Профессионально-ориентированная коммуникация на английском языке для экономистов

Министерство образования и науки Российской Федерации

Сибирский федеральный университет

В.А. Разумовская, Н.В. Климович, Ю.Е. Валькова

Профессионально ориентированная 
коммуникация на английском языке 

для экономистов

Professionally-oriented Communication 

in English for Economists

Учебное пособие

Красноярск

СФУ
2018

УДК 811.111(07)
ББК 81.432.1я73

Р178

Р е ц е н з е н т ы:
Е.А. Нильсен, профессор, доктор филологических наук, заведующий кафедрой английского языка и перевода гуманитарного факультета СанктПетербургского государственного экономического университета;
Н.Г. Гичева, доцент, кандидат филологических наук, заведующий кафедрой 
иностранных языков Омского государственного университета им. Ф.М. Достоевского

Разумовская, В.А.

Р178
Профессионально ориентированная коммуникация на англий
ском языке для экономистов = Professionally-oriented Communication 
in English for Economists : учеб. пособие / В.А. Разумовская, 
Н.В. Климович, Ю.Е. Валькова. – Красноярск : Сиб. федер. ун-т, 
2018. – 212 с.

ISBN 978-5-7638-3879-4

Представлены ключевые аспекты профессионально ориентированной коммуника
ции в области экономики. Ориентировано на формирование базовых компетенций 
профессиональной иноязычной коммуникации, обеспечивающих эффективное устное 
и письменное общение у будущих экономистов. 

Предназначено для использования на практических занятиях по английскому 

языку в рамках учебной дисциплины «Профессионально ориентированная коммуникация на иностранном языке» студентами, обучающимися по направлению 
38.03.01 «Экономика» (программа 38.03.01.12 «Международная экономика»).

Электронный вариант издания см.:

http://catalog.sfu-kras.ru

УДК 811.111(07)
ББК 81.432.1я73

ISBN 978-5-7638-3879-4
© Сибирский федеральный университет, 2018

ОГЛАВЛЕНИЕ

От авторов.................................................................................................. 4

PART  I........................................................................................................ 6

UNIT 1. CAUSE AND EFFECT IN MACROECONOMICS................. 6
UNIT 2. ECONOMIC GOVERNANCE................................................ 21
UNIT 3. MARKET REGULATION...................................................... 41

PART II .................................................................................................... 54

UNIT 4. PROFITABILITY.................................................................... 54
UNIT 5. ASSET MARKET.................................................................... 71
UNIT 6. SEARCH THEORY AND LABOUR MARKET ................... 83

PART  III................................................................................................. 102

UNIT 7. INSTITUTIONAL CAPACITY BUILDING........................ 102
UNIT 8. KNOWLEDGE TRANSFER................................................. 120
UNIT 9. INNOVATION POLICY....................................................... 146

PART  IV................................................................................................. 164

UNIT 10. MATCHING THEORY....................................................... 164
UNIT 11. INTERNATIONAL TRADE AND ECONOMIC 
GEOGRAPHY...................................................................................... 182
UNIT 12. WORLD ECONOMIC SITUATION .................................. 198

От авторов

Учебное пособие «Профессионально ориентированная комму
никация на английском языке для экономистов / Professionallyoriented Communication in English for Economists» предназначено для 
занятий по практическому курсу английского языка в рамках учебной 
дисциплины «Профессионально
ориентированная коммуникация 

на иностранном языке» для обучающихся по направлению 38.03.01
«Экономика» (программа 38.03.01.12 «Международная экономика»).

Настоящее пособие посвящено ряду ключевых аспектов профес
сионально ориентированной коммуникации в области экономической 
тематики и является логическим продолжением учебных пособий
«Красноярский край: экономика. Практикум по письменному и устному переводу с листа» (авторы: С.В. Бершадская, В.А. Разумовская, 
У.В. Смирнова), «Красноярский край: вопросы регионального развития. Практикум профессионально-ориентированного письменного перевода и перевода с листа» (авторы: В.А. Разумовская, Н.В. Климович, Я.В. Соколовский) и «Переводим тексты по экономике. Практикум по профессионально ориентированному переводу» (авторы:
В.А. Разумовская, Н.В. Климович, Ю.Е. Валькова), опубликованных в 
Сибирском федеральном университете в 2010, 2015 и 2017 годах. 

