pecuniary

专注金融培训服务

鹏生教育—高端财经培训专家！

1

cfalevel1词汇L1word2

franchin.选举权；特许权；专营权

disposableincomeonecanspendonelfafterpayingone'sincometax,socialcurity

contributions,etc可支配收入（缴纳所得税﹑社会福利金等之后自己可以动用的部分）

GDP国内生产总值：一个经济体系在特定时期内生产的所有货品及服务的总值，其中包括

消费、政府购买、投资及出口减进口

GrossDomesticProduct(GDP)

Themonetaryvalueofallthefinishedgoodsandrvicesproducedwithinacountry's

bordersinaspecifictimeperiod,

includesallofprivateandpublicconsumption,governmentoutlays,investmentsand

exportslessimportsthatoccurwithinadefinedterritory.

GDP=C+G+I+NX

where:

"C"iqualtoallprivateconsumption,orconsumerspending,inanation'conomy

"G"isthesumofgovernmentspending

"I"isthesumofallthecountry'sbusinessspendingoncapital

"NX"isthenation'stotalnetexports,calculatedastotalexportsminustotalimports.(NX=

Exports-Imports)

GNP国民生产总值：一种经济统计数据，相等于国内生产总值（GDP）加国内居民来自海

外投资的收入，减海外居民在国内赚取的收入

lf-correctinga.自动调整的,自动修正的

Consideration约定金额；代价；对价；考虑因素pecuniaryconsideration金钱报酬

similarityconsideration(=similitudeconsideration)相似［模拟］条件

stochasticconsideration或然率考虑stochastic[stəuˈkæstik]adj.【数】随机

的

pecuniary[piˈkju:niəri]a.1金钱上的，金钱的；2应罚款的

keynesianmodeln.凯恩斯派的模型

Elasticity弹性一个可变因素对另一个可变因素的敏感度。更具体来说，是指消费者

对价格变动的反应。计算方法为：需求量变动%/价格变动%

Ameasureofavariable'omics,

elasticityrefersthedegreetowhichindividuals(consumers/producers)changetheir

demand/atedas:

croslasticity交叉弹性

专注金融培训服务

鹏生教育—高端财经培训专家！

2

unitelasticityn.单一弹性

Efficiency效率效能

Alevelofperformancethatdescribesaprocessthatusthelowestamountofinputsto

encyrelatestotheuofallinputsin

producinganygivenoutput,includingpersonaltimeandenergy.

slash[slæʃ]vt.砍；大幅度削减n.砍，砍痕；斜线号

slope【数】斜率[度];【刷】斜体

Econometrics计量经济学：将统计理论运用在经济上，目的在于预测未来趋势

well-being[ˈwelˈbi:iŋ]n.幸福；健康；福利

debtcurities债务证券；债券

riskpremium风险溢价

llensurethatwe

haveanapples-to-applescomparison.其中apples-to-apples意思是有可比性的

apples-to-apples同类相比较appletoorange不同类的比较

公平，平分的原则，我们现在常说的AA制就是这么来的。

excruciate[iksˈkruːʃieit]vt.1.使苦恼[痛苦]2.[古]拷打;折磨

excruciating[ɪkˈskruːʃɪeɪtɪŋ]adj.1.使苦恼的;极痛苦的;难忍受的2.极度的,强烈

的-atinglyadv.n.1.苦恼,巨痛;折磨2.[古]酷刑,拷问n.

grindout用功做出

deplete[di'pli:t]v.耗尽,使...空竭n.亏空

ConsumerSurplus消费者盈余/剩余

Aneconomicmeasureofconsumersatisfaction,whichiscalculatedbyanalyzingthe

differencebetweenwhatconsumersarewillingtopayforagoodorrvice

mersurplusoccurswhentheconsumeriswillingtopay

moreforagivenproductthanthecurrentmarketprice.

InvestopediaSays:

Consumersalwaysliketofeelliketheyaregettingagooddealonthegoodsandrvices

theyb

example,assumeaconsumergoesoutshoppingforaCDplayerandheorsheiswillingto

spend$isindividualfindsthattheplayerisonsalefor$150,economists

wouldsaythatthispersonhasaconsumersurplusof$100.

消费者为一定数量的产品愿意支付的总价格和必须支付的总价格（或市价）之间的差异

Manpropos,Goddispos.[谚]谋事在人,成事在天。

提名某人(任某职);推荐某人

propotosb.向某人求婚

tradeoff相互替代，交替换位,交替使用,卖掉

discriminate[disˈkrimineit]vi.(between)区别；(against)歧视

deadweightloss净损失，额外损失,实在损失,无谓的损失

Thecoststosocietycreatedbyaninefficiencyinthemarket.

