宏观经济学英文PPT课件
宏观经济学英文课件 (2)
Capital Input
• The Demand for Capital Services
– Firms maximize real profit
• π/P= A·F[(κK)d, Ld)] −(w/P) · Ld− (R/P)·(κK)d
Capital Input
Capital Input
– Net real income from supplying capital services = K·[(R/P)·κ − δ(κ)]
Capital Input
• The Supply of Capital Services
– Rate of return from owning capital = ( R/P)·κ − δ(κ)
Capital Input
• Market Clearing and Capital Utilization
– i = (R/ P) · κ − δ(κ) – Rate of return on bonds
= rate of return on ownership of capital
– Increase in the technology level, A, raises the rate of return from owning capital, the interest rate, i, increases. The interest rate is still procyclical in the model.
Capital Utilization and Unemployment
Capital Input
• Capital utilization rate
– The fraction of the capital stock used in production. – κ (the Greek letter kappa) represent the utilization rate for the capital stock, K. – Y= A· F(κ K, L)
宏观经济学英文课件 (7)
• ∆K = s· ( Y− δ K) • Change in capital stock = real saving
Solow Growth Model
• What can policymakers do to increase growth rates of real GDP per person?
Production Function
Y = A· F(K, L)
– A Technology Level – K Capitol Stock – machines and buildings
Solow Growth Model
Solow Growth Model
• steady state.
– When k = k∗ , ∆k/k equals zero. – ∆k/k = 0, k stays fixed at the value k∗ .
• y* = f(k*)
Solow Growth Model
• ∆k/k = s·(y/k) − sδ − n • ∆y/y = α·(∆k/k) • ∆y/y = α·[ s·( y/k) − sδ − n]
Solow Growth Model
Solow Growth Model
• k(0) = K(0)/ L(0)
• y= A· f( k)
– y(0) = Y(0)/L(0) – y(0) = A· f [ k(0) ]
Productivity Slowdown
• The decline in the growth rate of real GDP per person from 3.1% per year for 1960–1980 to 1.8% per year for 1980–2000 is sometimes called the productivity slowdown.
宏观经济学之货币供给与需求money supply and money demand(精品PPT课件共44页)
A model of the money supply
exogenous variables
the monetary base, B = C + R
controlled by the central bank
the reserve-deposit ratio, rr = R/D
depends on regulations & bank policies
The depositor still has $1000 in demand deposits,
but now the borrower holds $800 in currency.
CHAPTER 18 Money Supply and Money Demand
slide 5
SCENARIO 3: Fractional-Reserve Banking
1. Determine impact on money supply.
2. Explain the intuition for your result.
CHAPTER 18 Money Supply and Money Demand
slide 14
Solution to exercise
Impact of an increase in the currency-deposit ratio
CHAPTER 18 Money Supply and Money Demand
slide 15
Three instruments of monetary policy
1. Open market operations 2. Reserve requirements 3. The discount rate
宏观经济学ppt课件完整版
一、国内生产总值的定义
•
定义：在某一既定时期一国之内生
产的所有最终产品和劳务市场价值总
和。
•
上述定义包括以下几方面规定：
•
第一，“一国之内…”。GDP按国
土原则计算
•
GDP以领土为统计范围，强调无
论劳动力和其它生产要素是属于本
国、还是外国，只要是在本国领土
生产的产品和劳务的价值都计入本
国的GDP。，
企业家愿意提供的产品越多。
•
—— 供给定理
34
（2）经济理论的图形表达
P
S
O
Q
35
（3）经济理论的数学表达
•
•
•
•
用函数的形式表达供给定理，该理
论可以表示为：
Q
= f（P）
供给量
价格
函数
上式表示供给量是价格的函数。
36
（4）著名的经济学模型 ：供求模型
•
例如，猪肉的需求函数：
•
Qd = D（P、Y）
流量而不是存量，通常以年度或季
度为单位度量。
存量 VS .流量
•
存量：
在某一时点上存在的数量。
（洗脸盆中的水，你书架上的书和
你储蓄账户上的货币量也是存量。）
•
流量：
在一定时期发生的量。
（打开的水龙头流到洗脸盆中的水。
我们在一个月里买的书和我们在一个
月里赚到的收入也是流量。）
存量 VS .流量
•
化等。
26
值得研究的问题：
•
（1）为什么会有经济增长？决定因
素是什么？
•
（2）如何准确测量经济增长的速度
和成本，经济增长如何维持？如何实
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
宏观经济学之国民收入national income(精品PPT课件共59页)
Firms maximize profits by choosing K such that MPK = R/P .