Текстовой материал и используемая система упражнений спо
собствуют формированию у студентов коммуникативной компетенции (наряду с лингвистической и межкультурной), направленной на 
обеспечение готовности студентов к предстоящей профессиональной 
деятельности в форме межкультурного общения (диалога) и в условиях современного поликультурном общества, международной мобильности и интеграции. В пособии гармонично сочетаются задания, ориентированные на развитие у студентов умений в области четырех основных видов речевой деятельности (говорения, аудирования, чтения, 
письма), что обеспечивает успешную профессиональную коммуникацию. Материал направлен на усвоение систематизированных знаний, 
умений и навыков, позволяющих обучающимся осуществлять эффек

тивную иноязычную и межкультурную профессиональную речевую 
деятельность. Учебный материал представлен актуальными и современными научными и научно-популярными текстами, которые являются фрагментами публикаций в открытых источниках и используются исключительно в учебно-методических целях. В выборе и распределении учебного материала авторы ориентировались на темы экономических дисциплин, изучаемых студентами в соответствии с учебным планом образовательной программы, что позволило синхронизировать учебную информацию по нескольким дисциплинам.

Пособие основано на базовых методологических принципах: 

системности, последовательности, целостности, комплементарности, 
интерактивности и взаимосвязанности обучения.

PART I

UNIT 1. CAUSE AND EFFECT IN MACROECONOMICS

Warming up activity

Explain the meaning of the following expressions in English and give their 
Russian variants:

to adjust the interest rate, disinflationary measure, reciprocal relationships, 
anticipated changes, aggregate demand, reasonable prerequisite, indispensable tools, the time lag, the conduct of monetary policy, obviously interrelated, vector-autoregression model, to envisage today’s research.

Tasks

1. Think about the concepts of cause and effect. Watch the video about 
cause and effect: https://www.youtube.com/watch?v=wSOGw6gDokI. 
Give some examples of causes and effects relating to your daily actions.

2. Look at the classical definition of cause-and-effect problem. How do 
you understand it? Give your personal opinion and discuss it with your 
group-mates.

Causality (or cause and effect) is the natural or worldly agency or efficacy 
that connects one process (the cause) with another process or state (the effect), where the first is partly responsible for the second, and the second is 
partly dependent on the first. In general, a process has many causes, which 
are said to be causal factors for it, and all lie in its past. An effect can in 
turn be a cause of, or causal factor for, many other effects, which all lie in 
its future. Causality is metaphysically prior to notions of time and space. 

3. Further 
reading 
about 
causality: 
https://en.wikipedia.org/wiki/

Causality

Give the essence of Aristotle’s four explanatory modes.

4. Try yourself at quiz to know more about the relationship between correlation and causation: http://study.com/academy/practice/quiz-worksheetcause-and-effect-relationships.html

5. Skim the article “The art of distinguishing between cause and effect in 
the macroeconomy”. What is its main idea?

6. Give the digest of the article “The art of distinguishing between cause 
and effect in the macroeconomy” both in English and Russian.

THE PRIZE IN ECONOMIC SCIENCES 2011:
THE LAUREATES

Thomas J. Sargent

U.S. citizen. Born 1943 in Pasadena, CA, USA. Ph.D. 1968 from Harvard 
University, Cambridge, MA, USA. William R. Berkley Professor of Economics and Business at New York University, New York, NY, USA.

http://files.nyu.edu/ts43/public 

Christopher A. Sims

U.S. citizen. Born 1942 in Washington, DC, USA. Ph.D. 1968 from Harvard University, Cambridge, MA, USA. Harold H. Helm ’20 Professor of 
Economics and Banking at Princeton University, Princeton, NJ, USA.

www.princeton.edu/~sims/

The art of distinguishing between cause and effect 
in the macroeconomy 

How are GDP and inflation affected by a temporary increase in the interest rate or a tax cut? What happens if a central bank makes a permanent 
change in its inflation target or a government modifies its objective for 
budgetary balance? This year’s Laureates in economic sciences, Thomas 
J. Sargent and Christopher A. Sims, have developed methods for answering these and many other questions regarding the causal relationship between economic policy and different macroeconomic variables such as 
GDP, inflation, employment and investments.

