全球视角宏观经济学ppt课件.ppt

全球视角宏观经济学课件lThe approach of MacroeconomicslThe basic approach of Macroeconomics is to look at the overall trends in the economy. lSpecial summary measures of economic activity -GNP, the saving rate, or the consumer price index- give the “big picture” of changes and trends.lThese overall macroeconomic measures provide the basic equipment that allows macroeconomists to focus on the dominant changes in the economy. l How do economists do their job?l First, try to understand on a theoretical level the decision processes of individual firms and households.lSecond, try to explain the overall behavior of the economy by aggregating, or adding up, all the decisions of the individual households and firms in the economy.lThird, giving empirical content to theory by collecting and analyzing actual macroeconomic data. Some of the key questions addressed by macroeconomicslThe most important single measure of production in the economy is the GNP.l Economic growth and business cycleslUnemployment is a second key variable that macroeconomics investigates.lA third key variable that interests macroeconomists is the inflation rate.lThe fourth major variable that macroeconomists look at is the trade balance.Macroeconomics in historical perspectivelThe creation of macroeconomics Economic statisticians began to collect and systematize aggregate data which provided the scientific basis for macroeconomic investigations. The careful identification of business cycle as a recurrent economic phenomenon. The Great Depression A new theoretical framework to explain the Great Depression proposed by Keynes.lThe development of macroeconomicsl Keynesian and neo-Keynesianl Main ideal Keyness policy recommendation is the major tool of promoting economic growth.l Non- Keynesianl In fact, to many economists, it began to appear that stabilization policies were actually a major source of renewed instability.l A “counterrevolution” began.l Monetarism and its central idea.l New classical macroeconomics: Lucas and Barro.l Advocates of the real business-cycle theory.Providing a broader framework for macroeconomic analysislThe general theory is limited to short-term economic fluctuations and stabilization policies.lOur analysis is pushed further by providing an especially broad view of macroeconomics. l Beside the attention on short-term economic fluctuations and stabilization policies, we focus more a t t e n t i o n o n o t h e r c e n t r a l c o n c e r n s o f macroeconomics,such as the determination of economic growth rate, or balance of payment, etc. l Considerable attention has been given to the differences in economic institutions in different countries in order that we discover a more general macroeconomic theory. Chapter 2 Basic Concepts in MacroeconomicslLooking at different measures of aggregate income and outcome and their interrelationship.lThe process of aggregating across many different goods and services requires some common unit of measure: the role of price and price indexes.lA subject that permeates much of discussion in macroeconomics:Flows and Stocks lTwo factors that influence the Intertemporal decisions of economic agents:Interest Rates and Present Value.lAnother factor that is vital in understanding decision making across time periods: expectations GDP and GNPlWhat are GDP and GNP?lHow to calculate them?l interrelationship of theml GNP = GDPNFPlGNP per capita and economic well-being Real Versus Nominal VariableslThe construction of price indexesl Consumer price index or consumer price deflatorl Pct = w1(P1tP10) + w2(P2t P20) + + WN(PNt PN0)l Ct = nominal consumption expenditure Pctl = Pct Ct Pctl Deflator for investment spending (PI), government spending (PG), exports (PX), and imports (Pm)lReal GDPlTo calculate real production, we think of the GDP of the economy as equal to the product of “average” price level in the economy, multiplied by the level of real production in the economy.l GDP = PQlHow to calculate Q ?l We start with the definition of Nominal GDP as the sum of final expenditures throughout the economy.l Then, we use the price indexes for consumption, investment, government spending, exports and imports to calculate a time series of real expenditures for each of these categories.l Finally, we can get Q by adding up the sum of final expenditures of these categories.lHow can we get P ?l Once getting real GDP, Q, then we can compute the GDP price deflator P using the formula as follow:l P = GDPQlGenerally, we get Real GDP by using the formula as follow:l Q = GDP PFlows and Stocks in MacroeconomylA flow is an economic magnitude measured as a rate per unit of time.lA stock is an economic magnitude measured at a point of time. lInvestment and the capital stocklSaving and wealthlThe current account and net international investment positionlDeficit and the stock of public debtSome Intertemporal Aspects of Macroeconomics: Interest Rates and Present ValueslMany key macroeconomics issues involve choices that not only take plac。