中级宏观经济学教学课件之一(英文版)
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CHAPTER 1
The Science of Macroeconomics
slide 6
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being. example:
Unemployment and social problems
A list of the variables that affect Q d
CHAPTER 1
The Science of Macroeconomics
slide 15
Digression: Functional notation
General functional notation shows only
Recessions
1975
1980
1985
1990
1995
2000来自百度文库
CHAPTER 1
The Science of Macroeconomics
slide 4
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being. example:
example:
Inflation and unemployment in election years
The Science of Macroeconomics
slide 10
CHAPTER 1
Inflation and Unemployment in Election Years
year
1976
Unemployment and social problems
2. The macroeconomy affects your well-being. example 1: example 2:
Unemployment and earnings growth
Interest rates and mortgage payments 3. The macroeconomy affects politics & current events.
Learning objectives
This chapter introduces you to
the issues macroeconomists study
the tools macroeconomists use
some important concepts in
macroeconomic analysis
slide 7
Unemployment and earnings growth
5 4 3 2 1 0 -1 -2 -3 -4 -5 1965
%
1970
1975
1980
1985
1990
1995
2000
growth rate of inflation-adjusted hourly earnings change in Unemployment rate
deficit?
Why are so many countries poor?
What policies might help them grow out of poverty?
CHAPTER 1
The Science of Macroeconomics
slide 2
U.S. Gross Domestic Product
2. The macroeconomy affects your well-being. example 1: example 2:
Unemployment and earnings growth
Interest rates and mortgage payments
CHAPTER 1
The Science of Macroeconomics
CHAPTER 1
The Science of Macroeconomics
slide 12
Example of a model: The supply & demand for new cars
explains the factors that determine the price of
cars and the quantity sold.
slide 3
U.S. Gross Domestic Product
in billions of chained 1996 dollars
10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 1970
longest economic expansion on record
1996
2000
5.4%
4.0%
3.3%
3.4%
Clinton (D)
Bush II (R)
CHAPTER 1
The Science of Macroeconomics
slide 11
Economic models
…are simplied versions of a more complex reality • irrelevant details are stripped away Used to • show the relationships between economic variables • explain the economy’s behavior • devise policies to improve economic performance
7.65%
monthly payment
$1064
annual payment
$12,771
Dec 2001
6.84%
$981
$11,782
CHAPTER 1
The Science of Macroeconomics
slide 9
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being. example:
1980 1984 1988 1992
U rate
7.7%
7.1% 7.5% 5.5% 7.5%
inflation rate
5.8%
13.5% 4.3% 4.1% 3.0%
elec. outcome
Carter (D)
Reagan (R) Reagan (R) Bush I (R) Clinton (D)
slide 1
Important issues in macroeconomics
What is the government budget deficit?
How does it affect the economy?
Why does the U.S. have such a huge trade
Unemployment and social problems
CHAPTER 1
The Science of Macroeconomics
slide 5
Unemployment and social problems
Each one-point increase in the unemployment rate is associated with: 920 more suicides 650 more homicides 4000 more people admitted to state mental institutions 3300 more people sent to state prisons 37,000 more deaths increases in domestic violence and homelessness
even when the economy is booming?
Why are there recessions?
Can the government do anything to combat recessions? Should it??
CHAPTER 1
The Science of Macroeconomics
CHAPTER 1
The Science of Macroeconomics
slide 0
Important issues in macroeconomics
Why does the cost of living keep rising? Why are millions of people unemployed,
CHAPTER 1
The Science of Macroeconomics
slide 13
The demand for cars
demand equation:
Q D (P ,Y )
d
shows that the quantity of cars consumers demand is related to the price of cars and aggregate income.
Q D (P ,Y )
d
P
slide 16
CHAPTER 1
The Science of Macroeconomics
The market for cars: demand
demand equation:
Price of cars
P
Q
d
D (P ,Y )
The demand curve shows the relationship between quantity demanded and price, other things equal.
that the variables are related:
Q d D (P ,Y )
A specific functional form shows the
precise quantitative relationship: Examples:
1)
2) 0.3Y
Q d D (P ,Y ) 60 10P 2 Y
in billions of chained 1996 dollars
10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 1970
1975
1980
1985
1990
1995
2000
CHAPTER 1
The Science of Macroeconomics
D
Quantity of cars
Q
CHAPTER 1
The Science of Macroeconomics
slide 17
The market for cars: supply
supply equation:
Price of cars
P
Q S (P , Ps )
The supply curve shows the relationship between quantity supplied and price, other things equal.