专注金融培训服务

鹏生教育—高端财经培训专家！

3

InvestopediaSays:

Mainlyudineconomics,theterm"deadweightloss"canbeappliedtoanydeficiencydue

oductionduetoinaccurateforecastingfor

laborisanexampleofadeadweightloss.

TaxIncidence税收归宿，纳税负担，课税归宿

pplyismore

elasticthandemand,ndismoreelasticthan

supply,producerswillbearthecostofthetax.

asoppodto与...形成对照

entrepreneur[en·tre·pre·neur|]n.企业家;主办人

entrepreneurialadj.企业家的;中间商的;创业者的

aswith与…一样

asmble[ә'mbl]vt.集合,收集,装配vi.集合[计]汇编[化]装配

asmbly[əˈmbli]n.1议会；2集会，集合;4组装,安装,组合,部件,系统

asmblyline装配线,流水作业线

shirk[ʃɜrk/ʃɜːk]v.1逃避,躲避,推卸;2逃避义务,偷懒

accountfor...1解释...,说明...,是...的原因/理由,2(数量)占...3对...负有责任;4证明

Turnover

unting,thenumberoftimesanastisreplacedduringafinancialperiod.

berofsharestradedforaperiodasapercentageofthetotalsharesina

portfolioorofanexchange.

InvestopediaSays:

unting,

turnoverisdesiredbecauitmeansthatinventoryisnotsittingontheshelvesfortoo

long.

tfolio,asmallturnoverisdesiredbecauitmeanstheinvestorispayinglessin

lled"churning"whenabrokerunethicallygenerates

numeroustradessolelyinordertoincreacommissions

Turnover周转率、成交量解释/例子:

1.在会计上，指在财务时期一种资产置换的次数。最常用于库存或应收账款周转率

2.在证券交易上，指一个投资组合或交易所在一段期间交易股份的数量占总股票数量的百

分比

Herfindahl—HirschmanlndexHHl赫芬达尔·赫斯曼指数

用来评估一个行业或市场组成部分的集中度。HHI以行业中每个竞争者市场份额百分点

的平方数之和求得。理论上说，其范围从最大的10000(1个垄断者占有100％的市场份额)

到最小的不到1(有许多竞争者，每个竞争者的市场份额不到l％)。司法部的指引将HHI值

专注金融培训服务

鹏生教育—高端财经培训专家！

4

小于1000的归类为非集中行业，将介于1000—1800之间的行业视为适度集中行业，而将大

于1800的行业归类为高度集中行业。

赫芬达尔—赫希曼指数(Herfindahl-HirschmanIndex，简称HHI）

什么是赫芬达尔—赫希曼指数

赫芬达尔—赫希曼指数，简称赫芬达尔指数，是一种测量产业集中度的综合指数[1]。

它是指一个行业中各市场竞争主体所占行业总收入或总资产百分比的平方和，用来计量市场

份额的变化，即市场中厂商规模的离散度。

赫芬达尔指数是产业市场集中度测量指标中较好的一个，是经济学界和政府管制部门使

用较多的指标。

赫芬达尔—赫希曼指数的计算

赫芬达尔指数能区别公司市场占有率为基础的市场结构。赫芬达尔指数(Herfindahl

Index)的计算方法如下

1、取得竞争对手的市场占有率，可忽略过小的竞争对手。

2、将市场占有率平方。

3、将这些平方值加总。

赫芬达尔——赫希曼指数是用某特定市场上所有企业的市场份额的平方和来表示，其公

式为：

式中：

X——市场的总规模

Xi——i企业的规模

Si＝Xi／X——第i个企业的市场占有率

n——该产业内的企业数

赫芬达尔一赫希曼指数是计算某一市场上50家最大企业(如果少于50家企业就是所有

企业)每家企业市场占有份额(取百分之的分子)的平方之和。显然，HHI越大，表示市场集

中程度越高，垄断程度越高。

该指数不仅能反映市场内大企业的市场份额，而且能反映大企业之外的市场结构，因此，

能更准确地反映大企业对市场的影响程度。

赫芬达尔-赫希曼指数的特点

赫芬达尔指数是产业市场集中度测量指标中较好的一个，具有如下特点。

(1)当独家企业垄断时，该指数等于10000，当所有企业规模相同时，该指数等于1/n，

故而这一指标在1/n～100000之间变动，数值越大，表明企业规模分布的不均匀度越高。

(2)兼有绝对集中度和相对集中度指标的优点，并避免了它们的缺点。因为该值对规模

较大的上位企业的市场份额反映比较敏感，而对众多小企业的市场份额小幅度的变化反映很

小。

(3)可以不受企业数量和规模分布的影响，较好地测量产业的集中度变化情况。

Herfindahl-HirschmanIndex(HHI)

lculatedbysquaringthe

marketshareofeachfirmcompetinginamarket,andthensummingtheresulting

numbercanrangefromclotozeroto10,ixpresd

as:

