而来的经济大萧条,固定汇率制走到了尽头。
