曼昆《宏观经济学》(第五版)课堂讲义PPT(英文)Ch02

Firms
Expenditure $
For the economy as a whole, income must equal expenditure. GDP measures the flow of dollars in this economy. 3 Chapter Two
1) To compute the total value of different goods and services, the national income accounts use market prices. Thus, if $0.50 $1.00
5) Some goods are not sold in the marketplace and therefore don’t have market prices. We must use their imputed value as an estimate of their value. For example, home ownership and government services.
Y = C + I + G + NX
Total demand for domestic output (GDP)
is composed of Investment spending by businesses and households
Consumption spending by households
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In some cases, it is misleading to use base year prices that prevailed 10 or 20 years ago (i.e. computers and college). In 1995, the Bureau of Economic Analysis decided to use chain-weighted measures of real GDP. The base year changes continuously over time. This new chain-weighted Average prices in 2001 measure is better than the more and 2002 are used to measure traditional measure because it real growth from 2001 to 2002. ensures that prices will not be Average prices in 2002 and 2003 too out of date. are used to measure real growth from 2002 to 2003 and so on. These growth rates are united to form a chain that is used to compare output between any two 9 Chapter dates. Two
Government purchases of goods and services
Net exports or net foreign demand
This is the called the national income accounts identity.
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To see how the alternative measures of income relate to one another, we start with GDP and add or subtract various quantities. To obtain gross national product (GNP), we add receipts of factor income (wages, profit, and rent) from the rest of the world and subtract payments of factor income to the rest of the world. GNP = GDP+Factor Payments from Abroad -Factor Payments to Abroad Whereas GDP measures the total income produced domestically, GNP measures the total income earned by nationals (residents of a nation). To obtain net national product (NNP), we subtract the depreciation of capital-- the amount of the economy’s stock of plants, equipment, and residential structures that wears out during the year: NNP = GNP - Depreciation 11 Chapter Two
There are 2 ways of viewing GDP
Total income of everyone in the economy
Total expenditure on the economy’s output of goods and services Income $ Labor
Households Goods
Chapter Two
Let’s see how real GDP is computed in our apple and orange economy. For example, if we wanted to compare output in 2002 and output in 2003, we would obtain base-year prices, such as 2002 prices. Real GDP in 2002 would be: (2002 Price of Apples 2002 Quantity of Apples) + (2002 Price of Oranges 2002 Quantity of Oranges). Real GDP in 2003 would be: (2002 Price of Apples 2003 Quantity of Apples) + (2002 Price of Oranges 2003 Quantity of Oranges). Real GDP in 2004 would be: (2002 Price of Apples 2004 Quantity of Apples) + (2002 Price of Oranges 2004 Quantity of Oranges).
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4) Intermediate goods are not counted in GDP– only the value of final goods. Reasonwk.baidu.com the value of intermediate goods is already included in the market price. Value added of a firm equals the value of the firm’s output less the value of the intermediate goods the firm purchases.
The consumer price index (CPI) measures the level of prices. The unemployment rate tells us the fraction of workers who are unemployed.
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2
Income, Expenditure And the Circular Flow
GDP = (Price of apples Quantity of apples) + (Price of oranges Quantity of oranges) = ($0.50 4) + ($1.00 3) GDP = $5.00 2) Used goods are not included in the calculation of GDP. 3) The treatment of inventories depends on if the goods are stored or if they spoil. If the goods are stored, their value is included in GDP. If they spoil, GDP remains unchanged. When the goods are finally sold out of inventory, they are considered used goods (and are not counted).
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The value of final goods and services measured at current prices is called nominal GDP. It can change over time either because there is a change in the amount (real value) of goods and services or a change in the prices of those goods and services. Hence, nominal GDP Y = P y, where P is the price level and y is real output– and remember we use output and GDP interchangeably. Real GDP or, y = YP is the value of goods and services measured using a constant set of prices. This distinction between real and nominal can also be applied to other monetary values, like wages. Nominal (or money) wages can be denoted by W and decomposed into a real value (w) and a price variable (P). Hence, W = nominal wage = P • w w = real wage = w/P This conversion from nominal to real units allows us to eliminate the problems created by having a measuring stick (dollar value) that essentially changes length over time, as the price level changes. 6
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A PowerPointTutorial to Accompany macroeconomics, 5th ed. N. Gregory Mankiw
CHAPTER TWO The Data of Macroeconomics
Mannig J. Simidian
Chapter Two 1
Gross Domestic Product (GDP) is the market value of all final goods and services produced within an economy in a given period of time.
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GDP Deflator = Nominal GDP Real GDP Nominal GDP measures the current dollar value of the output of the economy. Real GDP measures output valued at constant prices. The GDP deflator, also called the implicit price deflator for GDP, measures the price of output relative to its price in the base year. It reflects what’s happening to the overall level of prices in the economy.