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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