Frederic S. Mishkin

# 第一章附录 对总产出、总收入、物价水平和通货膨胀率的定义

## 总产出与总收入

GDP，指的是一个国家在一年中所生产的所有最终产品和服务的市场价值。这个指标不包括两类项目：1. 对过去所生产的产品的购买(如过去某位大师的画作) 2. 中间产品(认为最终产品的价值中已经包括了中间产品的价值)。

Why does aggregate expenditure equal aggregate income?

There are some needlessly complicated answers here. It’s actually very simple:

Every dollar that is expended is a dollar that has been gained as income; every dollar that is gained as income is a dollar that someone has expended.

Your income as an employee is an expenditure of your employer. Your expenditure on groceries is the income of your grocery store. Your expenditure on taxes is the income of the government; the government’s expenditure on social services is the income of the recipients. Every dollar that is gained is a dollar that has come from someone else; and unless money is being created or destroyed in some way (let’s leave central banks and mints and fractional reserves out of this), total expenditures have to equal total incomes.

## 物价总水平

• GDP平减指数(GDP deflator) $= \displaystyle \frac{\text{名义GDP}}{\text{实际GDP}}$
• 个人消费支出平减指数(PCE deflator)，类似于GDP平减指数，是名义个人消费支出除以实际个人消费支出
• 消费者物价指数(consumer price index, CPI)，通过对一个典型城市家庭所购买的一些商品和服务定价，就可以得到消费者物价指数。

# 第二章 金融体系概览

## 金融市场的结构

### 一级市场和二级市场

Broker - 是帮别人买卖的代理人、中间人、经纪人（或实体），其代理人收入是靠以买卖产生的佣金为收入，而不具有买卖的财产所有权。

Dealer - 参与买卖的商人，交易员都可以称为Dealer, 它的特征是以自己身份（或自己代表的公司）做购买和销售，以赚取差价而获利，买卖过程中，他的财产所有权发生变化。

### 二级市场组织形态的分类

• 交易所(exchange)：证券的买卖双方在一个集中的场所进行交易的二级市场。
• 场外市场(over-the-counter market, OTC)：分处各地的拥有证券存货的交易商随时向与其联系并愿意接受其报价的人在“柜台”上买卖证券的二级市场。

• 货币市场：交易短期债务工具的金融市场
• 资本市场：交易长期债务工具与股权工具的金融市场

0%