曼昆版 宏观经济学第二讲 英文
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Chapter Two 9
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 measure is better than the more Average prices in 2009 traditional measure because it and 2010 are used to measure ensures that prices will not be real growth from 2009 to 2010. too out of date. Average prices in 2010 and 2011 are used to measure real growth from 2010 to 2011, and so on. These growth rates are united to form a ―chain‖ that is used to compare output between any two 10 Chapter Two dates.
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.
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.
Hale Waihona Puke Baidu
Real GDP in 2009 would be: (2009 Price of Apples 2009 Quantity of Apples) + (2009 Price of Oranges 2009 Quantity of Oranges). Real GDP in 2010 would be: (2009 Price of Apples 2010 Quantity of Apples) + (2009 Price of Oranges 2010 Quantity of Oranges). Real GDP in 2011 would be: (2009 Price of Apples 2011 Quantity of Apples) + (2009 Price of Oranges 2011 Quantity of Oranges). Note that 2009 prices are used to compute real GDP for all three years. Because prices are held constant from year to year, real GDP varies only when the quantities produced vary. 8
Chapter Two
THE IMPLICIT PRICE DEFLATOR FOR GDP 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.
Households Goods
Firms
Expenditure $
For the economy as a whole, income must equal expenditure. GDP measures the flow of dollars in the economy. 4 Chapter Two
®
CHAPTER 2 The Data of Macroeconomics
A PowerPointTutorial
To Accompany
MACROECONOMICS, 7th. Edition N. Gregory Mankiw
Tutorial written by:
Mannig J. Simidian
B.A. in Economics with Distinction, Duke University 1 Chapter Two M.P.A., Harvard University Kennedy School of Government M.B.A., Massachusetts Institute of Technology (MIT) Sloan School of Management
Gross Domestic Product (GDP) is the dollar value of all final goods and services produced within an economy in a given period of time.
The consumer price index (CPI) measures the level of prices. The unemployment rate tells us the fraction of workers who are unemployed.
Chapter Two
2
Gross Domestic Product is the best measure of how well the economy is performing. The Bureau of Economic Analysis (part of the U.S. Dept. of Commerce) calculates GDP via administrative data, which are byproducts of government functions such as tax collection, education programs, defense, and regulation, and statistical data, which come from government surveys of, for example, retail establishments manufacturing firms and farm activity.
Chapter Two
6
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. 7
Chapter Two 5
4) Intermediate goods are not counted in GDP– only the value of final goods. Reason: 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.
Chapter Two 3
Income, Expenditure, And the Circular Flow
Two ways of viewing GDP
Total income of everyone in the economy
Total expenditure on the economy’s output of goods and services Income $ Labor
1) To compute the total value of different goods and services, the national income accounts use market prices. Thus, if: $0.50 $1.00
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).
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 2009 and output in 2010, we would obtain base-year prices, such as 2009 prices.
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 measure is better than the more Average prices in 2009 traditional measure because it and 2010 are used to measure ensures that prices will not be real growth from 2009 to 2010. too out of date. Average prices in 2010 and 2011 are used to measure real growth from 2010 to 2011, and so on. These growth rates are united to form a ―chain‖ that is used to compare output between any two 10 Chapter Two dates.
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.
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.
Hale Waihona Puke Baidu
Real GDP in 2009 would be: (2009 Price of Apples 2009 Quantity of Apples) + (2009 Price of Oranges 2009 Quantity of Oranges). Real GDP in 2010 would be: (2009 Price of Apples 2010 Quantity of Apples) + (2009 Price of Oranges 2010 Quantity of Oranges). Real GDP in 2011 would be: (2009 Price of Apples 2011 Quantity of Apples) + (2009 Price of Oranges 2011 Quantity of Oranges). Note that 2009 prices are used to compute real GDP for all three years. Because prices are held constant from year to year, real GDP varies only when the quantities produced vary. 8
Chapter Two
THE IMPLICIT PRICE DEFLATOR FOR GDP 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.
Households Goods
Firms
Expenditure $
For the economy as a whole, income must equal expenditure. GDP measures the flow of dollars in the economy. 4 Chapter Two
®
CHAPTER 2 The Data of Macroeconomics
A PowerPointTutorial
To Accompany
MACROECONOMICS, 7th. Edition N. Gregory Mankiw
Tutorial written by:
Mannig J. Simidian
B.A. in Economics with Distinction, Duke University 1 Chapter Two M.P.A., Harvard University Kennedy School of Government M.B.A., Massachusetts Institute of Technology (MIT) Sloan School of Management
Gross Domestic Product (GDP) is the dollar value of all final goods and services produced within an economy in a given period of time.
The consumer price index (CPI) measures the level of prices. The unemployment rate tells us the fraction of workers who are unemployed.
Chapter Two
2
Gross Domestic Product is the best measure of how well the economy is performing. The Bureau of Economic Analysis (part of the U.S. Dept. of Commerce) calculates GDP via administrative data, which are byproducts of government functions such as tax collection, education programs, defense, and regulation, and statistical data, which come from government surveys of, for example, retail establishments manufacturing firms and farm activity.
Chapter Two
6
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. 7
Chapter Two 5
4) Intermediate goods are not counted in GDP– only the value of final goods. Reason: 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.
Chapter Two 3
Income, Expenditure, And the Circular Flow
Two ways of viewing GDP
Total income of everyone in the economy
Total expenditure on the economy’s output of goods and services Income $ Labor
1) To compute the total value of different goods and services, the national income accounts use market prices. Thus, if: $0.50 $1.00
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).
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 2009 and output in 2010, we would obtain base-year prices, such as 2009 prices.