CHAPTER 3 National Income
slide 20
The Neoclassical Theory of Distribution
denoted Y = F (K, L)
shows how much output (Y ) the
economy can produce from
K units of capital and L units of labor.
reflects the economy’s level of
CHAPTER 3 National Income
slide 11
Marginal product of labor (MPL)
def: The extra output the firm can produce using an additional unit of labor (holding other inputs fixed):
c. Graph the MPL curve with MPL on the
vertical axis and
L on the horizontal axis
L Y MPL
0 0 n.a. 1 10 ? 2 19 ? 3 27 8 4 34 ? 5 40 ? 6 45 ? 7 49 ? 8 52 ? 9 54 ? 10 55 ?
product falls (other things equal).
Intuition(直观):
L while holding K fixed
曼昆经济学原理宏观经济学分册英文原版PPT课件28unemployment
Unemployment is measured by the Bureau of Labor Statistics (BLS). It surveys 60,000 randomly selected households every month. The survey is called the Current Population Survey.
How Is Unemployment Measured?
A person is unemployed if he or she is on temporary layoff, is looking for a job, or is waiting for the start date of a new job.
How Is Unemployment Measured?
Based on the answers to the survey questions, the BLS places each adult into one of three categories: Employed Unemployed Not in the labor force
JOB SEARCH
Job search the process by which workers find appropriate jobs given their tastes and skills. results from the fact that it takes time for qualified individuals to be matched with appropriate jobs.
Why Are There Always Some People Unemployed?
宏观经济学课件(英文版)
The breakdown of GDP into its various components, such as consumption, investment, government spending, and net exports.
VS
A measure of the percentage of the labor force that is jobless and actively seeking employment.
04
Fiscal Policy and Government Speing is a significant component of the economy, representing a significant share of GDP.
Government spending can also act as a stabilizer during economic downturns, stimulating growth and absorbing economic shocks.
05
Monetary Policy and Central Bank Operations
The main monetary policy tools used by central banks are open market operations, reserve requirements, and interest rate policy.
02
Examples include stimulus packages during the Great Recession, infrastructure spending programs, and social welfare policies.
宏观经济学 麦克 帕金版本 英文ppt
Two Big Economic Questions
Figure 1.1 shows these numbers for the United States and China. It also shows the numbers for Brazil. What determines these patterns of production? How do choices end up determining the quantity of each item produced in the United States and around the world?
© 2012 Pearson Addison-Wesley
Two Big Economic Questions
Self-Interest You make choices that are in your self-interest—choices that you think are best for you. Social Interest Choices that are best for society as a whole are said to be in the social interest. Social interest has two dimensions: Efficiency Equity
© 2012 Pearson Addison-Wesley
Definition of Economics
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence those choices. Economics divides in to main parts: Microeconomics Macroeconomics
宏观经济学英文课件
slide 2
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
and aggregate income.
CHAPTER 1 The Science of Macroeconomics
slide 15
Digression: Functional notation
▪ General functional notation shows only
that the variables are related:
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
D
Q
Quantity of cars
CHAPTER 1 The Science of Macroeconomics
deficit?
▪ Why are so many countries poor?
What policies might help them grow out of poverty?
