宏观经济学第5章

珠海分校ECONOMICSPRINCIPLES,APPLICATIONS,ANDTOOLS谢群（Mars)InternationalBusinessFacultyEmail:[e-mail]Phone:[phone]珠海分校Chapter5MeasuringaNation’sProductionandIncomeLearningobjectivesExplainthecircularflowIdentifythecomponentsofGDPDescribethestepsfromGDPtoincomeCalculaterealandnominalGDPListthephasesofthebusinesscycleDiscusstherelationshipofGDPtowelfare珠海分校Thischapterandnextwillintroduceyoutotheconceptsyouneedtounderstandwhatmacroeconomicsisallabout.Inthischapter,we’llfocusonanation’sproductionandincome.Inthenextchapter,we’lllookcarefullyatunemploymentandinflation.珠海分校TwobasicissuesofmacroeconomicsLong-runeconomicgrowthEconomicfluctuations珠海分校5.1the“flip”sidesofmacroeconomicActivity:productionandincomeThischapterisabouttheproductionandincomeofeconomyasawhole.ThedataofproductionandincomeisimportanttoMacroeconomistsandGovernmentofficials珠海分校CommonmacroeconomicdataNationaleconomy（GDP,thethreemajordemandscontributionrateofGDP,thelevelofconsumption,theindustrialaddedvalue,totalretailsalesofsocialconsumption,themainindustrialproducts）,thepriceindex,income,fixedassetinvestment,climateindexForeigntrade,nationalfinancial珠海分校ThecircularflowofproductionandincomeProductmarkethouseholdFactormarketfirms珠海分校Wages,rentsinterest,andprofitsarealldifferentformsofincome.(中华人民共和国国家统计局）珠海分校5.2TheProductionApproach:MeasuringanNation’sMacroeconomicActivityUsingGrossDomesticproductGrossdomesticproduct(GDP)-thetotalmarketvalueoffinalgoodsandservicesproducedwithinaneconomyinagivenyearTotalmarketvalueFinalgoodsandservices—intermediategoodInagivenyear(newlyproduced)珠海分校RealGDP-AmeasureofGDPthatcontrolsforchangesinpricesNominalGDP-thevalueofGDPincurrentdollars珠海分校19783645.2100.03645.219794062.6107.63922.37.6%19804545.6116.04228.77.8%19814891.6122.14450.45.2%19825323.4133.14853.59.1%19835962.7147.65380.310.9%19847208.1170.06196.815.2%19859016.0192.97031.213.5%198610275.2210.07653.38.8%198712058.6234.38539.811.6%198815042.8260.79503.111.3%198916992.3271.39889.24.1%199018667.8281.710268.93.8%199121781.5307.611211.49.2%199226923.5351.412808.014.2%199335333.9400.414596.613.5%199448197.9452.816505.912.6%199560793.7502.318309.210.5%199671176.6552.620141.79.6%199778973.0603.922014.28.8%199884402.3651.223738.77.8%199989677.1700.925547.57.1%200099214.6759.927701.58.0%2001109655.2823.030000.87.5%2002120332.7897.832725.58.3%2003135822.8987.836006.49.5%2004159878.31087.439637.710.1%2005183217.41200.843773.010.4%2006211923.51340.748871.211.6%2007257305.61515.555243.011.9%2008300670.01651.260189.59.0%2009340507.01801.465666.79.1%珠海分校Economicgrowth-sustainedincreasesintherealGDPofaneconomyoveralongperiodoftime7.8%5.2%15.2%8.8%3.8%14.2%7.1%11.9%9.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%0.010000.020000.030000.040000.050000.060000.070000.0198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009实际GDP珠海分校ThecomponentsofGDP1consumptionexpenditures:purchasebyconsumers2privateinvestmentexpenditures:purchasesbyfirmsGovernmentpurchases:purchasesbyfederal,state,andlocalgovernmentsNetexports:netpurchasesbytheforeignsector(domesticexportsminusdomesticimport)珠海分校Consumptionincludedurablegoods,nondurablegoods,services.ItisthemostimportantcomponentofGDP,constitutingabout71percentofGDPPrivateinvestmentexpendituresconsistofthreecomponents:1spendingonnewplantsandequipment2newlyproducedhousing3theincreaseininventoriesduringthecurrentyearInvestmentintheGDPaccountspurchasesofnewfinalgoodsandservicesbyfirms珠海分校Governmentpurchasesincludeanygoodsplusthewagesandbenefitsofallgovernmentworkers,andinvestmentspendingbygovernment.Thetransferpayments(paymentsforsocialsecurity,welfare,andinterestongovernmentdebt)aren’tincludedinthem.NetexportsTradedeficitTradesurplus珠海分校TheGDPequationY=C+I+G+NXY=GDPC=consumptionI=investmentG=governmentpurchasesNX=netexports珠海分校5.3theincomeapproach:measuringanation’smacroeconomicactivityusingnationalincomeNationalincome-thetotalincomeearnedbyanation’sresidentsbothdomesticallyandabroadintheproductionofgoodsandservices.GNP=GDP+NetincomeearnedabroadNNP=GNP-depreciationPersonalincome-receivedbyhouseholdsPersonaldisposableincome=personalincome-incometaxes珠海分校MeasuringNationalIncomeNationalincomeisdividedamongsixbasiccategories:Compensationofemployees(wagesandbenefits)CorporateprofitsRentalincomeProprietors’incomeNetinterest(interestpaymentsreceivedbyhouseholdsfrombusinessandfromabroad)Otheritems珠海分校MeasuringNationalincomethroughvalueaddedValueadded-thesumofalltheincome(wages,interest,profits,andrent)generatedbyanorganization.Valueadded=thefirm’ssales-thedollarvalueofthegoodsandservicespurchasedfromotherfirms.珠海分校AnexpandedcircularflowPage108thfigure5.4Thecircularflowwithgovernmentandtheforeignsector珠海分校5.4AcloserexaminationofnominalandrealGDPTable5.4GDPdataforasimpleeconomyQuantityproducedpriceyearcarscomputerscarscomputers201141$10000$5000201253$12000$5000珠海分校HowtousetheGDPdeflatorGDPdeflator-Anindextha