曼昆宏观经济学(英文版)名词解释

GDPisthemarketvalueoffinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.Consumptionisspendingbyhouseholdsngoodsandservices,withtheexceptionofpurchasedofnewhousing.Investmentisspendingoncapitalequipmentinventories,andstructures,includinghouseholdpurchasesofnewhousing.Governmentpurchasesarespendingongoodsandservicesbylocal,state,adfederalgovernment.Netexportisspendingondomesticallyproducedgoodsbyforeigners(exports)minusspendingonforeigngoodsbydomesticresidents(imports)NominalGDPistheproductionofgoodsandservicesvaluedatcurrentprices.RealGDPistheproductionofgoodsandservicesvaluedatconstantprices.GDPdeflatorisameasureofthepricelevelcalculatedastheratioofnominalGDPtorealGDPtimes100.CPIismeasureoftheoverallcostofthegoodsandservicesboughtbyatypicalconsumer.Inflationrateisthepercentagechangeinthepriceindexfromtheprecedingperiod.Producerpriceindex(PPI)isameasureofthecostofabasketofgoodsandservicesboughtbyfirms.Nominalinterestrateistheinterestrateasusuallyreportedwithoutacorrectionoftheeffectsofinflation.Realinterestrateistheinterestratecorrectedfortheeffectsofinflation.Productivityistheamountofgoodsandservicesproducedfromeachhourofaworker’stime.Physicalcapitalisthestockofequipmentandstructuresthatareusedtoproducegoodsandservices.Humancapitalistheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience.Naturalresourcesaretheinputsintotheproductionofgoodsandservicesthatareprovidedbynature.Technologicalknowledgeissociety’sunderstandingofthebeswaystoproducegoodsandservices.Diminishingreturnsarethepropertywherebythebenefitfromanextraunitofaninputdeclinesasthequantityoftheinputincreases.Catch-upeffectisthepropertywherebycontinuesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.Financialsystemisthegroupofinstitutionsintheeconomythathelptomatchoneperson’ssavingwithanotherperson’sinvestment.Financialmarketsarefinancialinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.BondisacertificateofindebtednessStockisaclaimtopartialownershipinafirmFinancialintermediariesarefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.Mutualfundisaninstitutionthatsellssharestothepublicandusestheproceedstobuyaportionofstocksandbonds.Nationalsaving(saving)isthetotalincomeintheeconomythatremainsafterpayingforconsumptionandgovernmentpurchase.Privatesavingistheincomethathouseholdshaveleftafterpayingfortaxesandconsumption.Publicsavingisthetaxrevenuethatthegovernmenthasleftafterpayingforitsspending.Budgetsurplusisanexcessoftaxrevenueovergovernmentspending.BudgetdeficitisashortfalloftaxrevenuefromgovernmentspendingCrowdingoutisadecreaseininvestmentthatresultsfromgovernmentborrowing.Marketforloanablefundsarethemarketinwhichthosewhowanttosavesupplyfundsthosewhowanttoborrowtoinvestdemandfunds.Laborforceisthetotalnumberofworkers,includingboththeemployedandtheunemployed.Unemploymentrateisthepercentageofthelaborforcethatisunemployed.Labor-forceparticipationrateisthepercentageoftheadultpopulationthatisinthelaborforce.Naturalrateofunemploymentisthenormalrateofunemploymentaroundwhichtheunemploymentratefluctuates.Cyclicalunemploymentisthedeviationofunemploymentfromitsnaturalrate.DiscouragedworkersareindividualswhowouldliketoworkbuthavegivenuplookingforajobFrictionalunemploymentistheunemploymentthatresultsbecauseittakestimeforworkerstosearchforthejobsthatbestsuittheirtastesandskills.Structuralunemploymentistheunemploymentthatresultsbecausethenumberofjobsavailableinsomelabormarketsisinsufficienttoprovideajobforeveryonewhowantsone.JobsearchistheprocessbywhichworkersfindtheappropriatejobsgiventheirtastesandskillsUnemploymentinsuranceisagovernmentprogramthatpartiallyprotectsworkers’incomeswhentheybecameunemployed.UnionisaworkerassociationthatbargainswithemployersoverwagesandworkingconditionsCollectivebargainingistheprocessbywhichunionsandfirmsagreeonthetermsofemployment.StrikeistheorganizedwithdrawaloflaborfromafirmbyaunionEfficiencywagesareabove-equilibriumwagespaidbyfirmsinordertoincreaseworkerproductivityMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.Mediumofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.Unitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.Storeofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.Liquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.Commoditymoneyismoneythattakestheformofacommoditywithintrinsicvalue.Fiatmoneyismoneywithoutintrinsicvaluefiatisusedasmoneybecauseofgovernmentdecree.Currencyisthepaperbillsandcoinsinthehandsofpublic.Demanddepositsarebalancesinbankaccountsthatdepositionscanaccessondemandbywritingacheck.Moneysupplyisthequantityofmoneyavailableintheeconomy.MonetarypolicyisthesettingofthemoneysupplybypolicymakersinthecentralbankReservesaredepositsthatbankshavereceivedbuthavenotloanedout.Fractional-reservebankingisabankinginwhichbanksholdonlyafractionofdepositsasreservesReserveratioisthefractionofdeposi