CHAPTER 1 The Science of Macroeconomics
slide 3
U.S. Gross Domestic Product
宏观经济学(英文版)课件 Chapter07_IM1e
Chapter 7The Labor MarketBrief Chapter Summary7.1 The Labor Market (pages 232–239)Learning Objective 1Use the model of demand and supply to explain how wages and employment are determined.• We can use the basic model of demand and supply to analyze the market for labor.7.2 Categories of Unemployment (pages 239–246)Learning Objective 2Define unemployment and explain the three categories of unemployment.• Unemployment is voluntary when workers who do not have jobs prefer leisure to working at the prevailing real wage. Unemployment is involuntary when workers who want jobs at the current wage cannot find them. The three categories of unemployment are frictional, structural, and cyclical.7.3 The Natural Rate of Unemployment (pages 246–253)Learning Objective 3Explain the natural rate of unemployment.• The natural rate of unemployment is the long-run equilibrium rate of unemployment. It is equal to the sum of structural and frictional unemployment.7.4 Why Does Unemployment Exist? (pages 253–257)Learning Objective 4Explain how government policies affect the unemployment rate.• Unemployment insurance may decrease the incentive to find a job and increase the unemployment rate; there is no consensus on how large this effect is. The Social Security Disability Reform Act caused the number of workers on disability to increase by 60% from 1984 to 2001. People on disability are not in the labor force, so they do not count as being unemployed.129130 Hubbard, O’Brien, and Rafferty| Macroeconomics7.5 Comparisons of Unemployment Rates in Western Europe and theUnited States (pages 257–260)Learning Objective 5 Describe how economic policy explains differences in unemployment rates between Europe and the United States.•Households in Western Europe have recently begun to consume more leisure than households in the United States. Differences in labor markets between Western Europe and the United States may be explained by preferences of workers, income tax rates, and the strength of labor unions.List of Key TermsClassical dichotomy, p. 256. The assertion that in the long run, nominal variables, such as the money supply or the price level, do not affect real variables, such as the levels of employment and real GDP.Cyclical unemployment, p. 243. Unemployment caused by a recession; measured as the difference between the actual level of unemployment and the level of unemployment when the rate of unemployment equals the natural rate of unemployment.Efficiency wage, p. 254. A higher-than-market wage that a firm pays to motivate workers to be more productive.Frictional unemployment, p. 240. Short-term unemployment that arises from the process of matching the job skills of workers to the requirements of jobs.Marginal product of labor (MPL), p. 233. The extra output a firm receives from adding one more unit of labor, holding all other inputs and efficiency constant.Natural rate of unemployment, p. 243. The normal rate of unemployment, consisting of frictional unemployment plus structural unemployment.Structural unemployment, p. 241. Unemployment that arises from a persistent mismatch between the job skills or attributes of workers and the requirements of jobs. Unemployment insurance, p. 241. A government program that allows workers to receive benefits for a period of time after losing their jobs.Chapter OutlineERNST & YOUNG AND PHARMACEUTICAL FIRMS ARE HIRING, SO WHAT'S THE PROBLEM?During the recession of 2007-2009, real GDP declined by 4.1% and the unemployment rate rose to more than 10%. Though the recession officially ended in June 2009, in April 2011 the unemployment rate was 9% and 43% of the unemployed had been out of work for at least six months. Despite the severity of the recession, some firms continued to hire workers. Economists agree that the U.S. labor market creates and destroys millions of jobs every month. Some economists believe that there is an unusually large mismatch between workers' skills and available jobs. If correct, adjusting to structural changes in the economy could cause the unemployment rate to be stuck at high levels. Other economists believe that structural unemployment accounts for a small percentage of the increase in unemployment.CHAPTER 7 | The Labor Market 131The true sources of unemployment influence the approaches policymakers choose to reduce unemployment. Teaching Tips Key Issue : The unemployment rate in the United States remained about 9% more than 20 months after the end of the 2007–2009 recession. Key Question : Should policymakers strive for an unemployment rate of zero?7.1 The Labor Market (pages 232–239)Learning Objective: Use the model of demand and supply to explain how wages and employment are determined.We can use the basic demand and supply model to analyze the market for labor. In the labor market, firms are demanders and households are suppliers. The demand for labor and other factors of production is a derived demand .A. Nominal and Real WagesThe price of labor is the wage, which includes fringe benefits. The nominal wage, W, is how much workers are paid in dollars. The real wage, w , represents the purchasing power of