宏觀經濟學MEASUREING A NATIONS INCOME一國收入的衡量 Microeconomics the study of how households and firms make decisions and how they interact in markets.微觀經濟學：研究家庭和企業如何做出決策，以及他們如何在市場上相互交易。Macroeconomics the study of economy-wide phenomena,including inflation,unemployment,and economic growth宏觀經濟學：研究整體經濟現象，包括通貨膨脹、失業和經濟增長。GDP is the market value of final goods and services produced within a country in a given period of time.國內生產總值GDP：給定時期的一個經濟體內生產的所有最終產品和服務的市場價值Consumption is spending by households on goods and services, with the exception of purchased of new housing.消費：除了購買新住房，家庭用于物品與勞務的支出。Investment is spending on capital equipment inventories, and structures, including household purchases of new housing.投資：用于資本設備、存貨和建筑物的支出，包括家庭用于購買新住房的支出。Government purchases are spending on goods and services by local, state, and federal government.政府支出：地方、州和聯邦政府用于物品和與勞務的支出。Net export is spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)凈出口：外國人對國內生產的物品的支出（出口）減國內居民對外國物品的支出（進口）。Nominal GDP is the production of goods and services valued at current prices. 名義GDP：按現期價格評價的物品與勞務的生產。Real GDP is the production of goods and services valued at constant prices. 實際GDP：按不變價格評價的物品和服務的生產。GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.GDP平減指數：用名義GDP與實際GDP的比率計算的物價水平衡量指標。MEASURING THE COST OF LIVING生活費用的衡量CPI is measure of the overall cost of the goods and services bought by a typical consumer. 消費物價指數CPI：一個典型消費者所購買的一籃子產品與服務的價格相對于某個基年同樣一籃子產品與服務的價格。Inflation rate is the percentage change in the price index from the preceding period. 通貨膨脹率：前一個時期以來物價指數變動的百分比。Producer price index (PPI) is a measure of the cost of a basket of goods and services bought by firms.生產物價指數：企業購買的一籃子物品與勞務的費用的衡量指標。Indexation：the automatic correction of a dollar amount for the effects of inflation by law or contract.根據法律或合約對通貨膨脹的影響進行貨幣數量的自動調整。Nominal interest rate is the interest rate as usually reported without a correction of the effects of inflation.名義利率：通常公布的，未根據通貨膨脹的影響校正的利率。Real interest rate is the interest rate corrected for the effects of inflation.真實利率：根據通貨膨脹校正過的利率。RODUCTION AND GROWTH生產與增長Productivity is the amount of goods and services produced from each hour of a workers time. 生產率：每單位勞動投入所生產的物品和勞務的數量。Physical capital is the stock of equipment and structures that are used to produce goods and services.物資資本：用于生產物品與勞務的設備和建筑物存量。Human capital is the knowledge and skills that workers acquire through education, training, and experience.人力資本：工人通過教育、培訓和經驗而獲得的知識與技能。Natural resources are the inputs into the production of goods and services that are provided by nature.自然資源：由自然界提供的用于生產物品與勞務的投入，如土地、河流與礦藏。Technological knowledge is societys understanding of the bes ways to produce goods and services.技術知識：社會對生產物品與勞務的最好方法的了解。Diminishing returns are the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.收益遞減：隨著投入量的增加，每一單位額外投入得到的收益減少的特性。Catch-up effect is the property whereby continues that start off poor tend to grow more rapidly than countries that start off rich.追趕效應：開始時貧窮的國家傾向于比開始時富裕的國家增長更快。SAVING,INVESTMENT,AND THE FINANCIAL SYSTEM儲蓄、投資和金融體系Financial system is the group of institutions in the economy that help to match one persons saving with another persons investment.金融體系：經濟中促使一個人的儲蓄與另一個人的投資相匹配的一組機構。Financial markets are financial institutions through which savers can directly provide funds to borrowers.金融市場：儲蓄者可以通過它直接向借款者提供資金的金融機構。Bond is a certificate of indebtedness債券：一種債務證明書。Stock is a claim to partial ownership in a firm股票：企業部分所有權的索取權。Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.金融中介機構：儲蓄者可以通過它間接地向借款者提供資金的金融機構。Mutual fund is an institution that sells shares to the public and uses the proceeds to buy a portion of stocks and bonds.共同基金：向公眾出售股份，并用收入來購買股票于債券資產組合的機構。