曼昆 宏观经济学 第七版 讲义(2)

MACROECONOMICSN. Gregory MankiwPowerPoint® Slides by Ron CronovichCHAPTER

22010 UPDATE

The Science of Macroeconomics

© 2011 Worth Publishers, all rights reserved

SEVENTH EDITION

In this chapter, you will learn:…the meaning and measurement of the most important macroeconomic statistics:

Gross Domestic Product (GDP) The Consumer Price Index (CPI) The unemployment rate

Gross Domestic Product: Expenditure and IncomeTwo definitions:

Total expenditure on domestically-producedfinal goods and services.

Total income earned by domestically-locatedfactors of production.

Expenditure equals income because every dollar spent by a buyer becomes income to the seller.CHAPTER 2

The Data of Macroeconomics

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The Circular FlowIncome ($)Labor

Households

Firms

Goods Expenditure ($)CHAPTER 2

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Value addedValue added: The value of output minus the value of the intermediate goods used to produce that output

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NOW YOU TRY:

Identifying value-added A farmer grows a bushel of wheatand sells it to a miller for $1.00.

The miller turns the wheat into flourand sells it to a baker for $3.00.

The baker uses the flour to make a loaf ofbread and sells it to an engineer for $6.00.

The engineer eats the bread.Compute value added at each stage of production and GDP

Final goods, value added, and GDP GDP = value of final goods produced= sum of value added at all stages of production.

The value of the final goods already includes thevalue of the intermediate goods, so including intermediate and final goods in GDP would be double-counting.

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The expenditure components of GDP consumption, C investment, I government spending, G net exports, NX

An important identity:

Y

=

C + I + G + NXaggregate expenditure7

value of total outputCHAPTER 2

The Data of Macroeconomics

Consumption (C)definition: The value of all goods and services bought by households. Includes:

durable goodslast 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., dry cleaning, air travel8

CHAPTER 2

The Data of Macroeconomics

U.S. consumption, 2009$ billions Consumption Durables Nondurables Services $ 10,001 1,027 2,204 6,771 % of GDP 70.8% 7.3 15.6 48.0

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Investment (I) Spending on goods bought for future use(i.e., capital goods)

Includes: Business fixed investmentSpending on plant and equipment Residential fixed investment Spending by consumers and landlords on housing units Inventory investment The change in the value of all firms’ inventoriesCHAPTER 2

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U.S. Investment, 2009$ billions Investment Business fixed Residential Inventory $1,589 1,364 352 –127 % of GDP 11.3% 9.7 2.5 –0.9

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Investment vs. CapitalNote: Investment is spending on new capital. Example (assumes no depreciation): 1/1/2012: economy has $500b worth of capital

during 2012: investment = $60b 1/1/2013: economy will have $560b worth of capital

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Stocks vs. FlowsFlowStock

A stock is a quantity measured at a point in time. E.g., “The U.S. capital stock was $26 trillion on January 1, 2010.” A flow is a quantity measured per unit of time. E.g., “U.S. investment was $2.5 trillion during 2010.”CHAPTER 2

The Data of Macroeconomics

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Stocks vs. Flows - examplesstock a person’s wealth # of people with college degrees the govt debt flow

a person’s annual saving# of new college graduates this year the govt budget deficit

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The Data of Macroeconomics

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NOW YOU TRY:

Stock or Flow? the balance on your credit card statementhow much you study economics outside of class the size of your compact disc collection the inflation rate the unemployment rate