专注金融培训服务

鹏生教育—高端财经培训专家！

5

HHI=s

1

2+s

2

2+s

3

2+...+s

n

2(wheres

n

isthemarketshareoftheithfirm).

Thecloramarketistobeingamonopoly,thehigherthemarket'sconcentration(andthe

loweritscompetition).If,forexample,therewereonlyonefirminanindustry,thatfirm

wouldhave100%marketshare,andtheHHIwouldequal10,000(100^2),indicatinga

,iftherewerethousandsoffirmscompeting,eachwouldhavenearly0%

marketshare,andtheHHIwouldbeclotozero,indicatingnearlyperfectcompetition.

mentofJusticeustheHHIforevaluatingmergers.

InvestopediaSays:

mentofJusticeconsidersamarketwitharesultoflessthan1,000tobea

competitivemarketplace;aresultof1,000-1,800tobeamoderatelyconcentrated

marketplace;andaresultof1,

ageneralrule,mergersthatincreatheHHIbymorethan100pointsinconcentrated

marketsraiantitrustconcerns.

Outsourcing外包

Apracticeudbydifferentcompaniestoreducecostsbytransferringportionsofworkto

outsidesuppliersratherthancompletingitinternally

指将部分工序转交外部供spreadout

(人群等)散开；伸展，延伸

应商，不在公司内进行，从而减低成本的措施

hone[hәun]n.磨刀石,抱怨,想念vt.用磨刀石磨,磨练well-honedadj

spreadout分摊；(人群等)散开；伸展，延伸

pricetakern.价格接受者，随行就市的商人

Price-Taker

storwhobuyingorllingtransactionsareassumedtohavenoeffectonthe

market.

hatcanalteritsrateofproductionandsaleswithoutsignificantlyaffectingthe

marketpriceofitsproduct.

InvestopediaSays:

ontextofthestockmarket,individualinvestorsareprice-takers.

eyoullwater,whichofcourissuppliedbymillionsofotherplaces,including

ecidetotthepriceofagallonofyourwaterat$10,youwilllikelyll

nothingbecauthiscommodityisreadilyavailableelwhereforamuchcheaperprice.

layoff(暂时)解雇；停止做

well-definedadj定义明确的;清晰的

communicationscommission联邦通讯委员会

pharmaceuticala.药学的,制药的,药用的,药物的,药剂师的,药师的

专注金融培训服务

鹏生教育—高端财经培训专家！

6

n.药品,成药,药剂

pricediscriminationn.价格差别

Apricingstrategythatchargescustomersdifferentpricesforthesameproductorrvice.

Inpurepricediscrimination,thellerwillchargeeachcustomerthemaximumpricethat

commonformsofpricediscrimination,thellerplaces

customersingroupsbadoncertainattributesandchargeachgroupadifferentprice.

InvestopediaSays:

Pricediscriminationallowsacompanytoearnhigherprofitsthanstandardpricingbecau

itallowsfirmstocaptureeverylastdollarofrevenueavailablefromeachofitscustomers.

Whileperfectpricediscriminationisillegal,whentheoptimalpriceistforevery

customer,mple,movietheatersusually

cestargetvariousagegroups,including

youth,cesfluctuatewiththeexpectedincomeofeachage

bracket,withthehighestchargegoingtotheadultpopulation.

monopolist[məˈnɔpəlist]n.1.独占者,垄断者;专利者;专卖者2.垄断论者;专利论

者

Rent-eking寻租

1、经济学上把超出机会成本的获利称作“租”，因此，诉诸非市场机制来获取“租”的活动就

被称作“寻租”。它是一种维护既得经济利益或是对既得利益进行再分配的非生产性活动，本

身并不能增加社会的福利，且需耗费社会成本。

2、个人和利益集团意在直接或间接地获得更多的消费者剩余、生产者剩余或经济利益而影

响公共政策的行为。

Whenacompany,organizationorindividualustheirresourcestoobtainaneconomic

gainfromotherswithoutreciprocatinganybenefitsbacktosocietythroughwealth

creation.