National saving (saving) is the total income in the economy that remains after paying for consumption and government purchase.國民儲蓄（儲蓄）：在用于消費和政府購買后剩下的一個經濟中的收入。Private saving is the income that households have left after paying for taxes and consumption. 私人儲蓄：家庭在支付了稅收和消費之后剩下來的收入。Public saving is the tax revenue that the government has left after paying for its spending. 公共儲蓄：政府在支付其支出后剩下的稅收收入。Budget surplus is an excess of tax revenue over government spending.預算盈余：稅收收入大于政府支出的余額。Budget deficit is a shortfall of tax revenue from government spending預算赤字：政府支出引起的稅收收入短缺。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.可貸資金市場：想儲蓄的人借以提供資金、想借錢投資的人借以借貸資金的市場。Crowding out is a decrease in investment that results from government borrowing.擠出：政府借款所引起的投資減少。THE BASIC TOOLS OF FINANCE基本金融工具Finance: the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk.金融學：研究人們如何在某一時期內做出關于配置資源和應對風險的學科。Present value: the amount of money today that would be needed to produce,using prevailing interest rates, a given future amount of money.現值：用現行利率生產一定量未來貨幣所需要的現在貨幣量。Future value: the amount of money in the future that an amount of money today will yield, given prevailing interest rates.未來值：在現行利率既定時，現在的貨幣量將帶來的未來貨幣量。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.復利：貨幣量的累積，比如說銀行賬戶上貨幣量的累積，即賺得的利息仍留在賬戶上以賺取未來更多的利息。Risk averse: exhibiting a dislike of uncertainty.風險厭惡：不喜歡不確定性。Diversification:the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risks.多元化：通過用大量不相關的小風險代替一種風險來降低風險。Idiosyncratic risk: risk that affects only a single economic actor.企業特有風險：只影響一個公司的風險。Aggregate risk: risk that affects all economic actors at once.市場風險：影響股市上所有公司的風險。Fundamental analysis: the study of a companys accounting statements and future prospects to determine its value.基本面分析：為決定一家公司的價值而對其會計報表和未來前景進行的研究。Efficient markets hypothesis: the theory that asset prices reflect all publicly available information about the value of an asset.有效市場假說：認為資產價格反映了關于一種資產價值的所有公開的、可獲得的信息的理論。Informationally efficient: reflecting all available information in a rational way.信息有效：以理性方式反映所有可獲得的信息的有關資產價格的描述。Random walk: the path of a variable whose changes are impossible to predict.隨機行走：一種變量變動的路徑是不可預期的。UNEMPLOYMENT AND ITS NATURAL RATE 失業和自然失業率Labor force is the total number of workers, including both the employed and the unemployed. 勞動力：既包括就業者又包括失業者的工人總數。Unemployment rate is the percentage of the labor force that is unemployed.失業率：勞動力中失業者所占的百分比。Labor-force participation rate is the percentage of the adult population that is in the labor force. 勞動力參工率：勞動力占成年人口的百分比。Natural rate of unemployment is the normal rate of unemployment around which the unemployment rate fluctuates.自然失業率：失業率圍繞它而波動的正常失業率。Cyclical unemployment is the deviation of unemployment from its natural rate.周期性失業：失業率對自然失業率的背離。Discouraged workers are individuals who would like to work but have given up looking for a job 喪失信心的工人：想工作但已放棄尋找工作的人。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.摩擦性失業：由于工人尋找最適合自己嗜好和技能的工作需要時間而引起的失業。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.結構性失業：由于某些勞動市場上可提供的工作崗位數量不足以為每個想工作的人提供工作而引起的失業。Job search is the process by which workers find the appropriate jobs given their tastes and skills 尋找工作：在工人的嗜好與技能既定時工人尋找適當工作的過程。Unemployment insurance is a government program that partially protects workers incomes when they became unemployed.失業保險：當工人失業時為他們提供部分收入保障的政府計劃。Union is a worker association that bargains with employers over wages and working conditions 工會：與雇主就工資、津貼和工作條件進行談判的工人協會。Collective bargaining is the process by which unions and firms agree on the terms of employment.集體談判：工會和企業就就業條件達成一致的過程.Strike is the organized withdrawal of labor from a firm by a union罷工：工會組織工人從企業撤出勞動。