曼昆《经济学原理》(宏观经济学分册)英文原版

1、 2007 Thomson South-Western 2007 Thomson South-WesternMeasuring a Nations IncomeMicroeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets.Macroeconomics is the study of the economy as a whole. Its goal is to explain the econom

2、ic changes that affect many households, firms, and markets at once. 2007 Thomson South-WesternMeasuring a Nations IncomeMacroeconomics answers questions like the following: Why is average income high in some countries and low in others? Why do prices rise rapidly in some time periods while they are

3、more stable in others? Why do production and employment expand in some years and contract in others? 2007 Thomson South-WesternTHE ECONOMYS INCOME AND EXPENDITURE When judging whether the economy is doing well or poorly, it is natural to look at the total income that everyone in the economy is earni

4、ng. 2007 Thomson South-WesternTHE ECONOMYS INCOME AND EXPENDITURE For an economy as a whole, income must equal expenditure because: Every transaction has a buyer and a seller. Every dollar of spending by some buyer is a dollar of income for some seller. 2007 Thomson South-WesternFigure 1 The Circula

5、r-Flow DiagramSpendingGoods andservicesboughtRevenueGoodsand servicessoldLabor, land,and capitalIncome = Flow of inputs and outputs = Flow of dollarsFactors ofproductionWages, rent,and profit FIRMSProduce and sellgoods and servicesHire and use factorsof production Buy and consumegoods and servicesOw

6、n and sell factorsof productionHOUSEHOLDS Households sellFirms buyMARKETSFORFACTORS OF PRODUCTION Firms sellHouseholds buyMARKETSFORGOODS AND SERVICES 2007 Thomson South-WesternTHE MEASUREMENT OF GROSS DOMESTIC PRODUCT Gross domestic product (GDP) is a measure of the income and expenditures of an ec

7、onomy. GDP is the total market value of all final goods and services produced within a country in a given period of time. 2007 Thomson South-WesternTHE MEASUREMENT OF GROSS DOMESTIC PRODUCT The equality of income and expenditure can be illustrated with the circular-flow diagram. 2007 Thomson South-W

8、esternTHE MEASUREMENT OF GROSS DOMESTIC PRODUCT “GDP is the Market Value . . .” Output is valued at market prices. “. . . Of All. . .” Includes all items produced in the economy and legally sold in markets “. . . Final . . .” It records only the value of final goods, not intermediate goods (the valu

9、e is counted only once). “. . . Goods and Services . . .” It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits). 2007 Thomson South-WesternTHE MEASUREMENT OF GROSS DOMESTIC PRODUCT “. . . Produced . . .” It includes goods and services

10、 currently produced, not transactions involving goods produced in the past. “ . . . Within a Country . . .” It measures the value of production within the geographic confines of a country. “. . . In a Given Period of Time.” It measures the value of production that takes place within a specific inter

11、val of time, usually a year or a quarter (three months). 2007 Thomson South-WesternTHE COMPONENTS OF GDP GDP includes all items produced in the economy and sold legally in markets. What Is Not Counted in GDP? GDP excludes most items that are produced and consumed at home and that never enter the mar

12、ketplace. It excludes items produced and sold illicitly, such as illegal drugs. 2007 Thomson South-WesternTHE COMPONENTS OF GDPGDP (Y) is the sum of the following: Consumption (C) Investment (I) Government Purchases (G) Net Exports (NX)Y = C + I + G + NX 2007 Thomson South-WesternTHE COMPONENTS OF G

13、DP Consumption (C): The spending by households on goods and services, with the exception of purchases of new housing. Investment (I): The spending on capital equipment, inventories, and structures, including new housing. 2007 Thomson South-WesternTHE COMPONENTS OF GDP Government Purchases (G): The s

14、pending on goods and services by local, state, and federal governments. Does not include transfer payments because they are not made in exchange for currently produced goods or services. Net Exports (NX): Exports minus imports. 2007 Thomson South-WesternTable 1 GDP and Its Components 2007 Thomson So