the nominal wage:Real wage = w = .W P (7.1)B. The Demand for Labor ServicesThe labor demand curve is the same as the marginal product of labor (MPL ), which is defined as the extra output a firm receives from adding one more unit of labor, holding all other inputs and efficiency constant. Due to diminishing marginal returns, the marginal product of labor will decrease as firms hire more workers.C. Shifting the Demand CurveThe demand curve for labor shows the relationship between the real wage and the quantity of labor demanded, holding everything else constant. “Everything else ” includes the quantity of capital and the overall level of efficiency with which workers transform inputs into finished goods and services. Changes in these variables cause the demand curve to shift.D. The Supply of Labor ServicesThe wage is the opportunity cost of leisure. An increase in the real wage should cause a worker to devote less time to leisure and more time to work. This response is the substitution effect . The wage increase increases income. We consume more of normal goods as our income rises. More time spent at leisure means less time spent working. This response to a wage increase is the income effect . For the aggregate labor market, evidence suggests that in the short run, the substitution effect is stronger than the income effect, so132 Hubbard, O’Brien, and Rafferty| Macroeconomicsan increase in the real wage leads to an increase in the quantity of labor supplied. In other words, the labor supply curve slopes upward.E. Factors That Shift the Labor Supply CurveThe labor supply curve shows the relationship between the real wage and the quantity of labor supplied, holding constant other factors that might affect the willingness of households to supply labor. Households typically respond to an increase in wealth by “purchasing” more leisure time and supplying fewer hours of labor. When household wealth increases, the labor supply curve shifts to the right. An increase in income taxes will shift the labor supply curve to the left. This assumes that the substitution effect is larger than the income effect.F. Equilibrium in the Labor MarketEquilibrium in the labor market occurs at the intersection of the demand and supply curves. At a wage rate that is less than the equilibrium real wage, the quantity of labor demanded would exceed the quantity of labor supplied. At this wage, firms cannot hire all the labor they want, so competition among firms will drive up the real wage as long as it is below equilibrium. If the real wage started above equilibrium, the quantity of labor supplied would exceed the quantity of labor demanded. Not all workers who want jobs would be able to find them. Some workers would offer to work for a lower real wage, which would bid down the real wage, decreasing the quantity of labor supplied and increasing the quantity of labor demanded. The downward pressure on real wages will be eliminated when the quantity of labor demanded equals the quantity of labor supplied.A change in a variable, apart from the real wage, will cause the demand curve for labor or the supply curve for labor to shift.7.2 Categories of Unemployment (pages 239–246)Learning Objective: Define unemployment and explain the three categories of unemployment.The demand and supply model suggests that when the labor market is in equilibrium, any worker who does not have a job must prefer leisure to working at the prevailing real wage; that is, unemployment is voluntary. There are good reasons to be skeptical that all unemployment is voluntary.A. Unemployment Around the WorldIn all countries, the unemployment rate has fluctuated over time. The average unemployment rate over time has varied substantially across countries. But the unemployment rate never falls to zero. See Figure 7.7 on page 240 to demonstrate these points.B. Frictional Unemployment and Job SearchWorkers have different skills, and jobs have different skill requirements. As a result, most workers spend at least some time engaging in a job search, and most firms spend time searching for new persons to fill job openings. Frictional unemployment is short-term unemployment that arises from the process of matching the job skills of workers to the requirements of jobs.CHAPTER 7| The Labor Market133 Some unemployment is due to seasonal factors. Seasonal unemployment refers to unemployment due to factors such as weather, variations in tourism, and other calendar-related events. The Bureau of Labor Statistics reports two unemployment rates each month—one that is seasonally adjusted and one that is not seasonally adjusted. Some frictional unemployment increases economic efficiency because workers and firms take the time necessary to ensure a good match between the skills of workers and the requirements of jobs.When workers are more productive, they have a higher marginal product of labor, so the demand curve shifts to the right, which should lead to higher real wages and more employment. Unemployment insurance is a government program that allows workers to receive benefits for a period of time after losing their jobs. Without unemployment insurance, an unemployed worker would be under extreme pressure to accept the first