InvestopediaSays:

Anexampleofrent-ekingiswhenacompanylobbiesthegovernmentforloansubsidies,

ctivitiesdon'tcreateanybenefitforsociety,theyjust

redistributeresourcesfromthetaxpayerstothespecial-interestgroup.

lobby[ˈlɔbi]n.大厅，休息室；院外活动集团v游说,游说议员;经常出入休息室

Squeeze

ncialterms,aperiodoftimewhenborrowingisdifficult.

ralbusinessterms,timeswhenincreasingcostscannotbepasdonto

reainprofitsissaidtobecaudbya"squeeze"onprofitmargins.

InvestopediaSays:

Becarefulnottoconfuthiswiththeshortsqueeze,whichisanupwardmovementin

priceofastockcaudbyinvestorscoveringtheirshortpositions.

Squeeze紧缩解释/例子:

专注金融培训服务

鹏生教育—高端财经培训专家！

7

1.对于金融市场而言，指借贷困难的时期

2.对于一般商业，指成本不断增长，但不能转嫁给消费者。利润率紧缩导致利润减低

ShortSqueeze

Asituationinwhichalackofsupplyandanexcessdemandforatradedstockforcesthe

priceupward.

InvestopediaSays:

Shortsqueezesoccurmoreofteninsmallercapstockswithsmallfloats.

Ifastockstartstorirapidly,thetrendmaycontinuetoescalatebecautheshortllers

mple,sayastockris15%inoneday,thowithshort

positions

enoughshortllersbuybackthestock,thepriceispushedevenhigher.

squeeze[skwi:z]v./n.挤；榨取；挤过；握(手)；拮据

pronounced[prəˈnaunst]a.明显的,显著的,明白的,断然的

prisoners’dilemma囚徒困境

collude[kəˈlu:d]v.串通（作弊），共谋

collusion串通共谋，串通舞弊

Anon-competitiveagreementbetweenrivalsthatattemptstodisruptthemarket's

aboratingwitheachother,rivalfirmslooktoalterthepriceofagoodto

tiesmaycollectivelychootorestrictthesupplyofagood,

and/mayalsocolludeby

sharingprivateinformation,allowingthemtobenefitfrominsiderknowledge.

InvestopediaSays:

Collusioninvolvespeoplecooperatingorworkingtogetherwhentheyshouldbecompeting.

Inthestockmarket,sparticipatingin

accommodationtrading,wheregoodsareexchangedfornon-competitiveprices,are

involvedincollusion.

Colludingtradersmightshareprivateinformationregardingupcomingtakeovers,allowing

iggingalsoinvolvesthecollusionofllers,

whoinflatethepriceofanasttorealizehigherprofits.

riggingn.操纵证券市场

rig[rig]vt.垄断；装帆n.船桅(或帆等)的装置

kinked'demandcurven.折弯/斯威齐需求曲线

dominantfirm优势厂商，主要公司，主要商号,占统治地位的公司

weigh[wei]vt.1.称,称...的重量,估量...的轻重2.考虑,斟酌;衡量

~sth(with/againststh)considercarefullytherelativevalueorimportanceofsth仔细

考虑某事物的相对价值或重要性等;权衡;斟酌:

better-offa.境况较好的

factormarket生产要素市场

专注金融培训服务

鹏生教育—高端财经培训专家！

8

marginalrevenueproductn.边际收益产量

tradesthforsth以...换取...

tradsbforsb同某人交换某物

(phrv)tradesthin(forsth)give(audarticle)toalleraspartofthepaymentfora

newarticle用（旧物）贴换新物:Hetradedinhiscarforanewmodel.他把旧汽车折价添

钱买了辆新型号的.tradesthoff(againststh)givesthup(inexchangeforsthel)as

acompromi放弃某物作为让步（以换取他物）:Thecompanyispreparedtotradeoffits

up-marketimageagainstastrongerappealtoteenagebuyers.该公司拟改变只售高档商

品的形像,以吸引青少年顾客.tradeonsth(espderog尤作贬义)makeuofsthfor

one'sownadvantage利用某事谋取私利:Youshouldn'ttradeonhersympathy.你不应该

利用她的同情心.*Hetradesonhisfather'sreputation.他用他父亲的名誉牟利.

renewable[riˈnju(ː)əbl]adj.1.可更新的;可再生的2.可恢复[复活]的3.(契约等)

可延期[更新]的,继续有效的4.可重新开始的arenewablecontract可续订的契约

curtail[cur·tail||kɜː'teɪl]v.n.缩短,减少，缩减简略,剥夺

economicrent经济地租,经济租金

生产要素所有者的收入，即等于或高于吸引该所有者提供要素用于生产的金额

UnemploymentRate

Thepercentageofthetotallaborforcethatisunemployedbutactivelyeking

employmentandwillingtowork.