15、uth-WesternGDP and Its Components (2004)Consumption 70%Government Purchases15%Net Exports -5 %Investment16% 2007 Thomson South-WesternREAL VERSUS NOMINAL GDP Nominal GDP values the production of goods and services at current prices. Real GDP values the production of goods and services at constant pr

16、ices. 2007 Thomson South-WesternREAL VERSUS NOMINAL GDP An accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator. 2007 Thomson South-WesternTable 2 Real and Nominal GDP 2007 Thomson South-WesternTable 2 Real and Nominal GDP 2007 Thomson South-WesternTable 2 Re

17、al and Nominal GDP 2007 Thomson South-WesternThe GDP Deflator The GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100. It tells us what portion of the rise in nominal GDP that is attributable to a rise in prices rather than a rise in the quantiti

18、es produced. 2007 Thomson South-WesternThe GDP Deflator The GDP deflator is calculated as follows:GDP deflator =Nominal GDPReal GDP100 2007 Thomson South-WesternThe GDP Deflator Nominal GDP is converted to real GDP as follows:Real GDPNominal GDPGDP deflator20XX20XX20XX100 2007 Thomson South-WesternT

19、able 2 Real and Nominal GDP 2007 Thomson South-WesternFigure 2 Real GDP in the United StatesBillions of2000 Dollars$10,0009,0008,0007,0006,0005,0004,0003,000197019751980198519902000199520052,000 2007 Thomson South-WesternIS GDP A GOOD MEASURE OF ECONOMIC WELL-BEING? GDP is the best single measure of

20、 the economic well-being of a society. GDP per person tells us the income and expenditure of the average person in the economy. Higher GDP per person indicates a higher standard of living. GDP is not a perfect measure of the happiness or quality of life, however. 2007 Thomson South-WesternGDP AND EC

21、ONOMIC WELL-BEING Some things that contribute to well-being are not included in GDP. The value of leisure. The value of a clean environment. The value of almost all activity that takes place outside of markets, such as the value of the time parents spend with their children and the value of voluntee

22、r work. 2007 Thomson South-WesternTable 3 GDP and the Quality of Life Summary 2007 Thomson South-Western Because every transaction has a buyer and a seller, the total expenditure in the economy must equal the total income in the economy. Gross domestic product (GDP) measures an economys total expend

23、iture on newly produced goods and services and the total income earned from the production of these goods and services.Summary 2007 Thomson South-Western GDP is the market value of all final goods and services produced within a country in a given period of time. GDP is divided among four components

24、of expenditure: consumption, investment, government purchases, and net exports.Summary 2007 Thomson South-Western Nominal GDP uses current prices to value the economys production. Real GDP uses constant base-year prices to value the economys production of goods and services. The GDP deflatorcalculat

25、ed from the ratio of nominal to real GDPmeasures the level of prices in the economy.Summary 2007 Thomson South-Western GDP is a good measure of economic well-being because people prefer higher to lower incomes. It is not a perfect measure of well-being because some things, such as leisure time and a

26、 clean environment, are not measured by GDP.Summary 2007 Thomson South-Western Dollar figures from different points in time do not represent a valid comparison of purchasing power. Various laws and private contracts use price indexes to correct for the effects of inflation. The real interest rate eq

27、uals the nominal interest rate minus the rate of inflation.Summary 2007 Thomson South-Western 2007 Thomson South-WesternSummary 2007 Thomson South-WesternMeasuring the Cost of Living Inflation refers to a situation in which the economys overall price level is rising. The inflation rate is the percen

28、tage change in the price level from the previous period.Summary 2007 Thomson South-WesternTHE CONSUMER PRICE INDEX The consumer price index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. The Bureau of Labor Statistics reports the CPI each month. It is

29、used to monitor changes in the cost of living over time.Summary 2007 Thomson South-WesternTHE CONSUMER PRICE INDEXWhen the CPI rises, the typical family has to spend more dollars to maintain the same standard of living.Summary 2007 Thomson South-WesternHow the Consumer Price Index Is Calculated1. Fi

30、x the basket. Determine what prices are most important to the typical consumer. The Bureau of Labor Statistics (BLS) identifies a market basket of goods and services the typical consumer buys. The BLS conducts monthly consumer surveys to set the weights for the prices of those goods and services.Sum

