宏观经济学(英文版)Macroeconomics-(南开大学-龚刚)

MacroeconomicsLecture1MacroeconomicsasaScienceWhatisMacroeconomics?WhatisEconomics？NormativeDefinition:•Economicsisthesciencethatstudieshowtoefficientlyallocateeconomicresources(whatshouldwedo?).PositiveDefinition:•Economicsisthesciencethatstudieshowaneconomyoperatesorhoweconomicvariablesaredeterminedunderthegiveneconomicenvironment(whathappen?).WhatisMacroeconomics?(continued)Afterwehaveunderstoodwhatiseconomics,thedifferencebetweenmicro-andmacro-economics(intermsofpositivedefinition)becomesclear:Microeconomicsisthestudyofhowmicroeconomicvariables(suchthepriceandoutputofindividualproduct)aredetermined;Macroeconomicsisthestudyofhowmacroeconomicvariables(suchasGDP,employment,inflationamongothers)aredetermined.IndividualBehaviorEconomicvariablesaredeterminedbythechoiceofindividuals(firms,householdsandgovernment),andthereforestudyingindividualbehavioristhestartingpointofeconomicanalysis.IndividualBehavior(continued)BasicHypothesisonIndividualBehaviorSelfish•Allindividualswhenengagingintheireconomicactivities,pursuetheirownandonlytheirowninterest.Rational•Allindividualsbehaveoptimally.AdamSmith’s“invisiblehand”dogma.EconomicEnvironmentThoughindividualsareselfishandrational,theirchoicesareconstrainedbytheeconomicenvironmenttheyarestaying.EconomicEnvironmentmayatleastbedistinguishedintermsofdirection:Theeconomicsystem:marketeconomyversusplanningeconomy;Theavailableresource:lessdevelopedeconomyversusdevelopedeconomy.EconomicSystemEconomicsystemcanbrieflybedistinguishedintermsofthesystemofenterprises(largelydependsonownership);themechanismofresourceallocation(planningmechanismandmarketmechanism).EconomicSystem(continued)Howeconomicsystemcanimpacttheindividualbehavior?Objective(mainlythefirm?)topursue(profit,marketshare,politicalinterest….)EconomicSystem(continued)Question：Isthereanissueregardingsuitabilitybetweenthesetworespectsofeconomicsystem?Ifyes,whatkindofenterprisesystemmaynotbesuitabletothemarketeconomy?Canyouimageotherelementswithregardtoeconomicenvironment?TheAvailableEconomicResourceWhatistheeconomicresource？NaturalresourceTheresourcecreatedbyeconomicactivities（e.g.fixedassets);Theresourcewhichisuntouchable(e.g.humancapital,knowledgecapital);Resourcescanbecreatedbutalsocanbedestructed.TheAvailableEconomicResource(continued)经济资源与南北差别从个人角度讲，贫富差别最重要原因是个人所拥有的资源的差别。从国家角度讲，人均所拥有的资源决定了该国的经济发展水平。•发展中国家与发达国家•中国地大物博吗？当人们拥有更多资源时，其经济活动的行为选择空间就会更大，从而其经济活动的效益及生活品质就会更好。经济的发展过程实际上可以看成是经济资源不断累积的过程。经济学分析框架之三部曲经济学分析框架的三部曲上述关于现代经济学研究方法和分析框架的讨论基本上可以概括为一个三步曲：界定经济环境；确定经济人行为目标：反映自私和理性；分析经济运行：得出众多经济人各种经济行为的综合表现。经济学分析框架之三部曲(继续)经济学分析框架之三部曲(继续)几点说明：上述三步曲应该说是经济学分析的标准范式，任何合理的经济学分析都应该遵循这样一种范式。当然，合理的经济学分析并不意味着合格。按所研究的内容、读者对象和严谨性要求的不同，具体的研究过程有可能极为复杂。例如，为了完成这三步曲，经济学家们可能会建立数学模型，借用一定的数学工具来进行分析，与此同时，为了使研究所得的结果更具有说服力，人们还会利用数据进行检验。NeoclassicalandKeynesian,AHistoricalReviewNeoclassicaleconomics:Agent’soptimizationRationalExpectationMarketClearinginCompetitiveEconomyTraditionally,focusedonmicroeconomicanalysisNeoclassicalandKeynesian,AHistoricalReview(continued)Keynesianeconomics(generatedfromgreatdeflation)uncertaintyImperfectcompetitionSluggishpriceadjustmentDisequilibriumandnon-marketclearingTraditionallyfocusedonmacroeconomicanalysisNeoclassicalandKeynesian,AHistoricalReview(continued)NeoclassicalsynthesisDominatingbefore1980’sThesynthesisofneoclassicalmicroeconomicsandKeynesianmacroeconomicsNeoclassicalandKeynesian,AHistoricalReview(continued)ThebreakdownofneoclassicalsynthesisTheemergenceofstagflation;TheineffectivenessofKeynesiandemandmanagementpolicyindealingwithstagflation;Thelackofmicro-foundation;Insufficiencyinexplainingeconomicgrowth.NeoclassicalandKeynesian,AHistoricalReview(continued)EconomicsAfter1980’sNewclassicals•ConstructingthemacroeconomicsonthebasisofneoclassicalmicroeconomicsNewKeynesian•ConstructingthemicrofoundationofKeynesianmacroeconomicsCourseObjectivesBasicKeynesianmodelofmacroeconomics,underwhichweshallunderstandHowarethemacroeconomicvariablesdetermined?Howcanweexplainunemploymentandinflation?Howcanmacroeconomicpolicybeusedtoresolveunemploymentandinflation?CourseObjectives(continued)ThemacroeconomicsbeyondthebasicKeynesianmodelThemicrofoundationofKeynesianmacroeconomicsSupplyshockEconomicgrowthPolicybeyonddemandmanagementAbriefdiscussiononmacroeconomicsforChineseeconomy(dependingontimeavailability).Lecture2MacroeconomicDataandVariablesMacroeconomicsI.MacroeconomicVariablesGrossDomesticProduct,GDPDefinition：•GDPisthetotalmarketvalueofallfinalgoodsandservicesproducedbyacountrywithinacertainperiod(aquarterorayear).I.MacroeconomicVariablesGrossDomesticProduct,GDP(continued)Theimportance•Thevariablereflectstheeconomicactivitylevelwithinacountry.•Theso-calledeconomicgrowthisreferredtothegrowthinGDP.•Theso-calledpercapitaGDPisoftenusedformeasuringthelivingstandardofacountry.•Itisperhapsthemostimportantvariableinmacroeconomics.I.MacroeconomicVariablesGrossDomesticProduct,GDP(continued)Here，theso-calledfinalproductisreferredtothoseproductsthatare