InvestopediaSays:

From1948to2004,oymentratehasrangedbetweenabout

2.5%to10.8%,averagingapproximately5.6%.Theunemploymentrateisconsidereda

laggingindicator,confirmingbutnotforeshadowinglong-termmarkettrends.

foreshadowv.成为前兆,预示,暗示

DiscouragedWorker失望工人

Aneconomictermforapersonwhoiligibleforemploymentandisabletowork,butis

currentlyunemployedandhasnotattemptedtofindemploymentinthelastfour

ragedworkershaveusuallygivenuponarchingforajob

becautheyfoundnosuitableemploymentoptionsand/orweremetwithlackofsuccess

whenapplying.

InvestopediaSays:

Somediscouragedworkers,however,-at-homeparents,

forexample,havechontonotworkinordertotendtotheirchildrenandpursueother

interests.

Sincediscouragedworkersarenolongerlookingforemployment,theyarenotcountedas

ansthatunemploymentrates,whicharebadonlabor

forcecalculations,donotconsiderdiscouragedworkersasunemployed.

employmentstatisticsn.就业（率）统计

AggregateHours

专注金融培训服务

鹏生教育—高端财经培训专家！

9

Thesumofthehoursworkedbyallemployedpeople,eitherfullorparttime,duringthe

atehourscanalsorefertothetotalhoursworkedbyonectoror

groupofworkers.

InvestopediaSays:

eit

reportsatotalnumberofhours,itgenerallyprovidesabettermeasurefortotallaborthan

ntheovertimehours,part-timeandfull-timejobs,

thenumberofpeopleemployedcannotprovideasaccurateaquantifiablemeasureoftotal

fiable[quan·ti·fi·a·ble|adj.可以计量的

abstainfrom戒;弃权;避免

FullEmployment充分就业nocyclicalunemploymentbutfrictionaland

structuralstillexist

Asituationinwhichallavailablelaborresourcesarebeingudinthemost

ploymentembodiesthehighestamountofskilledand

remainingunemploymentisfrictional.

InvestopediaSays:

Frictionalunemploymentistheamountofunemploymentthatresultsfromworkerswho

areinbetweenjobs,ploymentisattainablewithin

anyeconomy,lationwouldresultfrom

workers,asawhole,havingmoredisposableincome,whichwoulddrivepricesupward.

Manyeconomistshaveestimatedtheamountoffrictionalunemployment,withthe

numberrangingfrom2-7%ofthelaborforce.

beverage[bev·er·age||'bevərɪdʒ]n.饮料

apparel[ap·par·el||ə'pærəl]n.衣服,服装;外观;衣着v.使穿衣,装饰

overstate[ˈəuvəˈsteit]vt.把...讲得过分;夸大,夸张

entitlement[en'ti·tle·ment||-mənt]n.应得的权利;津贴

entitlementpaymentn.津贴

NationalBureauofEconomicRearch(NBER)

Thisprivate,non-profit,non-partisan（非政治性）rearchorganization'smainaimisto

eminateconomic

rearchamongpublicpolicymakers,businessprofessionalsandtheacademiccommunity.

InvestopediaSays:

Hundredsofthenation'sleadingscholarsineconomicsandbusinessarealsoNBER

rearchers,whofocusonfourtypesofempiricalrearch:developingnewstatistical

measurements,estimatingquantitativemodelsofeconomicbehavior,asssingthe

y,andprojectingtheeffectsofalternative

专注金融培训服务

鹏生教育—高端财经培训专家！

10

ofthe31AmericanNobelPrizewinnersinEconomicshavebeen

rearchersatthebureau.

intermsof以…之观点,以…之方式

compensation①报酬②补偿,赔偿（金）③［美］薪水，工资（for）

compensationofemployees雇员的报酬

Monetaristn.货币学派;n.货币主义者

Aneconomistwhoholdsthestrongbeliefthattheeconomy'sperformanceisdetermined

almostentirelybychangesinthemoneysupply.

InvestopediaSays:

MiltonFriedmanwasawell-knownmonetarist.

