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MMACROECONOMICSACROECONOMICSCHAPTER©2008WorthPublishers,allrightsreservedSIXTHEDITIONSIXTHEDITIONNN..GGREGORYREGORYMMANKIWANKIW2TheDataofMacroeconomicsslide1Inthischapter,youwilllearn……themeaningandmeasurementofthemostimportantmacroeconomicstatistics:§GrossDomesticProduct(GDP)§TheConsumerPriceIndex(CPI)§Theunemploymentrateslide2GDPGDP§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。slide3GrossdomesticproductGrossdomesticproduct§GDPisthemarketvalueofallfinalgoodsandservicesproducedwithinaneconomyinagivenperiodoftime.slide4GDPGDP关键细节关键细节§inagivenperiodoftime：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§allfinalgoodsandservices：说明GDP测度的应该是最终产品价值。§themarketvalue：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。§Withinaneconomy：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.slide5NationalIncomeAccounting§Nationalincomeaccounts:anaccountingframeworkusedinmeasuringcurrenteconomicactivity§Threealternativeapproachesgivethesamemeasurements§Productapproach:theamountofoutputproduced§Incomeapproach:theincomesgeneratedbyproduction§Expenditureapproach:theamountofspendingbypurchasersslide6GrossDomesticProduct:ExpenditureandIncomeTwodefinitions:§Totalexpenditureondomestically-producedfinalgoodsandservices.§Totalincomeearnedbydomestically-locatedfactorsofproduction.Expenditureequalsincomebecauseeverydollarspentbyabuyerbecomesincometotheseller.Expenditureequalsincomebecauseeverydollarspentbyabuyerbecomesincometotheseller.slide7TheCircularFlowHouseholdsFirmsGoodsLaborExpenditure($)Income($)slide8TheproductapproachtomeasuringGDP§GDP(grossdomesticproduct)isthemarketvalueoffinalgoodsandservicesnewlyproducedwithinanationduringafixedperiodoftimeslide9Whyexpenditure=incomeWhyexpenditure=incomeIneverytransaction,thebuyer’sexpenditurebecomestheseller’sincome.Thus,thesumofallexpenditureequalsthesumofallincome.Ineverytransaction,Ineverytransaction,thebuyerthebuyer’’sexpendituresexpenditurebecomesthesellerbecomestheseller’’sincome.sincome.Thus,thesumofallThus,thesumofallexpenditureequalsexpenditureequalsthesumofallincome.thesumofallincome.slide10Valueaddeddefinition:Afirm’svalueaddedisthevalueofitsoutputminusthevalueoftheintermediategoodsthefirmusedtoproducethatoutput.slide11Finalgoods,valueadded,andGDP§GDP=valueoffinalgoodsproduced=sumofvalueaddedatallstagesofproduction.§Thevalueofthefinalgoodsalreadyincludesthevalueoftheintermediategoods,soincludingintermediateandfinalgoodsinGDPwouldbedouble-counting.slide12TheexpenditurecomponentsofGDP§consumption§investment§governmentspending§netexportsslide13Consumption(C)§durablegoodslastalongtimeex:cars,homeappliances§nondurablegoodslastashorttimeex:food,clothing§servicesworkdoneforconsumersex:drycleaning,airtravel.definition:Thevalueofallgoodsandservicesboughtbyhouseholds.Includes:slide14U.S.consumption,200641.420.58.170.0%5,483.72,714.91,070.3$9,268.9ServicesNondurablesDurablesConsumption%ofGDP$billionsslide15Investment(I)Definition1:Spendingon[thefactorofproduction]capital.Definition2:SpendingongoodsboughtforfutureuseIncludes:§businessfixedinvestmentSpendingonplantandequipmentthatfirmswillusetoproduceothergoods&services.§residentialfixedinvestmentSpendingonhousingunitsbyconsumersandlandlords.§inventoryinvestmentThechangeinthevalueofallfirms’inventories.slide16U.S.investment,20060.45.810.516.7%49.6766.71,396.2$2,212.5InventoryResidentialBusinessfixedInvestment%ofGDP$billionsslide17Investmentvs.CapitalNote:Investmentisspendingonnewcapital.Example(assumesnodepreciation):§1/1/2007:economyhas$500bworthofcapital§during2007:investment=$60b§1/1/2008:economywillhave$560bworthofcapitalslide18Stocksvs.FlowsAflowisaquantitymeasuredperunitoftime.E.g.,“U.S.investmentwas$2.5trillionduring2006.”FlowStockAstockisaquantitymeasuredatapointintime.E.g.,“TheU.S.capitalstockwas$26trilliononJanuary1,2006.”slide19Stocksvs.Flows-examplesthegovtbudgetdeficitthegovtdebt#ofnewcollegegraduatesthisyear#ofpeoplewithcollegedegreesaperson’sannualsavingaperson’swealthflowstockslide20Nowyoutry:Stockorflow?§thebalanceonyourcreditcardstatement§howmuchyoustudyeconomicsoutsideofclass§thesizeofyourcompactdisccollection§theinflationrate§theunemploymentrateslide21Governmentspending(G)§Gincludesallgovernmentspendingongoodsandservices..§Gexcludestransferpayments(e.g.,unemploymentinsurancepayments),becausetheydonotrepresentspendingongoodsandservices.slide22U.S.governmentspending,2006Federal19.1%$2,527.7GovtspendingState&localDefense7.012.14.72.3926.61,601.1621.0305.6Non-defense%ofGDP$billionsNetexports:NX=EX–IMdef:Thevalueoftotalexports(EX)minusthevalueoftotalimports(IM).U.S.NetExports,1950-2007-800-600-400-2000200195019601970198019902000billionsofdollars-8%-6%-4%-2%0%2%percentofGDPNX($billions)NX(%ofGDP)slide24AnimportantidentityY=C+I+G+NXaggregateexpenditurevalueoftotaloutputslide25ExpenditureApproachtoMeasuringGDPintheUnitedStates,2005slide26Aquestionforyou:Supposeafirm§produces$10millionworthoffinalgoods§butonlysells$9millionworth.D