chap002TheDateofMacroeconomics(宏观经济学-曼昆-英文版).ppt

Chapter 2 The Date of MacroeconomicsnMeasuring the value of economic activity:gross domestic productnMeasuring the cost of living:the consumer price indexnMeasuring joblessness:the unemployment ratenConclusion:from economic statistics to economic models2-1 Gross domestic productnGDP is the name we give to the total dollar value of the goods and services produced within a nation during a given year.nThere are two ways to view GDP(income,expenditure)Slide 1Mankiw:Macroeconomics,4/e by Worth Publishers,Inc.Slide 2Mankiw:Macroeconomics,4/e by Worth Publishers,Inc.Some rules for computing GDPnUsed goods nInventoriesn Intermediate goods and value addedn Housing services and other imputationnUnderground economynThe GDP deflatorReal GDP versus Nominal GDPnReal GDP is the value of goods and services measured using a constant set of prices.nNominal GDP is the valve of goods and services measured at current prices.The GDP DeflatornGDP Deflator=Nominal GDP/Real GDPnNominal GDP=Real GDPGDP DeflatornNominal GDP measures the current value of the economy.Real GDP measures output valued at constant prices.The GDP deflator measures the price of output relative to its price in the base year.The components of expenditure nGDP=Y=C+I+G+NXnConsumption consists of goods and services bought by households.(nondurable goods,durable goods,and services).nInvestment consists of goods bought for future use.(business fixed investment,residential fixed investment,and inventory investment).nGovernment purchases are the goods and services bought by federal,state,and local government.nNet exports,takes into account trade with other countries,are the value of goods and services exported to other countries minus the value of goods and services that foreigners provide us.Slide 3Mankiw:Macroeconomics,4/e by Worth Publishers,Inc.Other Measures of IncomenNNP=GNP-DepreciationnNI=NNP-Indirect business taxesnPI=NI-Corporate profits-Social insurance contributions-Net interest+Dividends+Government transfers to individuals+Personal interest incomenDPI=PI-Personal tax and non-tax payments =C+S 2-2 The consumer price indexnCPI measures the price of a fixed basket of goods and services purchased by a typical consumer.nLaspeyres index versus Paasche indexqThis increase in the overall level of prices is call inflation.The CPI versus the GDP deflatornThe first difference is that the GDP deflator measures the prices of all goods and services produced,whereas the CPI measures the prices of only the goods and services bought by consumers.nThe second difference is that the GDP deflator includes only those goods produced domestically.nThe third and most subtle difference results from the way the measures aggregate the many prices in the economy.The CPI assigns fixed weights to the prices of different goods,whereas the GDP deflator assigns changing weights.Slide 4Mankiw:Macroeconomics,4/e by Worth Publishers,Inc.Case Study:Does the CPI Overstate Inflation?nMany economists believe the CPI tends to overstate inflation.nOne problem is the substitution bias.nA second problem is the introduction of the new goods.nA third problem is unmeasured changes in quality.2-3 The unemployment ratenThe labor force is defined as the employed and unemployed.nThe unemployment rate is defined as the percentage of the labor force that is unemployed.The labor-force participation rate is the percentage of the adult population that is in the labor force.Okuns LawnThis negative relationship between unemployment and GDP is call Okuns law.nPercentage change in real GDP =3%-2 change in the unemployment rate.nWhen the unemployment rate rises,real GDP typically grows slower than its normal rate and may even fall.Slide 5Mankiw:Macroeconomics,4/e by Worth Publishers,Inc.Slide 6Mankiw:Macroeconomics,4/e by Worth Publishers,Inc.