全球视角宏观经济学课件.ppt
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1、全球视角宏观经济学课件lThe approach of MacroeconomicslThe basic approach of Macroeconomics is to look at the overall trends in the economy. lSpecial summary measures of economic activity -GNP, the saving rate, or the consumer price index- give the “big picture” of changes and trends.lThese overall macroeconomi
2、c measures provide the basic equipment that allows macroeconomists to focus on the dominant changes in the economy. l How do economists do their job?l First, try to understand on a theoretical level the decision processes of individual firms and households.lSecond, try to explain the overall behavio
3、r of the economy by aggregating, or adding up, all the decisions of the individual households and firms in the economy.lThird, giving empirical content to theory by collecting and analyzing actual macroeconomic data. lThe most important single measure of production in the economy is the GNP.l Econom
4、ic growth and business cycleslUnemployment is a second key variable that macroeconomics investigates.lA third key variable that interests macroeconomists is the inflation rate.lThe fourth major variable that macroeconomists look at is the trade balance.lThe creation of macroeconomics Economic statis
5、ticians began to collect and systematize aggregate data which provided the scientific basis for macroeconomic investigations. The careful identification of business cycle as a recurrent economic phenomenon. The Great Depression A new theoretical framework to explain the Great Depression proposed by
6、Keynes.lThe development of macroeconomicsl Keynesian and neo-Keynesianl Main ideal Keyness policy recommendation is the major tool of promoting economic growth.l Non- Keynesianl In fact, to many economists, it began to appear that stabilization policies were actually a major source of renewed instab
7、ility.l A “counterrevolution” began.l Monetarism and its central idea.l New classical macroeconomics: Lucas and Barro.l Advocates of the real business-cycle theory.lThe general theory is limited to short-term economic fluctuations and stabilization policies.lOur analysis is pushed further by providi
8、ng an especially broad view of macroeconomics. l Beside the attention on short-term economic fluctuations and stabilization policies, we focus more a t t e n t i o n o n o t h e r c e n t r a l c o n c e r n s o f macroeconomics,such as the determination of economic g r o w t h r a t e , o r b a l a
9、 n c e o f p a y m e n t , e t c . l Considerable attention has been given to the differences in economic institutions in different countries in order that we discover a more general macroeconomic theory. lLooking at different measures of aggregate income and outcome and their interrelationship.lThe
10、 process of aggregating across many different goods and services requires some common unit of measure: the role of price and price indexes.lA subject that permeates much of discussion in macroeconomics:Flows and Stocks lTwo factors that influence the Intertemporal decisions of economic agents:Intere
11、st Rates and Present Value.lAnother factor that is vital in understanding decision making across time periods: expectations lWhat are GDP and GNP?lHow to calculate them?l interrelationship of theml GNP = GDPNFPlGNP per capita and economic well-being lThe construction of price indexesl Consumer price
12、 index or consumer price deflatorl Pct = w1(P1tP10) + w2(P2t P20) + + WN(PNt PN0)l Ct = nominal consumption expenditure Pctl = Pct Ct Pctl Deflator for investment spending (PI), government spending (PG), exports (PX), and imports (Pm)lReal GDPlTo calculate real production, we think of the GDP of the
13、 economy as equal to the product of “average” price level in the economy, multiplied by the level of real production in the economy.l GDP = PQlHow to calculate Q ?l We start with the definition of Nominal GDP as the sum of final expenditures throughout the economy.l Then, we use the price indexes fo
14、r consumption, investment, government spending, exports and imports to calculate a time series of real expenditures for each of these categories.l Finally, we can get Q by adding up the sum of final expenditures of these categories.lHow can we get P ?l Once getting real GDP, Q, then we can compute t
15、he GDP price deflator P using the formula as follow:l P = GDPQlGenerally, we get Real GDP by using the formula as follow:l Q = GDP PlA flow is an economic magnitude measured as a rate per unit of time.lA stock is an economic magnitude measured at a point of time. lInvestment and the capital stocklSa
16、ving and wealthlThe current account and net international investment positionlDeficit and the stock of public debtlMany key macroeconomics issues involve choices that not only take place in time but that involve decisions about timing. We call the choices involve later as intertemporal choice.lTwo c
17、rucial elements in the analysis of intertemporal decisionsl Interest rates and net present valueslUsing interest rates, we can translate a given time path of money in the future into a present value today. an economic magnitude measured lAt the time that economic agents make intertemporal choices, t
18、hey are generally uncertain about the future, so they have to formulate some expectations about the future.lHow do economic agents actually formulate their expectations ?lStatic expectationsl Next year is going to be like this year. lAdaptive expectationsl Individuals update their expectations about
19、 future depending on the extent to which their expectations about present period turned out to be wrong. lRational expectationl Individuals make efficient use of all available information. l What economic model the individuals is using and just what economic information he or she has at hand. lMacro
20、economics as the study of economic fluctuationslThe Determination of aggregate supplylThe classical approach to aggregate supplylThe Keynesian approach to aggregate supplylThe determination of aggregate demandlEquilibrium of aggregate supply and aggregate demandlAggregate supply and demand in the sh
21、ort run and the long runlEconomic fluctuations have been a central concern of macroeconomicslEconomic fluctuations: output and employment fluctuations lUnemployment ratelPotential output, current output and output gapl When employment fluctuates, so does output, since output is produced using labor
22、inputs. Just as we measure the extent to which employment falls short of the full-employment level, we also can measure the extent to which output falls short of the level that would be produced if all labor were fully employed. l Economic performance is not only measured in terms of the general tre
23、nd of output, but also in terms of whether the output gap is increasing or decreasing. l Okuns lawl There is a great regularity that a reduction of unemployment of 1 percent of labor force in the US was associated with a rise in GNP and fall in the output gap of 3 percent.lBusiness cyclel Unlike per
24、iods of sustained unemployment, business cycles represent shorter-term fluctuations of output and employment, typically lasting 3-4 years.l A key feature of business cycles is that important macroeconomic variables-output, prices, investment, business profits, and various monetary variables-tend to
25、move together in a systematic fashion. lAggregate supplyl Definitionl Aggregate supply is the total amount of output that firms and households choose to provide, given the pattern of wages and prices in the economy. lOptimal supply decisionl In fact, supply decision bases not only on current wages a
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