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traditional monetary theory 传统货币理论
the theory (first developed by John Maynard Keynes, and therefore sometimes referred to as Keynesian monetary theory) that the nominal interest rate is the opportunity cost of holding money, that the demand for money decreases as the interest rate rises, and that the interest rate is determined to equate the demand and supply of money transactions demand for money 货币的交易需求 the demand for money arising from its use in buying goods and services transfer programs 转移支付计划 programs directly concerned with redistribution, such as AFDC and Medicaid, that move money from one group in society to another transplants 移植 plants constructed in one country by firms based in another. U.S. factories producing Mazdas and Toyotas are Japanese transplants Treasury bills (T-bills) 短期国库券 bills the government sells in return for a promise to pay a certain amount in a short period, usually less than 180 days trough 波谷 the bottom of a recession trusts 信托公司 organizations that attempted to control certain markets in the late nineteenth century; they were designed to allow an individual or group owning a small fraction of the total industry to exercise control two-tier wage system 双重工资系统 wage systems in which newly hired workers are paid lower wages than established workers are paid Unemployment insurance 失业保险 A government program that partially protects workers' incomes when they become unemployed Unemployment rate 失业率 The percentage of the labor force that is not employed Union 工会 A worker association that bargains with employers over wages and working conditions Unit of account 计价单位 The yardstick with which people post prices and record debts Utilitarianism 功利主义 The political philosophy according to which the government should choose policies to maximize the total utility of everyone in society Utility 效用 A measure of happiness or satisfaction union shops 工会化企业 unionized firms in which all workers are required to join the union as a condition of employment utility possibilities curve效用可能性曲线 a curve showing the maximum level of utility that one individual can attain, given the level of utility attained by others Value of the marginal product 边际产量价值 The marginal product of an input times the price of the output Variable costs 可变成本 Cost that do vary with the quantity of output produced Velocity of money 货币流通速度 The rate at which money changes hands Vertical equity 纵向公平 The idea that taxpayers with a greater ability to pay taxes should pay larger amounts variable inputs 可变投入 inputs that rise or fall with the quantity of output velocity 流通速度 the speed with which money circulates in the economy, defined as the ratio of income to the money supply vertical merger 纵向兼并 a merger between two firms, one of which is a supplier or distributor for the other voluntary unemployment 自愿失业 a situation in which workers voluntarily drop out of the labor force when the wage level falls voting paradox 投票悖论 the fact that under some circumstances there may be no determinate outcome with majority voting: choice A wins a majority over B, B wins over C, and C wins over A Welfare economics 福利经济学 The study of how the allocation of resources affects economic well-being Willingness to pay 支付意愿 The maximum amount that a buyer will pay for a good World price 世界价格 The price of a good that prevails in the world market for that good wage discrimination 工资歧视 paying lower wages to women or minorities wage-productivity curve 工资—生产率曲线 the curve that depicts the relationship between wages and productivity wholesale price index 批发价格指数 a price index that measures the average level of wholesale prices work sharing 工作分摊 reducing all employees' hours by equal amounts rather than firing some workers World Trade Organization (WTO) 世界贸易组织 the organization established in 1995, as a result of the Uruguay round of trade negotiations, replacing GATT, designed to remove trade barriers and settle trade disputes zero elasticity 零弹性 a demand (or supply) curve has zero elasticity if the quantity demanded (or supplied) does not change at all if price changes; the demand (supply) curve is vertical Rational expectations 理性预期
The theory according to which people optimally use all the information they have, including information about government policies, when forecasting the future Real GDP 实际GDP The production of goods and services valued at constant prices Real exchange rate 实际汇率 The rate at which a person can trade the goods and services of one country for the goods and services of another Real interest rate 实际利率 The interest rate corrected for the effects of inflation Real variables 实际变量 Variables measured in physical units Recession 衰退 A period of declining real incomes and rising unemployment Regressive tax 累退税 A tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers Reserve ratio 准备金率 The fraction of deposits that banks hold as reserves Reserve requirements 法定准备金 Regulations on the minimum amount of reserves that banks must hold against deposits Reserves 准备金 Deposits that banks have received but have not lent out Rivalness 竞争性 The property of a good that one person's use diminishes other people's use random walk 随机行走 a term used to describe the way prices of stock move, where the next movement cannot be predicted on the basis of previous movements rationing systems 配给制 ways of distributing goods that do not rely on prices, such as queues, lotteries, and coupons real balance effect 实际余额效应 as prices fall, the real value of people's money holdings increases, and they consume more real business-cycle theorists 实际经济周期理论家 a school of economists who contend that the economy's fluctuations have nothing to do with monetary policy but are determined by real forces real income 实际收入 income measured by what it can actually buy, rather than by the amount of money real product wage 实际产品工资 the wage divided by the price of the good being produced regulatory capture 管制俘虏 a term used to describe a situation in which regulators serve the interests of the regulated rather than the interests of consumers relative performance compensation 相对表现补偿 pay (compensation) based on performance on the job relative to others who have similar responsibilities and authority rent seeking 寻租 the name given to behavior that seeks to obtain benefits from favorable government decisions, such as protection from foreign competition revenue curve 收益曲线 the relationship between a firm's total output and its revenue revenues 收益 the amount a firm receives for selling its products, equal to the price received multiplied by the quantity sold right-to-work laws 工作权利法 laws that prevent union membership from being a condition of employment risk averse / loving / neutral 厌恶风险/喜爱风险/中性风险 given equal expected returns and different risks risk averse people will choose assets with lower risk, risk loving people will choose assets with higher risk, and risk-neutral individuals will not care about differences in risk risk premium 风险收益 the additional interest required by lenders as compensation for the risk that a borrower may default; more generally, the extra return required to compensate an investor |
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