job offer he or she received, regardless of whether the job suited his or her skills. But it is possible that providing unemployment insurance for too long a period may lead unemployed workers to take too much time searching for a new job, which would reduce economic efficiency.C. Structural UnemploymentStructural unemployment is unemployment that arises from a persistent mismatch between the job skills or attributes of workers and the requirements of jobs. Structural unemployment can last for longer periods of time than frictional unemployment because workers need time to learn new skills. Technological change is one possible cause of structural unemployment. Technological change in the United States has tended to eliminate unskilled jobs, while increasing the demand for skilled jobs. Low-skilled workers who are unable to acquire the skills necessary to find employment are structurally unemployed.D. Cyclical UnemploymentCyclical unemployment is unemployment caused by a recession; measured as the difference between the actual level of unemployment and the level of unemployment when the unemployment rate equals the natural rate of unemployment. The natural rate of unemployment is the normal rate of unemployment, consisting of frictional unemployment plus structural unemployment. It is the long-run equilibrium unemployment rate. Although cyclical unemployment is caused by a recession, it doesn't end when the recession ends. The unemployment rate continued to be well above the natural rate for many months after the recession of 2007–2009 ended (as illustrated in Figure 7.8 on page 243).E. Full EmploymentFull employment does not mean that every worker has a job. The economy is at full employment when the cyclical unemployment rate is zero.F. Duration of Unemployment Around the WorldThere is variation across countries in the average amount of time a worker is unemployed. Although unemployment rates in Europe were as low, or lower, than those in the United States during the 1960s and early 1970s, before becoming higher in recent years, the average duration of unemployment was higher in Europe even in the early 1970s. In 1971, the average duration of unemployment in Europe was 16.5 months, but it was just 2.6134 Hubbard, O’Brien, and Rafferty| Macroeconomicsmonths in the United States. The average duration of unemployment in Europe was 11.9 months in 2009 but 5.6 months in the United States. Differences in the average duration of unemployment have important policy implications. Workers who are unemployed for long periods of time are more likely to be unemployed for structural reasons than for frictional or cyclical reasons. Policies designed to help the long-term unemployed are more likely to be effective if they involve retraining programs or programs to help workers move from declining industries into expanding ones.Teaching Tips7.3 The Natural Rate of Unemployment (pages 246–253)Learning Objective: Explain the natural rate of unemployment.One explanation for the differences in the average unemployment rate across countries is that the natural rate of unemployment also varies across countries.A. A Model of the Natural Rate of UnemploymentEach month, the Bureau of Labor Statistics (BLS) collects employment data from about 140,000 businesses for what is known as the establishment survey. The survey reports the net change in employment. There is a constant flow of workers from employment to unemployment, even when cyclical unemployment is zero. The BLS uses the Job Openings and Labor Turnover Survey (JOLTS) to measure job flows. According to JOLTS, during March 2011, 4.043 million workers found jobs and 3.836 million workers left their jobs or were fired. This indicates that total employment increased by 207,000 during that month.We know that:Labor force = Employed + Unemployed.Every month, some of the unemployed find jobs. We call the percentage of unemployed individuals who find jobs the rate of job finding(f). We call the percentage of employed workers who separate from jobs the rate of job separation (s). The total number of workers moving from unemployed to employed status is:f × Unemployed,while the total number of workers moving from employed to unemployed status is:s × Employed.CHAPTER 7 | The Labor Market 135When the labor market is in equilibrium and unemployment is at the natural rate, the number of workers finding jobs equals the number of workers separating from jobs, so:f × Unemployed = s × Employed. (7.2) The unemployment rate equals the number of unemployed workers divided by the labor force. Using this definition and Equation (7.2), we can derive an expression of the natural rate of unemployment, U : 1.1(/)s U s f f s ==++ (7.3) Equation (7.3) tells us that the natural rate of unemployment depends on the rate at which workers find jobs and the rate at which workers separate from jobs. The model represented by Equation (7.3) tells us that if policymakers are going to lower the natural rate, they must find ways either to reduce the rate of job separation or increase the rate of job finding.B. The Natural Rate of Unemployment in the United StatesThe natural rate of unemployment fluctuates much less than does the actual unemployment rate. The