曼昆 宏观经济学 第七版 讲义(2)

MACROECONOMICS©2011WorthPublishers,allrightsreservedSEVENTHEDITIONPowerPoint®SlidesbyRonCronovichN.GregoryMankiwCHAPTERTheScienceofMacroeconomics22010UPDATEInthischapter,youwilllearn:…themeaningandmeasurementofthemostimportantmacroeconomicstatistics:GrossDomesticProduct(GDP)TheConsumerPriceIndex(CPI)Theunemploymentrate2CHAPTER2TheDataofMacroeconomicsGrossDomesticProduct:ExpenditureandIncomeTwodefinitions:Totalexpenditureondomestically-producedfinalgoodsandservices.Totalincomeearnedbydomestically-locatedfactorsofproduction.Expenditureequalsincomebecauseeverydollarspentbyabuyerbecomesincometotheseller.3CHAPTER2TheDataofMacroeconomicsTheCircularFlowHouseholdsFirmsGoodsLaborExpenditure($)Income($)4CHAPTER2TheDataofMacroeconomicsValueaddedValueadded:ThevalueofoutputminusthevalueoftheintermediategoodsusedtoproducethatoutputNOWYOUTRY:Identifyingvalue-addedAfarmergrowsabushelofwheatandsellsittoamillerfor$1.00.Themillerturnsthewheatintoflourandsellsittoabakerfor$3.00.Thebakerusestheflourtomakealoafofbreadandsellsittoanengineerfor$6.00.Theengineereatsthebread.ComputevalueaddedateachstageofproductionandGDP6CHAPTER2TheDataofMacroeconomicsFinalgoods,valueadded,andGDPGDP=valueoffinalgoodsproduced=sumofvalueaddedatallstagesofproduction.Thevalueofthefinalgoodsalreadyincludesthevalueoftheintermediategoods,soincludingintermediateandfinalgoodsinGDPwouldbedouble-counting.7CHAPTER2TheDataofMacroeconomicsTheexpenditurecomponentsofGDPconsumption,Cinvestment,Igovernmentspending,Gnetexports,NXAnimportantidentity:Y=C+I+G+NXaggregateexpenditurevalueoftotaloutput8CHAPTER2TheDataofMacroeconomicsConsumption(C)durablegoodslastalongtimee.g.,cars,homeappliancesnondurablegoodslastashorttimee.g.,food,clothingservicesworkdoneforconsumerse.g.,drycleaning,airtraveldefinition:Thevalueofallgoodsandservicesboughtbyhouseholds.Includes:9CHAPTER2TheDataofMacroeconomicsU.S.consumption,200948.015.67.370.8%6,7712,2041,027$10,001ServicesNondurablesDurablesConsumption%ofGDP$billions10CHAPTER2TheDataofMacroeconomicsInvestment(I)Spendingongoodsboughtforfutureuse(i.e.,capitalgoods)Includes:BusinessfixedinvestmentSpendingonplantandequipmentResidentialfixedinvestmentSpendingbyconsumersandlandlordsonhousingunitsInventoryinvestmentThechangeinthevalueofallfirms’inventories11CHAPTER2TheDataofMacroeconomicsU.S.Investment,2009–0.92.59.711.3%–1273521,364$1,589InventoryResidentialBusinessfixedInvestment%ofGDP$billions12CHAPTER2TheDataofMacroeconomicsInvestmentvs.CapitalNote:Investmentisspendingonnewcapital.Example(assumesnodepreciation):1/1/2012:economyhas$500bworthofcapitalduring2012:investment=$60b1/1/2013:economywillhave$560bworthofcapital13CHAPTER2TheDataofMacroeconomicsStocksvs.FlowsAflowisaquantitymeasuredperunitoftime.E.g.,“U.S.investmentwas$2.5trillionduring2010.”FlowStockAstockisaquantitymeasuredatapointintime.E.g.,“TheU.S.capitalstockwas$26trilliononJanuary1,2010.”14CHAPTER2TheDataofMacroeconomicsStocksvs.Flows-examplesthegovtbudgetdeficitthegovtdebt#ofnewcollegegraduatesthisyear#ofpeoplewithcollegedegreesaperson’sannualsavingaperson’swealthflowstockNOWYOUTRY:StockorFlow?thebalanceonyourcreditcardstatementhowmuchyoustudyeconomicsoutsideofclassthesizeofyourcompactdisccollectiontheinflationratetheunemploymentrate16CHAPTER2TheDataofMacroeconomicsGovernmentspending(G)Gincludesallgovernmentspendingongoodsandservices.Gexcludestransferpayments(e.g.,unemploymentinsurancepayments),becausetheydonotrepresentspendingongoodsandservices.17CHAPTER2TheDataofMacroeconomicsU.S.GovernmentSpending,2009-Federal20.6%$2,915Govtspending-State&localDefense8.112.65.52.61,1401,775772368Non-defense%ofGDP$billions18CHAPTER2TheDataofMacroeconomicsU.S.NetExports,2009$billions%ofGDPNetexportsofg&s–$386–2.7%Exports1,57811.2%Goods1,0637.5%Services5153.6%Imports1,96513.9%Goods1,58811.2%Services3772.7%NOWYOUTRY:Anexpenditure-outputpuzzle?Supposeafirm:produces$10millionworthoffinalgoodsonlysells$9millionworthDoesthisviolatetheexpenditure=outputidentity?20CHAPTER2TheDataofMacroeconomicsWhyoutput=expenditureUnsoldoutputgoesintoinventory,andiscountedas“inventoryinvestment”……whetherornottheinventorybuildupwasintentional.Ineffect,weareassumingthatfirmspurchasetheirunsoldoutput.21CHAPTER2TheDataofMacroeconomicsGDP:AnimportantandversatileconceptWehavenowseenthatGDPmeasures:totalincometotaloutputtotalexpenditurethesumofvalue-addedatallstagesintheproductionoffinalgoods22CHAPTER2TheDataofMacroeconomicsGNPvs.GDPGrossNationalProduct(GNP):Totalincomeearnedbythenation’sfactorsofproduction,regardlessofwherelocatedGrossDomesticProduct(GDP):Totalincomeearnedbydomestically-locatedfactorsofproduction,regardlessofnationalityGNP–GDP=factorpaymentsfromabroadminusfactorpaymentstoabroadExamplesoffactorpayments:wages,profits,rent,interest÷ndsonassetsNOWYOUTRY:DiscussionQuestionInyourcountry,whichwouldyouwanttobebigger,GDPorGNP?Why?GNPvs.GDPinselectcountries,2009CountryGNPGDPGNP–GDP(%ofGDP)Bangladesh$99,391$89,37811.2%Japan$5,198,865$5,067,5262.6UnitedStates$14,345,303$1