宏观经济学完整教学课件3.ppt
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1、0 CHAPTER 1 The Science of Macroeconomics In this chapter, you will learn: about the issues macroeconomists study the tools macroeconomists use some important concepts in macroeconomic analysis 2 CHAPTER 1 The Science of Macroeconomics Important issues in macroeconomics What causes recessions? What
2、is “government stimulus” and why might it help? How can problems in the housing market spread to the rest of the economy? What is the government budget deficit? How does it affect workers, consumers, businesses, and taxpayers? Macroeconomics, the study of the economy as a whole, addresses many topic
3、al issues, e.g.: 3 CHAPTER 1 The Science of Macroeconomics Important issues in macroeconomics Why does the cost of living keep rising? Why are so many countries poor? What policies might help them grow out of poverty? What is the trade deficit? How does it affect the countrys well-being? Macroeconom
4、ics, the study of the economy as a whole, addresses many topical issues, e.g.: U.S. Real GDP per capita (2000 dollars) long-run upward trend Great Depression World War II First oil price shock Second oil price shock 9/11/2001 U.S. Inflation Rate (% per year) U.S. Unemployment Rate (% of labor force)
5、 Social problems like homelessness, domestic violence, crime, and poverty are linked to the economy. For example Why learn macroeconomics? 1. The macroeconomy affects societys well-being. percent of labor force crimes per 100,000 population U.S. Unemployment and Property Crime Rates Unemployment (le
6、ft scale) Property crimes (right scale) Why learn macroeconomics? 2. The macroeconomy affects your well-being. -3 -2 -1 0 1 2 3 4 5 196519701975198019851990199520002005 -7 -5 -3 -1 1 3 5 unemployment rate inflation-adjusted mean wage (right scale) change from 12 mos earlier percent change from 12 mo
7、s earlier In most years, wage growth falls when unemployment is rising. Why learn macroeconomics? 3. The macroeconomy affects election outcomes. Unemployment include two exogenous variables in each equation. 2. Draw a supply-demand graph for wireless phones. 3. Use your graph to show how a change in
8、 one of your exogenous variables affects the models endogenous variables. 21 CHAPTER 1 The Science of Macroeconomics The use of multiple models No one model can address all the issues we care about. E.g., our supply-demand model of the car market can tell us how a fall in aggregate income affects pr
9、ice models with sticky prices describe the economy in the short run. Macroeconomic events and performance arise from many microeconomic transactions, so macroeconomics uses many of the tools of microeconomics. MACROECONOMICS 2010 Worth Publishers, all rights reserved S E V E N T H E D I T I O N Powe
10、rPoint Slides by Ron Cronovich N. Gregory Mankiw C H A P T E R The Science of Macroeconomics 2 30 CHAPTER 1 The Science of Macroeconomics In this chapter, you will learn: the meaning and measurement of the most important macroeconomic statistics: Gross Domestic Product (GDP) The Consumer Price Index
11、 (CPI) The unemployment rate 31 CHAPTER 1 The Science of Macroeconomics Gross Domestic Product: Expenditure and Income Two definitions: Total expenditure on domestically-produced final goods and services. Total income earned by domestically-located factors of production. Expenditure equals income be
12、cause every dollar spent by a buyer becomes income to the seller. 32 CHAPTER 1 The Science of Macroeconomics The Circular Flow Households Firms Goods Labor Expenditure ($) Income ($) 33 CHAPTER 1 The Science of Macroeconomics Value added Value added: The value of output minus the value of the interm
13、ediate goods used to produce that output 34 CHAPTER 1 The Science of Macroeconomics NOW YOU TRY: Identifying value-added A farmer grows a bushel of wheat and sells it to a miller for $1.00. The miller turns the wheat into flour and sells it to a baker for $3.00. The baker uses the flour to make a lo
14、af of bread and sells it to an engineer for $6.00. The engineer eats the bread. Compute value added at each stage of production and GDP 35 CHAPTER 1 The Science of Macroeconomics Final goods, value added, and GDP GDP = value of final goods produced = sum of value added at all stages of production. T
15、he 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. 36 CHAPTER 1 The Science of Macroeconomics The expenditure components of GDP consumption, C investment, I government spending, G net exports, N
16、X An important identity: Y = C + I + G + NX aggregate expenditure value of total output 37 CHAPTER 1 The Science of Macroeconomics Consumption (C) durable goods last a long time e.g., cars, home appliances nondurable goods last a short time e.g., food, clothing services work done for consumers e.g.,
17、 dry cleaning, air travel definition: The value of all goods and services bought by households. Includes: 38 CHAPTER 1 The Science of Macroeconomics U.S. consumption, 2008 42.6 20.8 7.2 70.5% 6,069.6 2,965.1 1,023.2 $ 10,057.9 Services Nondurables Durables Consumption % of GDP $ billions 39 CHAPTER
18、1 The Science of Macroeconomics Investment (I) Spending on goods bought for future use (i.e., capital goods) Includes: Business fixed investment Spending on plant and equipment Residential fixed investment Spending by consumers and landlords on housing units Inventory investment The change in the va
19、lue of all firms inventories 40 CHAPTER 1 The Science of Macroeconomics U.S. Investment, 2008 0.3 3.4 10.9 14.0% 47.0 487.7 1,552.8 $1,993.5 Inventory Residential Business fixed Investment % of GDP $ billions 41 CHAPTER 1 The Science of Macroeconomics Investment vs. Capital Note: Investment is spend
20、ing on new capital. Example (assumes no depreciation): 1/1/2009: economy has $500b worth of capital during 2009: investment = $60b 1/1/2010: economy will have $560b worth of capital 42 CHAPTER 1 The Science of Macroeconomics Stocks vs. Flows A flow is a quantity measured per unit of time. E.g., “U.S
21、. investment was $2.5 trillion during 2009.” Flow Stock A stock is a quantity measured at a point in time. E.g., “The U.S. capital stock was $26 trillion on January 1, 2009.” 43 CHAPTER 1 The Science of Macroeconomics Stocks vs. Flows - examples the govt budget deficit the govt debt # of new college
22、 graduates this year # of people with college degrees a persons annual saving a persons wealth flow stock 44 CHAPTER 1 The Science of Macroeconomics NOW 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 colle
23、ction the inflation rate the unemployment rate 45 CHAPTER 1 The Science of Macroeconomics Government 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 servic
24、es. 46 CHAPTER 1 The Science of Macroeconomics U.S. Government Spending, 2008 - Federal 20.2% $2,882.4 Govt spending - State compute cost of basket 3. CPI in any month equals Cost of basket in that month Cost of basket in base period 100 69 CHAPTER 1 The Science of Macroeconomics NOW YOU TRY: Comput
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