Monetarism

Atofviewsbadonthebeliefthatinflationdependsonhowmuchmoneythe

olyassociatedwithMiltonFriedman,whoargued,badonthe

QuantityTheoryofMoney,thatthegovernmentshouldkeepthemoneysupplyfairly

steady,expandingitslightlyeachyearmainlytoallowforthenaturalgrowthofthe

economy.

InvestopediaSays:

Monetarismhadit'sheydayintheearly1980's,wheneconomists,governments

earsthat

followed,however,monetarismfelloutoffavorwitheconomists,andthelinkbetween

differentmeasuresofmoneysupplyandinflationprovedtobelessclearthanmost

ntralbankstodayhavestoppedtting

monetarytargetsandinsteadhaveadoptedstrictinflationtargets.

economy经济；经济体系

overtime随着时间的过去

disposable/dɪˈspəuzəbl;dɪˋspozəbl/adj[espattrib尤作定语]

madetobethrownawayafteru用完即可丢弃的;一次性的:disposablerazors,

nappies,syringes,plates一次性的剃刀﹑尿片﹑注射器﹑盘子.

(finance财)availableforu可动用的:disposableasts,capital,resources,etc可支

配的资产﹑资本﹑资源等*disposableincome,iethatonecanspendonelfafter

payingone'sincometax,socialcuritycontributions,etc可支配收入（缴纳所得税﹑社

会福利金等之後自己可以动用的部分）.

Depression

Avereandprolongedrecessioncharacterizedbyinefficienteconomicproductivity,high

unemploymentandfallingpricelevels.

InvestopediaSays:

专注金融培训服务

鹏生教育—高端财经培训专家！

11

Intimesofdepression,consumers'confidenceandinvestmentsdecrea,causingthe

ssicexampleofthisoccurredinthe1930s,whentheGreat

Depressionshooktheglobaleconomy

Depression经济萧条

长期持续的严重经济衰退情况，特点包括经济生产力低、失业率高及价格下跌

prolong[pro·long||prə'lɔŋ/-'lɒŋ]v.延长,拉长;拖长的发音;拖延

Derivatives派生产品；衍生产品；衍生金融投资工具

衍生产品或工具的价值随着一个或多个基础市场变量（如股票或商品价格、利率或汇率）的

变化而变化。基础衍生产品包括远期合约、期货、掉期、期权、认购或认沽权证和可转换债

券。

CreditUnion

nstitutionsarecreatedandoperatedbyits

membersandprofitsaresharedamongsttheowners.

InvestopediaSays:

Assoonasyoudepositfundsintoacreditunionaccount,youbecomeapartialownerand

participateintheunion'unionsareformedbylargecorporationsand

organizationsfortheiremployeesandmembers.

CreditUnion信用合作社

由会员拥有的财务合作社。这些机构由其会员成立及营运，利润也由会员分享

repeal[riˈpiːl]

n.(法令等的)废除[弃,止],作废,撤销;[英]取消联合(19世纪初,爱尔兰独立运动领袖奥

康诺等反对与英国并成联合王国的主张);[美]废除禁酒法

vt.废除,撤销(法律、判决、决议等);召回;放弃,否定

growout出[发]芽

growoutof1.长得太大而穿不上衣服2.产生于，起因于,来自于3.(由于成长)抛弃(早

年的习惯)

circumvent

/ˈsɜːkəmˈvent;ˈsəkəmˋvɛnt/v[Tn](fml文)findawayofovercomingoravoiding

(sth)设法克服或避免（某事物）;规避;回避:circumventalaw,rule,problem,difficulty规

避一法规﹑规则﹑问题﹑困难.>circumvention

FederalFundsRate

Theinterestrateatwhichadepositoryinstitutionlendsimmediatelyavailablefunds

(balancesattheFederalRerve)toanotherdepositoryinstitutionovernight.

InvestopediaSays:

ThisiswhatnewsreportsarereferringtowhentheytalkabouttheFedchanginginterest

,theFOMCtsatargetforthisrate,butnottheactualrateitlf(becauit

isdeterminedbytheopenmarket).

FederalFundsRate联邦基金利率

一家存托机构利用手上的资金向另一家存托机构借出隔夜贷款的利率

DiscountRate

专注金融培训服务

鹏生教育—高端财经培训专家！

12

erestratethataneligibledepositoryinstitutionischargedtoborrowshort-term

fundsdirectlyfromaFederalRerveBank.

erestrateudindeterminingtheprentvalueoffuturecashflows.