31、mary 2007 Thomson South-WesternHow the Consumer Price Index Is Calculated2. Find the prices. Find the prices of each of the goods and services in the basket for each point in time.3. Compute the baskets cost. Use the data on prices to calculate the cost of the basket of goods and services at differe

32、nt times.Summary 2007 Thomson South-WesternHow the Consumer Price Index Is Calculated4. Choose a base year and compute the index. Designate one year as the base year, making it the benchmark against which other years are compared. Compute the index by dividing the price of the basket in one year by

33、the price in the base year and multiplying by 100. 100year basein basket of Priceservices and goods ofbasket of Priceindex priceConsumer Summary 2007 Thomson South-WesternHow the Consumer Price Index Is Calculated5. Compute the inflation rate. The inflation rate is the percentage change in the price

34、 index from the preceding period.Summary 2007 Thomson South-WesternHow the Consumer Price Index Is Calculated The inflation rate is calculated as follows:CPI in Year 2CPI in Year 1Inflation Rate in Year 2=100CPI in Year 1Summary 2007 Thomson South-WesternTable 1 Calculating the Consumer Price Index

35、and the Inflation Rate: An ExampleSummary 2007 Thomson South-WesternTable 1 Calculating the Consumer Price Index and the Inflation Rate: An ExampleSummary 2007 Thomson South-WesternHow the Consumer Price Index Is Calculated Calculating the Consumer Price Index and the Inflation Rate: Another Example

36、 Base Year is 2002. Basket of goods in 2002 costs $1,200. The same basket in 2004 costs $1,236. CPI = ($1,236/$1,200) 100 = 103. Prices increased 3 percent between 2002 and 2004.Summary 2007 Thomson South-WesternFYI: What Is in the CPIs Basket?17%Transportation15%Food and beveragesMedical care6%Recr

37、eation6%Apparel4%Other goodsand services4%42%Housing6%Education and communicationSummary 2007 Thomson South-WesternProblems in Measuring the Cost of Living The CPI is an accurate measure of the selected goods that make up the typical bundle, but it is not a perfect measure of the cost of living. Sub

38、stitution bias Introduction of new goods Unmeasured quality changesSummary 2007 Thomson South-WesternProblems in Measuring the Cost of Living Substitution Bias The basket does not change to reflect consumer reaction to changes in relative prices. Consumers substitute toward goods that have become re

39、latively less expensive. The index overstates the increase in cost of living by not considering consumer substitution.Summary 2007 Thomson South-WesternProblems in Measuring the Cost of Living Introduction of New Goods The basket does not reflect the change in purchasing power brought on by the intr

40、oduction of new products. New products result in greater variety, which in turn makes each dollar more valuable. Consumers need fewer dollars to maintain any given standard of living.Summary 2007 Thomson South-WesternProblems in Measuring the Cost of Living Unmeasured Quality Changes If the quality

41、of a good rises from one year to the next, the value of a dollar rises, even if the price of the good stays the same. If the quality of a good falls from one year to the next, the value of a dollar falls, even if the price of the good stays the same. The BLS tries to adjust the price for constant qu

42、ality, but such differences are hard to measure.Summary 2007 Thomson South-WesternProblems in Measuring the Cost of Living The substitution bias, introduction of new goods, and unmeasured quality changes cause the CPI to overstate the true cost of living. The issue is important because many governme

43、nt programs use the CPI to adjust for changes in the overall level of prices. The CPI overstates inflation by about 1 percentage point per year. Summary 2007 Thomson South-WesternThe GDP Deflator versus the Consumer Price Index The GDP deflator is calculated as follows:GDP deflator =Nominal GDPReal

44、GDP100Summary 2007 Thomson South-WesternThe GDP Deflator versus the Consumer Price Index The BLS calculates other prices indexes: The index for different regions within the country. The producer price index, which measures the cost of a basket of goods and services bought by firms rather than consum

45、ers. Summary 2007 Thomson South-WesternThe GDP Deflator versus the Consumer Price Index Economists and policymakers monitor both the GDP deflator and the consumer price index to gauge how quickly prices are rising. There are two important differences between the indexes that can cause them to diverg