CHAPTER 1
The Science of Macroeconomics
slide 8
Interest rates and mortgage payments
For a $150,000 30-year mortgage:
date
Dec 2000
actual rate on 30-year mortgage
CHAPTER 1
The Science of Macroeconomics
slide 14
Digression: Functional notation
General functional notation shows only
that the variables are related:
Q d D (P ,Y )
assumes the market is competitive: each buyer
and seller is too small to affect the market price
Variables: Q d = quantity of cars that buyers demand Q s = quantity that producers supply P = price of new cars Y = aggregate income Ps = price of steel (an input)
The Science of Macroeconomics
slide 6
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being. example:
Unemployment and social problems
A list of the variables that affect Q d
CHAPTER 1
The Science of Macroeconomics
slide 15
Digression: Functional notation
General functional notation shows only
Recessions
1975
1980
1985
1990
1995
2000来自百度文库
CHAPTER 1
The Science of Macroeconomics
slide 4
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being. example:
example:
Inflation and unemployment in election years
The Science of Macroeconomics
slide 10
CHAPTER 1
Inflation and Unemployment in Election Years
year
1976
Unemployment and social problems
2. The macroeconomy affects your well-being. example 1: example 2:
Unemployment and earnings growth
Interest rates and mortgage payments 3. The macroeconomy affects politics & current events.
Learning objectives
This chapter introduces you to
the issues macroeconomists study
the tools macroeconomists use
some important concepts in
macroeconomic analysis
slide 7
Unemployment and earnings growth
5 4 3 2 1 0 -1 -2 -3 -4 -5 1965
%
1970
1975
1980
1985
1990
1995
2000
growth rate of inflation-adjusted hourly earnings change in Unemployment rate
deficit?
Why are so many countries poor?
What policies might help them grow out of poverty?
CHAPTER 1
The Science of Macroeconomics
slide 2
U.S. Gross Domestic Product
2. The macroeconomy affects your well-being. example 1: example 2:
Unemployment and earnings growth
Interest rates and mortgage payments
CHAPTER 1
The Science of Macroeconomics
CHAPTER 1
The Science of Macroeconomics
slide 12
Example of a model: The supply & demand for new cars
explains the factors that determine the price of
cars and the quantity sold.
slide 3
U.S. Gross Domestic Product
in billions of chained 1996 dollars
10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 1970
longest economic expansion on record
1996
2000
5.4%
4.0%
3.3%
3.4%
Clinton (D)
Bush II (R)
CHAPTER 1
The Science of Macroeconomics
slide 11
Economic models
…are simplied versions of a more complex reality • irrelevant details are stripped away Used to • show the relationships between economic variables • explain the economy’s behavior • devise policies to improve economic performance
7.65%
monthly payment
$1064
annual payment
$12,771
Dec 2001
6.84%
$981
$11,782
CHAPTER 1
The Science of Macroeconomics
slide 9
Why learn macroeconomics?
1. The macroeconomy affects society’s well-being. example:
1980 1984 1988 1992
U rate
7.7%
7.1% 7.5% 5.5% 7.5%
inflation rate
5.8%
13.5% 4.3% 4.1% 3.0%
elec. outcome
Carter (D)
Reagan (R) Reagan (R) Bush I (R) Clinton (D)
slide 1
Important issues in macroeconomics
What is the government budget deficit?
How does it affect the economy?
Why does the U.S. have such a huge trade
Unemployment and social problems
CHAPTER 1
The Science of Macroeconomics
slide 5
Unemployment and social problems
Each one-point increase in the unemployment rate is associated with: 920 more suicides 650 more homicides 4000 more people admitted to state mental institutions 3300 more people sent to state prisons 37,000 more deaths increases in domestic violence and homelessness
even when the economy is booming?
Why are there recessions?
Can the government do anything to combat recessions? Should it??
CHAPTER 1
The Science of Macroeconomics
CHAPTER 1
The Science of Macroeconomics
slide 0
Important issues in macroeconomics
Why does the cost of living keep rising? Why are millions of people unemployed,
CHAPTER 1
The Science of Macroeconomics
slide 13
The demand for cars
demand equation:
Q D (P ,Y )
d
shows that the quantity of cars consumers demand is related to the price of cars and aggregate income.
Q D (P ,Y )
d
P
slide 16
CHAPTER 1
The Science of Macroeconomics
The market for cars: demand
demand equation:
Price of cars
P
Q
d
D (P ,Y )
The demand curve shows the relationship between quantity demanded and price, other things equal.
that the variables are related:
Q d D (P ,Y )
A specific functional form shows the
precise quantitative relationship: Examples:
1)
2) 0.3Y
Q d D (P ,Y ) 60 10P 2 Y
in billions of chained 1996 dollars
10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 1970
1975
1980
1985
1990
1995
2000
CHAPTER 1
The Science of Macroeconomics
D
Quantity of cars
Q
CHAPTER 1
The Science of Macroeconomics
slide 17
The market for cars: supply
supply equation:
Price of cars
P
Q S (P , Ps )
The supply curve shows the relationship between quantity supplied and price, other things equal.
CHAPTER 1
The Science of Macroeconomics
slide 8
Interest rates and mortgage payments
For a $150,000 30-year mortgage:
date
Dec 2000
actual rate on 30-year mortgage
CHAPTER 1
The Science of Macroeconomics
slide 14
Digression: Functional notation
General functional notation shows only
that the variables are related:
Q d D (P ,Y )
assumes the market is competitive: each buyer
and seller is too small to affect the market price
Variables: Q d = quantity of cars that buyers demand Q s = quantity that producers supply P = price of new cars Y = aggregate income Ps = price of steel (an input)