The economy is constantly affected by unanticipated events. The price of 
oil rises unexpectedly, the central bank sets an interest rate unforeseen by 
borrowers and lenders, or household consumption suddenly declines. Such 
unexpected occurrences are usually called shocks. The economy is also affected by more long-run changes, such as a shift in monetary policy towards stricter disinflationary measures or fiscal policy with more stringent 
budget rules. One of the main tasks of macroeconomic research is to comprehend how both shocks and systematic policy shifts affect macroeconomic variables in the short and long run. Sargent’s and Sims’s awarded 
research contributions have been indispensable to this work. Sargent has 
primarily helped us understand the effects of systematic policy shifts, 
while Sims has focused on how shocks spread throughout the economy.

Two-way relationships and prevailing expectations 

One difficulty in attempting to understand how the economy works is that 
the relationships are often reciprocal. Is it policy that influences economic 
development or is there a reverse causal relationship? One reason for this 
ambiguity is that both private and public agents actively look ahead. The 
expectations of the private sector regarding future policy affect today’s decisions about wages, prices and investments, while economic-policy decisions are guided by expectations about developments in the private sector. 

A clear-cut example of a two-way relationship is the economic development in the early 1980s, when many countries shifted their policy in order 
to combat inflation. This change was primarily a reaction to economic 
events during the 1970s, when the inflation rate increased due to higher oil 
prices and lower productivity growth. Consequently, it is difficult to determine whether the subsequent changes in the economy depended on the 
policy shift or on underlying factors beyond the control of monetary and 
fiscal policy which, in turn, gave rise to a different policy. One way of 
studying the effects of economic policy would be to carry out controlled 
experiments. In practice, however, varying policies cannot be randomly assigned to different countries. Macroeconomic research is therefore obliged 
to use historical data. The laureates’ foremost contribution has been to 
show that causal macroeconomic relationships can indeed be analyzed using historical data, even in cases with two-way relationships. There are 
good reasons to believe that unexpected shifts in economic policy may 
have other effects than anticipated changes. It is not trivial, however, to 
distinguish between the outcomes of expected and unexpected policy. A 
change in the interest rate or tax rate is not the same as a shock, in the 
sense that at least part of the change might be expected. This is a 
longstanding insight in the context of the stock market. A firm which reports improved earnings and higher forecasted profits might still encounter 
a drop in its share price, simply because the market expected an even 
stronger report. Moreover, the effects of an unanticipated policy shift 
might depend on whether it was implemented independently of other 
shocks in the economy or was a reaction to them. Sargent’s awarded research concerns methods that utilize historical data to understand how systematic changes in economic policy affect the economy over time. Sims’s 
awarded research instead focuses on distinguishing between unexpected 
changes in variables, such as the price of oil or the interest rate, and expected changes, in order to trace their effects on important macroeconomic 
variables. The questions which the laureates have dealt with are obviously 
interrelated. Although Sargent and Sims have carried out their research independently, their contributions are complementary in many ways.