InvestopediaSays:

utionswilloftenekother

eralfundsdiscountrateisoneoftwo

interestratestheFedts,theotherbeingtheovernightlendingrate,ortheFedfunds

rate.

mple,let'ssayyouexpect$1,000dollarsinoneyear'rminethe

prentvalueofthis$1,000(whatitisworthtoyoutoday)youwouldneedtodiscountit

byaparticularrateofinterest(oftentherisk-freeratebutnotalways).Assuminga

discountrateof10%,the$1,000inayear'stimewouldbetheequivalentof$909.09to

youtoday(1000/[1.00+0.10]).

DiscountRate贴现率、折让率

1.合资格存托机构直接向美国联邦储备银行借贷短期资金的利率

2.计算未来现金流现值的利率

specialdrawingright特别提款权

TreasuryBill短期国库券

美国政府发行的债务证券，期限少于一年。短期国库券通过竞标过程发售，价格相对面值有

折扣，所以不会像大部分其他债券一般支付定额利息

treasurynotesn.美国财政部发行的中期证券

FederalRerveNotes联邦储备券

currencydrainsn.货币外流－银行外货币持有增加

CapitalAccount

Thenetresultofpublicandprivateinternationalinvestmentsflowinginandoutofa

country.

InvestopediaSays:

Thenetresultsincludesforeigndirectinvestment,pluschangesinholdingsofstocks,

bonds,loans,bankaccounts,andcurrencies.

CapitalAccount资本帐户

流入及流出一个国家公共及私人国际性投资的净额

readycash现金;现款

proliferate/prəˈlɪfəreɪt;USprəu-;proˋlɪfəˈret/v

[I]producenewgrowthoroffspringrapidly;multiply（迅速地）繁殖;增殖;增生.

[Tn]reproduce(cells,etc)分裂,繁殖（细胞等）.

[I]increarapidlyinnumbers（数量）激增.

>proliferation/prəˈlɪfəˈreɪʃn;USprəu-;proˈlɪfəˋreʃən/n

1[U]proliferatingorbeingproliferated（迅速的）繁殖;增殖;增生:[attrib作定语]a

nuclearnon-proliferationtreaty,ieoneaimedatpreventingthespreadofnuclearweapons

专注金融培训服务

鹏生教育—高端财经培训专家！

13

tocountriesthatdonotalreadyposssthem禁止核扩散条约.

2[Cususing通常作单数]rapidgrowthorincrea迅速的繁殖或增长.

costliera.较昂贵的

costly通常指“由于物品华丽、稀少而价格高的”，如：costlyjewels贵重的宝石。expensive

系常用词，指“价格超过货物本身的价值或一般人的购买力”，如：anexpensivebook一

本价钱贵的书。dear指“价格比通常情况或其实际价值高”，如：Meatisdearthedays.

近日肉类很贵。valuable指“由于有价值很值钱而价格高的”，如：valuablecollections贵

重的收藏品。invaluable指“价值高得不能以钱来评估的”，即“无价的”，如：invaluable

aid宝贵的援助

QuantityTheoryOfMoney

Aneconomictheorywhichproposapositiverelationshipbetweenchangesinthemoney

esthatincreasingtheamountofmoneyin

theeconomywilleventuallyleadtoanequalpercentageriinthepricesofproductsand

culationbehindthequantitytheoryofmoneyisbaduponFisher

Equation:

Calculatedas:

Where:

Mreprentsthemoneysupply.

Vreprentsthevelocityofmoney.

Preprentstheaveragepricelevel.

Treprentsthevolumeoftransactionsintheeconomy.

InvestopediaSays:

ThistheoryoriginatedinthesixteenthcenturyasEuropeaneconomistsnoticedhigher

levelsofinflationassociatedwithimportinggoldorsilverfromtheAmericas.

Accordingtohowtheformulaisderived,holdingthetransactionvolumeandvelocityof

moneyconstant,anyincreasinthemoneysupplywillyieldaproportionalincreainthe

averagepricelevel.

QuantityTheoryofMoney货币数量理论

Velocity速率

unchecked未受制止的,未加抑制的,未经检查的

/ˈʌnˈtʃekt;ʌnˋtʃɛkt/adj(derog贬)notresistedorrestrained不受抑制的;未加约

束的:theenemy'suncheckedadvance敌军未受阻遏向前推进*rumoursspreading

unchecked广为流传而未受制止的谣言*Theuofcreditcontinues/growsunchecked.

信用贷款不断增加而未受限制.

