克鲁格曼国际经济学(第六版)的教师手册(含英文习题答案)CH12

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The National Income Accounts
GNP is calculated by adding up the market value of
all expenditures on final output:
• Consumption
– The amount consumed by private domestic residents
payments accounts are essential tools for studying the macroeconomics of open, interdependent economies. National income accounting
• Records all the expenditures that contribute to a
– Net unilateral transfers of income
– They are part of a country’s income but are not part of its product. – They must be added to the net national product.
Chapter Organization
Introduction The National Income Accounts National Income Accounting for an Open Economy The Balance of Payment Accounts Summary
– The price of milk is 0.5 bushel of wheat per gallon, and at this price Agrarians want to consume 40 gallons of milk.
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The National Income Accounts
Capital Depreciation, International Transfers, and
Indirect Business Taxes
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National Income Accounting for an Open Economy
The National Income Identity for an Open Economy
• It is the sum of domestic and foreign expenditure on
• Investment
– The amount put aside by private firms to build new plant and equipment for future production
• Government purchases
– The amount used by the government
fulfill current wants
• The part of output used by private firms to produce
future output
Government Purchases
local governments
• Any goods and services purchased by federal, state, or
• Adjustments to the definition of GNP:
– Depreciation of capital
– It reduces the income of capital owners. – It must be subtracted from GNP (to get the net national product).
Macroeconomics
• It studies how economies’ overall levels of
employment, production, and growth are determined. • It emphasizes four aspects of economic life:
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• In a closed economy, EX = IM = 0.
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National Income Accounting for an Open Economy
An Imaginary Open Economy
• Assumptions of the model:
– There is an economy, Agraria, that can only produce wheat. – Each citizen of Agraria is both a consumer and a farmer of wheat. – The Agrarian government appropriates part of the crop to feed its army. – Agraria can import milk from the rest of the world in exchange for exports of wheat.
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The National Income Accounts
Gross national product (GNP)
• The value of all final goods and services produced by
Gross Domestic Product (GDP)
• It measures the volume of production within a
country’s borders. • It equals GNP minus net receipts of factor income from the rest of the world. • It does not correct for the portion of countries’ production carried out using services provided by foreign-owned capital.
Figure 12-1: U.S. GNP and Its Components, 2000
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The National Income Accounts
National Product and National Income
• National Income
– It is earned over a period by its factors of production. – It must equal the GNP a country generates over some period of time.
– One person’s spending is another’s income (i.e., total spending must equal total income).
– Unemployment – Saving – Trade imbalances – Money and the price level
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Introduction
The national income accounts and the balance of
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National Income Accounting for an Open Economy
Consumption
Investment
• The portion of GNP purchased by the private sector to
• Current account balance
– The amount of net exports of goods and services to foreigners
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The National Income Accounts
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Introduction
Microeconomics
• It studies the effective use of scarce resourcewenku.baidu.com from the
perspective of individual firms and consumers.
Chapter 12 National Income Accounting and the Balance of Payments
Prepared by Iordanis Petsas To Accompany International Economics: Theory and Policy, Sixth Edition by Paul R. Krugman and Maurice Obstfeld
– Indirect business taxes
– They are sales taxes. – They must be subtracted from GNP.
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The National Income Accounts
country’s income and output
Balance of payments accounting
• Helps us keep track of both changes in a country’s
indebtedness to foreigners and the fortunes of its export- and import-competing industries
a country’s factors of production and sold on the market in a given time period • It is the basic measure of a country’s output.
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the goods and services produced by domestic factors of production: Y = C + I + G + EX – IM (12-1)
where:
– – – – – – Y is GNP C is consumption I is investment G is government purchases EX is exports IM is imports
National Income Accounting for an Open Economy
Table 12-1: National Income Accounts for Agraria, an Open Economy (bushels of wheat)