natural rate of unemployment changes when either structural or frictional unemployment changes. Structural and frictional unemployment vary based on:1. Demographics2.Public policy 3. Technological change 4. Sectoral shiftsDemographics —Younger workers have lower skills and change jobs more frequently than do older workers, and it takes longer for younger workers to obtain an initial job. As the workforce ages, frictional and structural unemployment decline. The unemployment rate also varies by gender. Since 2000, women have typically had lower unemployment rates than men, so as women have become a larger share of the labor force, the natural rate of unemployment has decreased. Race and ethnicity may affect the natural rate of unemployment. Holding other factors constant, the increase in African Americans and Hispanics in the labor force has increased the natural rate of unemployment. Finally, the increase in the size of the prison population has likely reduced the natural rate of unemployment, since if these inmates had been in the labor force, many would have been unemployed.Public Policy —In the United States, unemployment insurance is a joint federal and state program, so benefits vary by state. During economic downturns, the federal government often extends the duration of unemployment insurance. Unemployment insurance makes it easier for workers to remain unemployed, so it reduces the probability that a worker will accept any given job offer. Holding other factors constant, this insurance reduces the rate of job finding and increases the natural rate of unemployment. There is no consensus among economists on how much unemployment insurance may decrease the incentive to find a job. In 1984, the federal government passed the Social Security Disability Reform Act, which made it easier for workers to receive a portion of their wages when physically or psychologically unable to work. The act caused the number of workers on disability to increase by 60% from 1984 to 2001. People on disability are not in the labor force, so they do not count as unemployed. When disabled low-skilled workers left the labor force, the136 Hubbard, O’Brien, and Rafferty| Macroeconomicsnatural rate of unemployment fell by about 0.5%. The growing importance of temporary agencies has also affected the natural rate of unemployment. As temporary employment has become more common since the 1980s, the job-finding rate has increased, and the natural rate of unemployment has decreased by 0.2–0.4 percentage points.Technological change—Research has found that increases in productivity reduce employment in the short run because new technology make some jobs obsolete. However, new technology also increases the demand for new products. As labor and resources flow from old to new industries, the new technology leads to higher employment; in the long run, technological change and increased labor productivity lead to higher wages. Higher wages increase the quantity of labor supplied; therefore, technological change and increases in labor productivity ultimately make workers as a group better off, even though individual workers may be made worse off. Overall, technological change has a large effect on the mix of employment across industries, but it probably has caused, at most, a small effect on the natural rate of unemployment.Sectoral shifts—Changes in the prices of raw materials can also cause employment to shift across sectors and increase structural unemployment. Sectoral shifts refers to the process of output and employment increasing in some industries and declining in other industries. In high-income countries, labor has been flowing from the manufacturing sector to the service sector, while in many low-income countries labor has been flowing from the agricultural sector to the manufacturing sector. As these reallocations take place, the natural rate of unemployment may temporarily increase.Teaching Tips7.4 Why Does Unemployment Exist? (pages 253–257)Learning Objective: Explain how government policies affect the unemployment rate. There are many types of frictions that prevent the real wage from adjusting to maintain the labor market continually at equilibrium. As a result, unemployment can exist.A. Equilibrium Real Wages and UnemploymentThe real wage can be above the equilibrium real wage. The real wage may remain above the equilibrium wage for a period of time, resulting in unemployment.CHAPTER 7| The Labor Market137B. Efficiency WagesMost firms must rely on workers being motivated to work hard, so some firms voluntarily pay an efficiency wage—a higher-than-market wage that a firm pays to motivate workers to be more productive. There are four reasons for efficiency wages. First, an efficiency wage can motivate workers to work harder since workers earn more than they could at their next best alternative jobs. Second, an efficiency wage makes workers less likely to switch jobs.When a worker quits, the firm incurs the cost of finding and training a new worker. If the costs of finding and training workers are high enough, the efficiency wage may increase profits. Third, firms may pay an efficiency wage to improve the quality of their workers. The fourth explanation for efficiency