1、MACROECONOMICSC H A P T E R2008 Worth Publishers, all rights reservedSIXTH EDITIONN. GREGORY MANKIW2 The Data of Macroeconomicsslide 1In this chapter, you will learnthe meaning and measurement of the most important macroeconomic statistics:Gross Domestic Product (GDP)The Consumer Price Index (CPI)Th
2、e unemployment rateslide 2GDP最早将国民收入用于现实的总量分析的是威廉*配第（1672），对英法两国实力的比较。20世纪初，国民收入统计得到了迅速的发展，比较突出的是库茨涅茨，发展了一套国民生产总值、国民生产净值等指标体系20世纪40年度，英国经济学家斯通在凯恩斯鼓励下重点研究了利用会计帐户的方式，对国民收入进行核算，使其各个组成部分间的联系反映得更加清楚。slide 3Gross domestic productGDP is the market value of all final goods and services produced withinan eco
3、nomy in a given period of time. slide 4GDP关键细节in a given period of time：说明的是核算期内Produced：说明记入GDP的应该是在一定时期内所生产的而不仅仅是销售掉的最终产品价值all final goods and services：说明GDP测度的应该是最终产品价值。the market value：表明GDP是通过最终产品的市场价格分别乘以每种数量然后加总得到的。Within an economy：蕴含着地域原则，即在其他经济社会所生产的最终产品不应该记入本经济社会的GDP.slide 5National Incom
4、e Accounting National income accounts: an accounting framework used in measuring current economic activity Three alternative approaches give the same measurementsProduct approach: the amount of output producedIncome approach: the incomes generated by productionExpenditure approach: the amount of spe
5、nding by purchasersslide 6Gross Domestic Product: Expenditure and IncomeTwo definitions:Total expenditure on domestically-produced final goods and services.Total income earned by domestically-located factors of production. Expenditure equals income because every dollar spent by a buyer becomes incom
6、e to the seller. xpenditure equals inco e because every dollar spent by a buyer beco es inco e to the seller. slide 7The Circular FlowHouseholds FirmsGoodsLaborExpenditure ($)Income ($)slide 8The product approach to measuring GDPGDP (gross domestic product) is the market value of final goods and ser
7、vices newly produced within a nation during a fixed period of time slide 9Why expenditure = incomeIn every transaction, the buyers expenditure becomes the sellers income.Thus, the sum of all expenditure equals the sum of all income.In every transaction, the buyers expenditure beco es the sellers inc
8、o e.Thus, the s of all umexpenditure equals the s of all inco e.umslide 10Value addeddefinition: A firms value added is the value of its output minus the value of the intermediate goods the firm used to produce that output. slide 11Final goods, value added, and GDP GDP = value of final goods produce
9、d = sum of value added at all stages of production. The value of the final goods already includes the value of the intermediate goods, so including intermediate and final goods in GDP would be double-counting. slide 12The expenditure components of GDP consumption investment government spending net e
10、xportsslide 13Consumption (C)durable goodslast a long time ex: cars, home appliancesnondurable goodslast a short time ex: food, clothingserviceswork done for consumers ex: dry cleaning, air travel.definition: The value of all goods and services bought by households. Includes:slide 14U.S. consumption
11、, 200641.420.58.170.0%5,483.72,714.91,070.3$9,268.9ServicesNondurablesDurablesConsumption% of GDP$ billionsslide 15Investment (I)Definition 1: Spending on the factor of production capital.Definition 2: Spending on goods bought for future useIncludes:business fixed investmentSpending on plant and equ
12、ipment that firms will use to produce other goods & services.residential fixed investmentSpending on housing units by consumers and landlords.inventory investmentThe change in the value of all firmsinventories.slide 16U.S. investment, 20060.45.810.516.7%49.6766.71,396.2$2,212.5InventoryResidentialBu
13、siness fixedInvestment% of GDP$ billionsslide 17Investment vs. CapitalNote: Investment is spending on new capital.Example (assumes no depreciation): 1/1/2007: economy has $500b worth of capital during 2007:investment = $60b 1/1/2008: economy will have $560b worth of capitalslide 18Stocks vs. FlowsA
14、flow is a quantity measured per unit of time. E.g., “U.S. investment was $2.5 trillion during 2006.”Flow StockA stock is a quantity measured at a point in time. E.g., “The U.S. capital stock was $26 trillion on January 1, 2006.”slide 19Stocks vs. Flows -examplesthe govtbudget deficitthe govtdebt# of
15、 new college graduates this year# of people with college degreesa persons annual savinga persons wealthflowstockslide 20Now you try: Stock or flow? the balance on your credit card statement how much you study economics outside of class the size of your compact disc collection the inflation rate the
16、unemployment rateslide 21Government spending (G) G includes all government spending on goods and services G excludes transfer payments (e.g., unemployment insurance payments), because they do not represent spending on goods and services. slide 22U.S. government spending, 2006Federal19.1%$2,527.7Govt
17、spendingState & localDefense7.012.14.72.3926.61,601.1621.0305.6Non-defense% of GDP$ billionsNet exports: NX = EX IMdef: The value of total exports (EX) minus the value of total imports (IM).U.S. Net Exports, 1950-2007-800-600-400-20002001950 1960 1970 1980 1990 2000billions of dollars-8%-6%-4%-2%0%2
18、%percent of GDPNX ($ billions) NX (% of GDP)slide 24An important identityY = C + I + G + NXaggregate expenditurevalue of total outputslide 25Expenditure Approach to Measuring GDP in the United States, 2005slide 26A question for you:Suppose a firm produces $10 million worth of final goods but only se
19、lls $9 million worth.Does this violate the expenditure = output identity?slide 27Why output = expenditure Unsold output goes into inventory, and is counted as “inventory investment”whether or not the inventory buildup was intentional. In effect, we are assuming that firms purchase their unsold outpu
20、t. slide 28GDP: An important and versatile conceptWe have now seen that GDP measurestotal incometotal outputtotal expenditurethe sum of value-added at all stages in the production of final goodsslide 29National Income Accounting Why are the three approaches equivalent?They must be, by definitionAny output produced (product approach) is purchased by someone (expenditure approach) and results in income to someone (income approach)The fundamental identity of national income accounting:total production = total income = total expenditure (2.1)