46、e.Summary 2007 Thomson South-WesternThe GDP Deflator versus the Consumer Price Index The GDP deflator reflects the prices of all goods and services produced domestically, whereas. the consumer price index reflects the prices of all goods and services bought by consumers.Summary 2007 Thomson South-We

47、sternThe GDP Deflator versus the Consumer Price Index The consumer price index compares the price of a fixed basket of goods and services to the price of the basket in the base year (only occasionally does the BLS change the basket). whereas the GDP deflator compares the price of currently produced

48、goods and services to the price of the same goods and services in the base year.Summary 2007 Thomson South-WesternFigure 2 Two Measures of Inflation1965Percentper Year15CPIGDP deflator105019701975198019851990200019952005Summary 2007 Thomson South-WesternCORRECTING ECONOMIC VARIABLES FOR THE EFFECTS

49、OF INFLATION Price indexes are used to correct for the effects of inflation when comparing dollar figures from different times.Summary 2007 Thomson South-WesternDollar Figures from Different Times Do the following to convert dollar values from year T into todays dollars:Amount intodays dollarsAmount

50、 in year Ts dollarsPrice level todayPrice level in year T Summary 2007 Thomson South-WesternDollar Figures from Different Times Do the following to convert (inflate) Babe Ruths wages in 1931 to dollars in 2005:SalarySalaryPrice level l in 2005Price levee l in 193120051931$80,.$0001951521,026,316Summ

51、ary 2007 Thomson South-WesternIndexation When some dollar amount is automatically corrected for inflation by law or contract, the amount is said to be indexed for inflation.Summary 2007 Thomson South-WesternTable 2 The Most Popular Movies of All Times, Inflation AdjustedSummary 2007 Thomson South-We

52、sternReal and Nominal Interest Rates Interest represents a payment in the future for a transfer of money in the past.Summary 2007 Thomson South-WesternReal and Nominal Interest Rates The nominal interest rate is the interest rate usually reported and not corrected for inflation. It is the interest r

53、ate that a bank pays. The real interest rate is the interest rate that is corrected for the effects of inflation.Summary 2007 Thomson South-WesternReal and Nominal Interest Rates You borrowed $1,000 for one year. Nominal interest rate was 15%. During the year inflation was 10%. Real interest rate =

54、Nominal interest rate Inflation = 15% 10% = 5%Summary 2007 Thomson South-WesternFigure 3 Real and Nominal Interest Rates1965Interest Rates(percentper year)15%Real interest rate1050519701975 1980 1985 1990 1995 2000 2005Nominal interest rateSummary 2007 Thomson South-Western The consumer price index

55、shows the cost of a basket of goods and services relative to the cost of the same basket in the base year. The index is used to measure the overall level of prices in the economy. The percentage change in the CPI measures the inflation rate.Summary 2007 Thomson South-Western The consumer price index

56、 is an imperfect measure of the cost of living for the following three reasons: substitution bias, the introduction of new goods, and unmeasured changes in quality. Because of measurement problems, the CPI overstates annual inflation by about 1 percentage point. Summary 2007 Thomson South-Western Th

57、e GDP deflator differs from the CPI because it includes goods and services produced rather than goods and services consumed. In addition, the CPI uses a fixed basket of goods, while the GDP deflator automatically changes the group of goods and services over time as the composition of GDP changes.Sum

58、mary 2007 Thomson South-Western Dollar figures from different points in time do not represent a valid comparison of purchasing power. Various laws and private contracts use price indexes to correct for the effects of inflation. The real interest rate equals the nominal interest rate minus the rate o

59、f inflation.Summary 2007 Thomson South-Western 2007 Thomson South-WesternSummary 2007 Thomson South-WesternSaving, Investment, and the Financial System The financial system consists of the group of institutions in the economy that help to match one persons saving with another persons investment. It

60、moves the economys scarce resources from savers to borrowers.Summary 2007 Thomson South-WesternFINANCIAL INSTITUTIONS IN THE U.S. ECONOMY The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two diff