wages applies mostly to low-income nations. Higher real wages mean that workers can afford to purchase more food and more nutritious food, so they are healthier and more productive. Because the efficiency wage is above the market wage, it results in the quantity of labor supplied being greater than the quantity of labor demanded. Therefore, efficiency wages provide one explanation of why an economy can experience unemployment even when cyclical unemployment is zero.C. Labor Unions Around the WorldLabor unions are organizations of workers that bargain with employers over wages and working conditions for their members. In the United States, the National Labor Relations Act requires firms to allow unions to organize and requires firms to negotiate with unions. Unions can bargain for a wage that is above the market level. In the United States, fewer than 7% of workers in the private sector belong to a union, so it seems likely that workers who cannot find jobs in unionized industries can find jobs in other industries. In the United States, unionization rates are higher in the public sector, where more than 36% of workers are members of unions. In Canada and the United Kingdom, 27% of workers are unionized. Just 12% of workers (public and private sectors combined) are unionized in the United States. The relative strength of unions has declined dramatically in recent years in most countries due to globalization and the slow growth in the demand for labor in goods-producing industries.D. Minimum Wage LawsA minimum wage is a legal minimum hourly wage rate that employers are required to pay employees. The federal government has had a national minimum wage law since 1938. Some state and local governments also impose minimum wages. If the minimum wage is set above the market wage, the quantity of labor supplied will be greater than the quantity of labor demanded. As a result, some workers will be unemployed who would have been employed if there had been no minimum wage. In 2009, fewer than 5% of workers received the federal minimum wage. However, the minimum wage may significantly increase the unemployment rate for certain groups of low-skilled workers. Education level is an important determinant of whether a worker earns the minimum wage. During 2009, 10.2% of workers without a high school degree earned the minimum wage, while 2.5% of workers with a bachelor's degree or higher earned the minimum wage. The minimum wage law may have important effects on young, less educated workers. But because teenagers and other workers receiving the minimum wage are a relatively small part of the labor force, most economists believe that the effect of the minimum wage on the unemployment rate in the United States is fairly small.138 Hubbard, O’Brien, and Rafferty| MacroeconomicsE. Monetary Policy, Unemployment, and the Classical DichotomyThe classical dichotomy is the assertion that in the long run, nominal variables, such as the money supply or the price level, do not affect real variables, such as the levels of employment and real GDP. If the dichotomy is correct, then monetary policy will not affect the unemployment rate in the long run. An increase in the money supply increases nominal variables. But in the long run, the price level and the nominal wage both increase so as to leave the real wage unchanged.7.5 Comparisons of Unemployment Rates in Western Europe and theUnited States (pages 257–260)Learning Objective: Describe how economic policy explains differences in unemployment rates between Europe and the United States.There appear to be significant differences between the Western European and U.S. labor markets. Economists have examined three potential explanations for these differences:1. Preferences of workers2. Income tax rates3. Strength of labor unionsA. Preferences of WorkersCultural differences may explain why Western Europeans work less than individuals in the United States. Economist Olivier Blanchard has argued that as real GDP per person has increased, Western Europeans have simply used the increase in income to “purchase” more leisure than have Americans. But as recently as the 1960s, Western Europeans worked as many hours as Americans.B. Income Tax RatesEdward Prescott believes that higher income tax rates in Western Europe can explain why Western Europeans work fewer hours than do Americans in the United States. Prescott points out that the differences in income tax rates between Western Europe and the United States were smaller in the 1960s and early 1970s, when the amount of leisure time was similar in both areas. During the 1970s, income tax rates rose much more rapidly in Western Europe at the same time as the amount of leisure was increasing. However, for Prescott's explanation to be correct, declines in the after-tax wage resulting from tax increases should have resulted in the quantity of labor supplied declining significantly. That is, the elasticity of labor supply with respect to the after-tax wage would have to be large. Many estimates of the elasticity of labor supply with respect to the after-tax wage indicate that it is very low. Therefore, the observed increases in income tax rates in Western Europe do not appear to be large enough