Efficiency wages are above-equilibrium wages paid by firms in order to increase worker productivity效率工資：企業為提高工人生產率而支付的高于均衡水平的工資。THE MONETARY SYSTEM 貨幣制度Money is the set of assets in an economy that people regularly use to buy goods and services from other people.貨幣：經濟中人們經常用于向其他人購買物品與勞務的一組資產。Medium of exchange is an item that buyers give to sellers when they want to purchase goods and services.交換媒介：買者在購買物品與勞務時給予賣者的東西。Unit of account is the yardstick people use to post prices and record debts.計價單位：人們用來表示價格和記錄債務的標準。Store of value is an item that people can use to transfer purchasing power from the present to the future.價值儲藏手段：人們可以用來把現在的購買力轉變為未來的購買力的東西。Liquidity is the ease with which an asset can be converted into the economys medium of exchange.流動性：一種資產兌換為經濟中交換媒介的容易程度。Commodity money is money that takes the form of a commodity with intrinsic value. 商品貨幣：以有內在價值的商品為形式的貨幣。Fiat money is money without intrinsic value fiat is used as money because of government decree. 法定貨幣：沒有內在價值、由政府法令確定作為通貨使用的貨幣。Currency is the paper bills and coins in the hands of public.通貨：公眾手中持有的紙幣鈔票和鑄幣。Demand deposits are balances in bank accounts that depositions can access on demand by writing a check.活期存款：儲戶可以通過開支票而隨時支取的銀行賬戶余額。Federal reserve(Fed）：the central bank of the United States.聯邦儲備：美國的中央銀行。Central bank: an institution designed to oversee the banking system and regulate the quantity of money in the economic.中央銀行：為了監管銀行體系和調節經濟中的貨幣量而設計的機構。Money supply is the quantity of money available in the economy.貨幣供給：經濟中可以得到的貨幣量。Monetary policy is the setting of the money supply by policymakers in the central bank 貨幣政策：中央銀行的決策者對貨幣供給的安排。Reserves are deposits that banks have received but have not loaned out.準備金：銀行得到但沒有貸出去的存款。Fractional-reserve banking is a banking in which banks hold only a fraction of deposits as reserves部分準備金銀行：只把部分存款作為準備金的銀行制度。Reserve ratio is the fraction of deposits that banks hold as reserves.準備率：銀行作為準備金持有的存款比例。Money multiplier is the amount of money the banking system generates with each dollar of reserve貨幣乘數：銀行體系用1美元準備金所產生的貨幣量。Open-market operation is the purchase and sale of U.S. government bonds by the Fed. 公開市場活動：美聯儲買賣美國政府債券。Reserve requirements are regulations on the minimum amount of reserves that banks must hold against deposits法定準備金：關于銀行必須根據其存款持有的最低準備金量的規定。Discount rate is the interest rate on the loans that the Fed to banks.貼現率：美聯儲向銀行發放貸款的利率。MONEY GROWTH AND INFLATION 貨幣增長與通貨膨脹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 貨幣數量論：一種認為可得到的貨幣量覺決定物價水平，可得到的貨幣量的增長率決定通貨膨脹率的理論。Nominal variables are variables measured in monetary units.名義變量：按貨幣單位衡量的變量。Real variables are variables measured in physical units.真實變量：按實物單位衡量的變量。Classical dichotomy is the theoretical separation of nominal and variables.古典二分法：名義變量和真實變量的理論區分。Monetary neutrality is the proposition that changes in the money supply do not affect real variables.貨幣中性：認為貨幣供給變動并不影響真實變量的觀點。Velocity of money is the rate at which money changes hands.貨幣流通速度：貨幣易手的速度。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 economys output of goods and services.數量方程式：方程式M*V=P*Y,這個公式把貨幣量、貨幣流通速度和經濟中物品與勞務產出的美元價值聯系在一起。Inflation tax is the revenue the government raises by creating money.通貨膨脹稅：政府通過創造貨幣而籌集的收入。Fisher effect is the one-for-one adjustment of the nominal interest rate to the inflation rate. 費雪效應：名義利率對通貨膨脹率所進行的一對一的調整。Shoeleather costs are the resources wasted when inflation encourages people to reduce their money holdings.皮鞋成本：當通貨膨脹鼓勵人們減少貨幣持有量時所浪費的資源。Menu costs are the costs of changing prices.菜單成本：改變價格的成本。AGGREGATE DEMAND AND AGGREGATE SUPPLY總需求與總供給Recession is period of declining real incomes and rising unemployment.衰退：真實收入下降和失業增加的時期。Depression is a severe recession.蕭條：嚴重的衰退。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.總需求與總供給模型：大多數經濟學家用來解釋經濟活動圍繞