本文格式为Word版，下载可任意编辑宏观经济学英文版复习提纲 1、Definition of Terms (54, 20 points) Chapter 1 1.Macroeconomics Macroeconomics is the study of the economy as a whole, including growth in incomes, changes in prices, and the rate of unemployment. Chapter 2 2.Gross domestic product (GDP) Gross domestic product (GDP) measures the income of everyone in the economy and, equivalently, the total expenditure on the economys output of goods and services. 3.Value added The value added of a firm equals the value of the firms output less the value of the intermediate goods that the firm purchases. 4.Real GDP Real GDP is the value of goods and services measured using a constant set of prices. 5.GDP deflator The GDP deflator is the ratio of nominal GDP to real GDP. It reflects whats happening to the overall level of prices in the economy. 6.Consumer price index (CPI) The consumer price index (CPI) measures the price of a fixed basket of goods and services purchased by a typical consumer. It measures the overall level of prices. 7.Unemployment rate The unemployment rate shows what fraction of those who would like to work do not have a job. Unemployment Rate = Number of Unemployed/Labor Force100. 8.Labor-force participation rate The labor-force participation rate shows the fraction of adults who are working or want to work. Labor-Force Participation Rate = Labor Force / Adult Population 100. Chapter 3 9.Disposable income We define income after the payment of all taxes, Y ? T, to be disposable income. 10.Marginal propensity to consume(MPC) The marginal propensity to consume (MPC) is the amount by which consumption changes when disposable income increases by one dollar. The MPC is between zero and one. 11.Real interest rate The real interest rate is the nominal interest rate corrected for the effects of inflation. Chapter 4 12.Inflation The overall increase in prices is called inflation, 13.Hyperinflation Hyperinflation is often defined as inflation that exceeds 50 percent per month, which is just over 1 percent per day. 14.Money Money is the stock of assets that can be readily used to make transactions. 15.Fiat money Money that has no intrinsic value is called fiat money because it is established as money by government decree, or fiat. 16.Commodity money Most societies in the past have used a commodity with some intrinsic value for money.This type of money is called commodity money. 17.Money supply The quantity of money available in an economy is called the money supply. 18.Quantity equation The link between transactions and money is expressed in the following equation, called the quantity equation: Money Velocity = Price Transactions M V = P T. 19.Income velocity of money The income velocity of money tells us the number of times a dollar bill enters someones income in a given period of time. 20.Real money balances M/P is called real money balances. Real money balances measure the purchasing power of the stock of money 21.Seigniorage The revenue raised by the printing of money is called seigniorage. 22.Fisher equation and Fisher effect The nominal interest rate is the sum of the real interest rate and the inflation rate: i = r +. The equation written in this way is called the Fisher equation According to the quantity theory, an increase in the rate of money growth of 1 percent causes a 1 percent increase in the rate of inflation. According to the Fisher equation, a 1 percent increase in the rate of inflation in turn causes a 1 percent increase in the nominal interest rate. The one-for-one relation between the inflation rate and the nominal interest rate is called the Fisher effect. 23.Shoeleather costs The inconvenience of reducing money holding is called the shoeleather cost of inflation, because walking to the bank more often causes ones shoes to wear out more quickly 24.Menu costs High inflation induces firms to change their posted prices more often. These costs are called menu costs. 25.Classical dichotomy Classical theory allows us to study how real variables are determined without any reference to the money supply. This theoretical separation of real and nominal variables is called the classical dichotomy. 26.Monetary neutrality In classical economic theory, changes in the money supply dont influence real variables. This irrelevance of money for real variables is called monetary neutrality. Chapter 6 27.Natural rate of unemployment Natural rate of unemployment is the average rate of unemployment around which the economy fluctuates. 28.Frictional unemployment The unemployment caused by the time it takes workers to search for a job is called frictional unemployment. 29.Wage rigidity Wage rigidity is the failure of wages to adjust to a level at which labor supply equals labor demand. 30.Structura