1.Chapter12 P313 官方国际储备：是中央银行持有的外国资产，可以作为国民经济出现不利情况时的缓冲器。(名词解释)
Official international reserves——Foreign assets held by central banks as a cushion against national economic misfortune
2. Chapter13 P343 利率平价条件：用相同货币衡量的任意两种货币存款的预期收益率相等的条件。（公式：R$ = R€ + (Ee$/€ - E$/€)/E$/€）
Interest parity condition——The expected returns on deposits of any two currencies are equal when measured in the same currency. R$ = R€ + (Ee$/€ - E$/€)/E$/€ 3.Chapter14 P369 美国货币市场与外汇市场的同时均衡（画图说明） Linking Money, the Interest Rate, and the Exchange Rate R$ = R€ + (Ee$/€ - E$/€)/E$/€ The U.S.（European）money market determines the dollar（euro）interest rate, which in turn affects the exchange rate that maintains the interest parity.
Simultaneous Equilibrium in the U.S. Money Market and the Foreign-Exchange Market
图像强调了美国货币市场与外汇市场的联系——美国的货币市场决定美元的利率，美元利率则影响维持利率平价的汇率。
在利率为R1$和汇率为E1$/€时，两个资产市场都可以达到均衡状态。在这一利率和汇率水平上，货币供给等于货币需求（点1），利率平价条件得到满足（点1'）。
The figure emphasizes the association of U.S. money market and foreign exchange market. The U.S. interest rate is decided by U.S. money market and affects the exchange rate which remains interest rate parity.
When the interest rate is R1$ and exchange rate is E1$/€, both capital markets can achieve equilibrium. At this level, Money demand equals money supply (point 1) and Interest rate parity conditions are met (point 1').
4. Chapter14 P383 汇率超调：汇率对于货币波动的即刻反应超过了长期反应。（它有助于解释为什么汇率的日常波动可以如此之大。汇率超调是短期价格水平刚性的直接后果。）（名词解释）
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Exchange Rate Overshooting
The exchange rate is said to overshoot when its immediate response to a disturbance is greater than its long-run response.
It helps explain why exchange rates move so sharply form day to day.
It is a direct result of sluggish short-run price level adjustment and the interest parity condition.
5. Chapter15 P402 有哪些生活中的例子能解释现实中购买力平价不成立（选择） 这主要是因为购买力平价的理论基础——一价定律存在着几个直接的问题： 1) 与一价定律的假定相反，运输费用和贸易管制确实是存在的。这些贸易壁垒可能会高
到使得一些商品和劳务在两国之间无法贸易的程度； 2) 商品市场上的垄断或寡头行为可能会与运输费用和其他贸易壁垒相互作用，进一步削
弱不同国家商品价格之间的联系； 3) 不同国家公布的通货膨胀数据所依据的商品篮子不同，因此，即使不存在贸易壁垒而
且所有商品都是可贸易的，汇率变动也不可能抵消官方所衡量的通货膨胀差异。 Explaining the Problems with PPP
The failure of the empirical evidence to support the PPP and the law of one price is related to:
1）Trade Barriers and Nontradables——Transport costs and governmental trade restrictions make trade expensive and in some cases create nontradable goods.
2) Departures from Free Competition——When trade barriers and imperfectly competitive market structures occur together, linkages between national price levels are weakened further.
3) International Differences in Price Level Measurement——Government measures of the price level differ from country to country because people living in different counties spend their income in different ways.
6. Chapter16 P438 DD曲线（名词解释or画图说明or选择）
假定P和P*短期内是固定的，那么本币的贬值（E的上升）会导致国内产出Y的增加；本币的升值（E的降低）则会导致国内产出Y的减少。
DD曲线：产品市场均衡（总需求等于总供给）时产出和汇率的组合。
假定其他条件不变，当汇率从E1提高到E2（本币贬值）时，产出会从Y1提高到Y2，因而DD曲线向上倾斜。
DD schedule——It shows all combinations of output and the exchange rate for which the output market is in short-run equilibrium (aggregate demand = aggregate output). It slopes upward because a rise in the exchange rate causes output to rise.
Deriving the DD Schedule
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7. Chapter16 P441 AA曲线（名词解释or选择）
AA曲线：国内货币市场和外汇市场均衡条件下的汇率和产出水平的组合。
AA Schedule——It shows all combinations of exchange rate and output that are consistent with equilibrium in the domestic money market and the foreign exchange market. 8. Chapter16 P447暂时性货币供给增加的影响（画图说明）
货币供给增加会使AA曲线上移，但并不会影响DD曲线的位置。资产市场均衡曲线的向上移动将把经济均衡点从点1推向点2，货币供给的增加会促使本币贬值，生产扩张，从而增加就业。 The increase in money supply creates an excess supply of money, which lowers the home interest rate. AS a result, the domestic currency must depreciate and aggregate demand increases, which increases the economy’s output and employment.
Ms↑→R ↓→E ↑(AA upward)→q ↑ →CA↑→D ↑→ Y↑ Effects of a Temporary Increase in the Money Supply
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9. Chapter16 P448暂时性财政扩张的影响（画图说明）
暂时性财政扩张（它不会影响预期未来汇率）将使DD曲线右移，但不会影响AA曲线。经济均衡点从点1滑向点2，政府支出增加或税收减少会促使产出增加和实际货币持有量交易需求的增加，促使货币升值。
An increase in government spending, a cut in taxes, or some combination of the two raises output.. The increase in output raises the transactions demand for real money holdings, which in turn increases the home interest rate. As a result, the domestic currency must appreciate.
G ↑→D ↑→Y ↑(DD rightward) →L ↑ → R ↑→E↓ Effects of a Temporary Fiscal Expansion
10. Chapter16 P454 永久性财政扩张的影响：不仅会对产品市场立刻产生影响，还能通过改变对长期汇率的预期来对资产市场产生影响。(画图说明)
A permanent fiscal expansion changes the long-run expected exchange rate.
Because the fiscal expansion does not affect the money supply, MS or the long-run values
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of the domestic interest rate and output (Yf), it can have no impact on the long-run price level and the exchange rate jumps to its new long-run value.
If the economy starts at long-run equilibrium, a permanent change in fiscal policy has no effect on output.
G↑→D ↑→ Y ↑→ DD1 rightward
Point 2 Ee↓→E ↓→AA1 downward
Effects of a Permanent Fiscal Expansion Changing the Capital Stock
11. Chapter17 P489 固定汇率使中央银行失去了运用货币政策稳定宏观经济的能力。然而，政府的第二个稳定工具——财政政策，在固定汇率制下比在浮动汇率制下更加有效。（选择）
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