by themselves to explain the large increases in leisure taken by workers in those countries.C. Strength of Labor UnionsThe extent of unionization in the United Kingdom, Germany, Canada, and Japan is greater than in the United States and South Korea. Some economists argue that this factor could explain much of the difference between U.S. and European labor markets. Strong unions negotiate for a large number of mandatory holidays, long vacations, and short workweeks.Strong unions may push the wage above the equilibrium wage and cause unemployment. Powerful unions can pressure politicians for regulations that make it difficult for firms to fire workers. This may lead firms to adopt more capital-intensive technology that reduces the need to hire workers, or they may be reluctant to expand operations. In addition, labor unions have pushed for generous unemployment insurance, which reduces the incentives for workers to accept job offers.Teaching TipsSolutions to the End-of-Chapter Questionsand ProblemsAnswers to Thinking Critically questions that accompany the An Inside Look newspaper feature.1. The increase in the number of people employed indicates an increase in the demand forlabor, which shifts the demand curve for labor to the right, from Demand1 to Demand2.The decrease in the labor force is represented by a decrease in the supply of labor, which shifts the supply curve for labor to the left, from Supply1 to Supply2. Because the increase in the number of people employed was slightly greater than the number of workers leaving the labor force, the increase in the demand for labor was slightly larger than the decrease in the supply of labor. Therefore, the shift from Demand1 to Demand2 is slightly greater than the shift from Supply1 to Supply2. Equilibrium moves from pointA to point B, with the real wage rising from Real wage1 to Real wage2, and the quantityof labor increasing from L1 to L2.。
宏观经济学06ppt英文
Chapter Outline and Learning Objectives (1 of 2)
7.1 Unemployment • Explain how unemployment is measured. 7.2 Inflation and Deflation • Describe the tools used to measure inflation and discuss
Chapter 7 Unemployment, Inflation,he unemployment rate and inflation are key macroeconomic variables.
• Each month the U.S. Bureau of Labor statistics (BLS) announces the previous month’s unemployment rate and the consumer price index (CPI).
• unemployed A person 16 years old or older who is not working, is available for work, and has made specific efforts to find work during the previous 4 weeks.
• labor force The number of people employed plus the number of unemployed. labor force employed unemployed population labor force not in labor force
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Gross Domestic Product
In this chapter, look for the answers to these questions:
What is Gross Domestic Product (GDP)?
How is GDP related to a nation’s total income and spending?
Gross Domestic Product (GDP) measures total income of everyone in the economy. GDP also measures total expenditure on the economy’s output of g&s.
For the economy as a whole, income equals expenditure, because
Macroeconomics: The study of the economy as a whole.
We begin our study of macroeconomics with the country’s total income and expenditure.
Income and Expenditure
Intermediate goods: used as components or ingredients in the production of other goods
GDP only includes final goods – they already embody the value of the intermediate goods used in their production.
What are the componrected for inflation?
Does GDP measure society’s well-being?
Micro vs. Macro
Microeconomics: The study of how individual households and firms make decisions, interact with one another in markets.
Preliminaries:
Factors of production are inputs like labor, land, capital, and natural resources. Factor payments are payments to the factors of production. (e.g., wages, rent)
Gross Domestic Product (GDP) Is……the market value of all final goods &
services produced within a country
in a given period of time.
Goods are valued at their market prices, so:
FIGURE 1: The Circular-Flow Diagram
Households: ▪ own the factors of production,
sell/rent them to firms for income ▪ buy and consume g&s
Firms
Households
every dollar a buyer spends is a dollar of income for the seller.
The Circular-Flow Diagram
a simple depiction of the macroeconomy
illustrates GDP as spending, revenue, factor payments, and income
Gross Domestic Product (GDP) Is……the market value of all final goods &
services produced within a country in a given period of time.
Final goods: intended for the end user
FIGURE 1: The Circular-Flow Diagram
Firms
Firms: ▪ buy/hire factors of production,
use them to produce g&s ▪ sell g&s
Households
What This Diagram Omits
The government
Gross Domestic Product (GDP) Is……the market value of all final goods &
services produced within a country in a given period of time.
• all goods measured in the same units
(e.g., dollars in the U.S.)
• Things that don’t have a market value are
excluded, e.g., housework you do for yourself.
collects taxes purchases g&s
The financial system
matches savers’ supply of funds with borrowers’ demand for loans
The foreign sector
trades g&s, financial assets, and currencies with the country’s residents