GDPDeflator名义国内生产总值(nominalGDP)是未经价格变动调整的产值，按当时（即

计算期或当期）的市场价格计算。实际(real)国内生产总值则是扣除了价格变动因素的产值，

以某一基准年的价格计算。联系实际与名义产值的就是GDP价格平减指数，该指数是正式

的通货膨胀指标之一。若实际产出不变，但价格持续上升，名义GDP亦会上升。

专注金融培训服务

鹏生教育—高端财经培训专家！

14

Deflator紧缩指数，平减物价指数，消除通货膨胀指数

或通货紧缩因子：用于调整通货膨胀前后的价差

GDPDeflatorGDP平减数

在计算GDP时用以平衡通胀的因素，方法为将根据当时价值计算的生产额转换成固定美元

的GDP。GDP平减数能显示出基准年GDP的变动受到价格变动影响的程度

spiral['spairәl]n.螺形之物,螺旋线a.螺旋形的,盘旋的

vi.螺旋形下降,螺旋形上升,螺旋形行进vt.使螺旋形行进

flatspirals平螺旋线,光滑旋管

deflationaryspiral紧缩的螺旋式上升

deflate

v

/dɪˈfleɪt;dɪˋflet/[Tn](a)letairorgasoutof(aballoon,tyre,etc);letdown放出

（气球﹑轮胎等）的气.(b)(fig比喻)make(sb,espsbproudortooconfident)feelor

appearembarrasdordiscouraged使（某人,尤指骄傲的或自负的人）尴尬,泄气:Ifelt

quitedeflatedbyyournastyremark.你那些难听的话使我觉得无地自容.*Nothingcould

deflatehigo/pomposity,iemakehimlesslf-assuredorpompous.任何事都不能削弱

他的自信心[气焰].

/ˈdiːˈfleɪt;diˋflet/[I,Tn]reducetheamountofmoneyincirculationin(an

economy),inordertolowerpricesorkeepthemsteady紧缩（通货）:TheGovernment

decidedtodeflate.政府决定紧缩通货

withnoinitialchangeinaggregatedemand初始总需求无变化

Boom繁荣,高涨,市面繁荣,上升,景气

Aperiodoftimeduringwhichsalesorbusinessactivityincreasrapidly.

bust经营失败,破产,倒闭，暴降

theboomturnintoabust繁荣终结

neteffect最后效果;综合效果

discretionaryfiscalpolicy任意性、自由裁量(斟酌使用)(相机抉择)(自行决定)的财政

政策：是指政府通过修订财政政策，如改变税率结构或改变财政支出计划，从而导致预算收

支的变化。但另一方面，在预算收支中还有相当大的大部分是自动增长或减少，而不能由政

府自行决定。

automaticfiscalpolicy自动(稳定)的财政政策

automaticfiscalstabilizers财政自动稳定因素

automaticstabilizer自动稳定因素/措施

Aneconomicpolicyorprogramthatincreasordecreasautomaticallytoofftthe

currenteconomictrendwithoutgovernmentassistance.

InvestopediaSays:

Anexampleofsuchapolicywouldbeunemploymentinsurance

taxwedge税收楔子工资税收影响：税前工资率与税后工资率的差

supply–sideeffect供应面

analogous[əˈnæləgəs]a.相似的

crowdout挤出,排挤

medicare[ˈmediˈkɛə]n.1.[美,加]对老年病人的国家医疗照顾制2.医疗救护

levy[ˈlevi]vt.征收(税等)，扣押某物（迫使还债n.征税，税款

balancedbudgetmultipliern.平衡预算乘数

专注金融培训服务

鹏生教育—高端财经培训专家！

15

complication[ˈkɔmpliˈkeiʃən]n.(新出现的)困难，难题；并发症

built-in内在的;固有的；嵌入的;嵌装的;固定的

generationalimbalance连续不均衡：假设目前生产适应现行的税收和收益水平下，在

目前和未来之间财政不均衡的分布

inducedtaxes诱发性税收

与实际GDP变化有关的税收

Stagflation

Aconditionofsloweconomicgrowthandrelativelyhighunemployment-atimeof

stagnation-accompaniedbyariinprices,orinflation.

InvestopediaSays:

Stagflationoccurswhentheeconomyisn'tgrowingbutpricesare,whichisnotagood

ppenedtoagreatextentduringthe1970s,when

worldoilpricesrodramatically,

countries,includingtheU.S.,stagnationincreadtheinflationaryeffects.

stagflation[stæɡˈfleiʃən]n.【经】经济停滞与通货膨胀滞胀

Stagnation停滞，萧条

icgrowthoflessthan2-3%is

mesudtodescribelowtradingvolumeorinactivetrading

incurities.

InvestopediaSays:

yinthe1970s.