宏观经济学英文课件02PPT格式课件下载.ppt
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宏观经济学英文课件02PPT格式课件下载.ppt
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Afirmsvalueaddedisthevalueofitsoutputminusthevalueoftheintermediategoodsthefirmusedtoproducethatoutput.,Exercise:
(Problem2,p.38),Afarmergrowsabushelofwheatandsellsittoamillerfor$1.00.Themillerturnsthewheatintoflourandsellsittoabakerfor$3.00.Thebakerusestheflourtomakealoafofbreadandsellsittoanengineerfor$6.00.Theengineereatsthebread.ComputevalueaddedateachstageofproductionGDP,Finalgoods,valueadded,andGDP,GDP=valueoffinalgoodsproduced=sumofvalueaddedatallstagesofproductionThevalueofthefinalgoodsalreadyincludesthevalueoftheintermediategoods,soincludingintermediategoodsinGDPwouldbedouble-counting.,TheexpenditurecomponentsofGDP,consumptioninvestmentgovernmentspendingnetexports,Consumption(C),durablegoodslastalongtimeex:
cars,homeappliancesnon-durablegoodslastashorttimeex:
food,clothingservicesworkdoneforconsumersex:
drycleaning,airtravel.,def:
thevalueofallgoodsandservicesboughtbyhouseholds.Includes:
U.S.Consumption,2001,Investment(I),def1:
spendingonthefactorofproductioncapital.def2:
spendingongoodsboughtforfutureuse.Includes:
businessfixedinvestmentspendingonplantandequipmentthatfirmswillusetoproduceothergoods&
servicesresidentialfixedinvestmentspendingonhousingunitsbyconsumersandlandlordsinventoryinvestmentthechangeinthevalueofallfirmsinventories,U.S.Investment,2001,Investmentvs.Capital,Capitalisoneofthefactorsofproduction.Atanygivenmoment,theeconomyhasacertainoverallstockofcapital.Investmentisspendingonnewcapital.,Investmentvs.Capital,Example(assumesnodepreciation):
1/1/2002:
economyhas$500bworthofcapitalduring2002:
investment=$37b1/1/2003:
economywillhave$537bworthofcapital,Stocksvs.Flows,stockflowapersonswealthapersonssaving#ofpeoplewith#ofnewcollegecollegedegreesgraduatesthegovt.debtthegovt.budgetdeficit,Moreexamples:
Governmentspending(G),Gincludesallgovernmentspendingongoodsandservices.Gexcludestransferpayments(e.g.unemploymentinsurancepayments),becausetheydonotrepresentspendingongoodsandservices.,Governmentspending,2001,Netexports(NX=EX-IM),def:
thevalueoftotalexports(EX)minusthevalueoftotalimports(IM),Animportantidentity,Y=C+I+G+NXwhereY=GDP=thevalueoftotaloutputC+I+G+NX=aggregateexpenditure,Aquestionforyou:
Supposeafirmproduces$10millionworthoffinalgoodsbutonlysells$9millionworth.Doesthisviolatetheexpenditure=outputidentity?
Whyoutput=expenditure,Unsoldoutputgoesintoinventory,andiscountedas“inventoryinvestment”whethertheinventorybuildupwasintentionalornot.Ineffect,weareassumingthatfirmspurchasetheirunsoldoutput.,GDP:
Animportantandversatileconcept,WehavenowseenthatGDPmeasurestotalincometotaloutputtotalexpenditurethesumofvalue-addedatallstagesintheproductionoffinalgoods,GNPvs.GDP,GrossNationalProduct(GNP):
totalincomeearnedbythenationsfactorsofproduction,regardlessofwherelocatedGrossDomesticProduct(GDP):
totalincomeearnedbydomestically-locatedfactorsofproduction,regardlessofnationality.(GNPGDP)=(factorpaymentsfromabroad)(factorpaymentstoabroad),DiscussionQuestion:
Inyourcountry,whichwouldyouwanttobebigger,GDPorGNP?
Why?
(GNPGDP)asapercentageofGDPforselectedcountries,1997.,(GNPGDP)asapercentageofGDPforselectedcountries,1997.,Realvs.NominalGDP,GDPisthevalueofallfinalgoodsandservicesproduced.NominalGDPmeasuresthesevaluesusingcurrentprices.RealGDPmeasurethesevaluesusingthepricesofabaseyear.,RealGDPcontrolsforinflation,ChangesinnominalGDPcanbedueto:
changesinpriceschangesinquantitiesofoutputproducedChangesinrealGDPcanonlybeduetochangesinquantities,becauserealGDPisconstructedusingconstantbase-yearprices.,Practiceproblem,part1,ComputenominalGDPineachyearComputerealGDPineachyearusing2001asthebaseyear.,Answerstopracticeproblem,part1,NominalGDPmultiplyPs&
Qsfromsameyear2001:
$46,200=$30900+$1001922002:
$51,4002003:
$58,300RealGDPmultiplyeachyearsQsby2001Ps2001:
$46,3002002:
$50,0002003:
$52,000=$301050+$100205,U.S.Real&
NominalGDP,1967-2001,GDPDeflator,Theinflationrateisthepercentageincreaseintheoveralllevelofprices.OnemeasureofthepricelevelistheGDPDeflator,definedas,Practiceproblem,part2,Useyourprevi
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