Sargent: systematic effects of economic policy 

What happens in the macroeconomy when monetary policy systematically 
follows a Taylor rule, i.e., when the interest rate responds to changes in inflation and the business cycle in a pre-determined pattern? Or what hap

pens if a central bank is instead given a mandate to maintain inflation close 
to two percent? Sargent’s analysis deals with the effects of such systematic 
policy rules and the consequences of changes in the rules for policy. Expectations are an integral part of this analytical approach. Is it possible to 
determine whether changes in the economy depend on shifts in economic 
policy? Could such changes instead depend on fluctuations in the overall 
economy that prompt decision-makers to adopt a different policy? Sargent 
has examined these issues using a three-step method. His first step involves 
developing a structural macroeconomic model, i.e., an accurate mathematical description of the economy. A number of parameters, which determine 
the relationships among different variables, are introduced into the model. 
For instance, if we know that consumers’ aggregate demand for goods and 
services is affected by the expected real interest rate, this relationship 
should be incorporated in the model. The parameters governing such basic 
relations should not be affected by the changes in economic policy. This 
includes preference parameters, which describe how individuals choose between saving and consumption depending on interest rates and income. 
The second step consists of solving the mathematical model. Sargent’s 
method focuses on expectations as to how macroeconomic variables will 
change. For example, are expectations about inflation in the future affected 
by changes in economic policy? A reasonable prerequisite for solving the 
model is that individuals’ inflation expectations in the model correspond to 
the forecasted inflation generated by the model itself. Imposing such a requirement is easier said than done, however, and the second step in Sargent’s analysis demonstrates how a solution may be found. The third and 
last step is entirely statistical. Historical data are used to estimate the fundamental parameters that do not change after a policy shift. To simplify, 
this implies that parameter values are chosen so that the model will describe historical events as well as possible. In this way, numerical values 
are obtained for the parameters which describe the economic structure. The 
complete model can than be used as a “laboratory” to study the effects of 
different hypothetical experiments, such as a shift in monetary policy. In a 
series of articles written during the 1970s, Sargent showed how structural 
macroeconomic models could be constructed, solved and estimated. His 
approach has turned out to be particularly useful in the analysis of economic policy, but is also used in other areas of macroeconometric and economic research. Some of Sargent’s contributions were solely methodological, 
although he has also applied the new methods in highly influential empirical research. For instance, he has analyzed historical episodes of hyperinflation in different European countries. He has also examined the above

mentioned course of events in the 1970s when many economies initially 
adopted a high-inflation policy and then reverted to a lower rate of inflation. Sargent showed that the way expectations are formed by the general 
public as well as central banks’ understanding of the inflation process were 
based on gradual learning. This could explain why the decline in inflation 
took such a long time.

Sims: identification and analysis 
of macroeconomic shocks

Sims shared Sargent’s criticism of the large macroeconometric models 
which were earlier used by researchers, central banks and ministries of finance. In his article “Macroeconomics and Reality” (1980), Sims introduced a new way of analyzing macroeconomic data. He also concurred 
with Sargent in emphasizing the importance of expectations. Sims proposed a new method of identifying and interpreting economic shocks in 
historical data and of analyzing how such shocks are gradually transmitted 
to different macroeconomic variables. His approach has had an enormous 
impact on research. It has also been used extensively as a basis for decision-making in economic policy. Sims’s methodology may also be described in three steps. In the first step, the analyst makes a forecast for 
macroeconomic variables using a vector-autoregression model (a VAR 
model). This is a relatively simple model for statistical time series, where 
previously observed values of the variables of interest are used to achieve 
the best possible forecast. The difference between forecast and outcome –
the forecasting error – for a specific variable may be regarded as a type of 
shock, but Sims showed that such forecasting errors do not have an unambiguous economic interpretation. For instance, either an unexpected change 
in the interest rate could be a reaction to other simultaneous shocks to, say, 
unemployment or inflation, or the interest-rate change might have taken 
place independently of other shocks. This kind of independent change is 
called a fundamental shock. The second step involves extracting the fundamental shocks to which the economy has been exposed. This is a prerequisite for studying the effects of, for example, an independent interest-rate 
change on the economy. Indeed, one of Sims’s major contributions was to 
clarify how identification of fundamental shocks can be carried out on the 
basis of a comprehensive understanding of how the economy works. Sims 
and subsequent researchers have developed different methods of identifying fundamental shocks in VAR models.