曼昆中级宏观经济学第五版第二章

曼昆中级宏观经济学第五版第二章课件

Learning objectivesIn this chapter, you will learn about how we define and measure: Gross Domestic Product (GDP) the Consumer Price Index (CPI) the Unemployment Rate

曼昆中级宏观经济学第五版第二章课件

Gross Domestic ProductTwo definitions: 1. Total expenditure on domesticallyproduced final goods and services

2. Total income earned by domestically-located factors of

production

曼昆中级宏观经济学第五版第二章课件

Why expenditure = incomeIn every transaction, the buyer’s expenditure becomes the seller’s income. Thus, the sum of all expenditure equals the sum of all income.

曼昆中级宏观经济学第五版第二章课件

The Circular FlowIncome ($ ) Labor

Households

Firms

Goods (bread ) Expenditure ($ )

曼昆中级宏观经济学第五版第二章课件

Value addeddefinition: A firm’s value added is the value of its output minus the value of the intermediate goods the firm used to produce that output

曼昆中级宏观经济学第五版第二章课件

Exercise:A farmer grows a bushel of wheat and sells it to a miller for ￥1.00. The miller turns the wheat into flour and sells it to a baker for ￥3.00. The baker uses the flour to make a loaf of bread and sells it to an engineer for ￥6.00. The engineer eats the bread.

Compute – value added at each stage of production – GDP

曼昆中级宏观经济学第五版第二章课件

Exercise AnswerFarmer: Miller: Baker: Total GDP: ￥1 ￥3 - ￥1=￥2 ￥6 - ￥3=￥3 ￥6

Total GDP is the sum of value added, or the value of the final good.

曼昆中级宏观经济学第五版第二章课件

The Measurement of GDP GDP measures two things at once:1. The total income of everyone in the

economy 2. The total expenditure on the economy’s output of goods and services.Gross Domestic Product:

The market value of all final goods and services produced within a country in a given period of time.

曼昆中级宏观经济学第五版第二章课件

The Measurement of GDP “The Market Value…”– Market prices are used – Add together many different items (apples, shoes,

lawyer fees, tuitions, etc.)

“…of All…”– Inclusions: all items produced and sold legally in the

market. – Exclusions: illegal goods or services or items that are not sold in markets.

曼昆中级宏观经济学第五版第二章课件

The Measurement of GDP“…Final…”– A hard drive sold to Dell is an intermediate good not

included in GDP; – A hard drive sold to me to enlarge the storage of my Dell laptop is a final good counted into GDP.– The value of a hard drive is already included as part

of the value of a Dell PC.– Seagate’s unsold hard drives? As an inventory, counted as final goods as well.

曼昆中级宏观经济学第五版第二章课件

The Measurement of GDP“…Goods and Services…”– Both tangible goods (food, clothing, cars) and

intangible goods (haircuts, housecleaning, doctor visits) – As well as those goods and services provided by the government.

“…Produced…”– Used car sales not counted into GDP. – Financial transactions not included.

曼昆中级宏观经济学第五版第二章课件

The Measurement of GDP“…Within a Country…”– Within the geographic borders – My teaching in Emory is counted as part of U.S. GDP

not China’s – Coca Cola’s 2/3 of annual sales are counted as GDP of countries other than U.S.

“…In a Given Period of Time”– A year or a quarter – Reported in annual basis and seasonally adjusted

曼昆中级宏观经济学第五版第二章课件

The Components of GDP

GDP (Y ) is the sum of the following: – Consumption (C) – Investment (I) – Government Purchases (G) – Net Exports (NX)

Y = C + I + G + NX

曼昆中级宏观经济学第五版第二章课件

Consumption (C) (CThe value of all goods and services bought by household with the exception of purchases of new housing.

durable goods e.g. cars, home appliances non-durable goods e.g. food, clothing services e.g. dry cleaning, air travel.

曼昆中级宏观经济学第五版第二章课件

U.S. Consumption, 2001$ billions Consumption Durables Nondurables Services $7,064.5 858.3 2,055.1 4,151.1 % of GDP 69.2% 8.4 20.1 40.7

曼昆中级宏观经济学第五版第二章课件

Investment (I) (Idef1: spending on [the factor of production] capital. def2: spending on goods and services for future use. Includes:

business fixed investmentspending on plant and equipment that firms will use to produce other goods and services

residential fixed investmentspending on housing units by consumers and landlords

inventory investmentthe change in the value of all firms’ inventories

曼昆中级宏观经济学第五版第二章课件

U.S. Investment, 2001$ billions Investment Business fixed Residential fixed Inventory $1,633.9 1,246.0 446.3 -58.4 % of GDP 16.0% 12.2 4.4 -0.6

曼昆中级宏观经济学第五版第二章课件

Investment vs. CapitalCapital is one of the factors of production. At any given moment, the economy has a certain overall stock of capital.

Investment is spending on new capital.

曼昆中级宏观经济学第五版第二章课件

Investment vs. CapitalExample (assumes no depreciation): 1/1/2002: economy has ￥500b worth of capital during 2002: investment = ￥37b 1/1/2003: economy will have ￥537b worth of capital

曼昆中级宏观经济学第五版第二章课件

Stocks vs. FlowsFlow Stock

More examples:stocka person’s wealth # of people with college degrees the govt. debt

flowa person’s saving # of new college graduates the govt. budget deficit

曼昆中级宏观经济学第五版第二章课件

Government spending (G) (GG includes all government spending on goods and services. G excludes transfer payments (e.g. unemployment insurance payments) they are not made in exchange for currently produced goods and services.

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