第2章 宏观经济学的数据讲义.ppt

* * source: Bureau of Economic Analysis, U.S. Department of Commerce * * If you teach the stocks vs. flows concepts, this is a good example of the difference. * Transfer payments are included in “government outlays,” but not in government spending. People who receive transfer payments use these funds to pay for their consumption. Thus, we avoid double-counting by excluding transfer payments from G. * source: Bureau of Economic Analysis, U.S. Department of Commerce * source: FRED Database, The Federal Reserve Bank of St. Louis, /fred/ Before showing the data graph, the following explanation might be helpful: Remember, GDP is the value of spending on our country’s output of goods services. Exports represent foreign spending on our country’s output, so we include exports. Imports represent the portion of domestic spending (C, I, and G) that goes to foreign goods and services, so we subtract off imports. NX, therefore, equals net spending by the foreign sector on domestically produced goods services. * A few slides ago, we defined GDP as the total expenditure on the economy’s output of goods and services (as well as total income). We can also define GDP as (the value of) aggregate output, not just spending on output. An identity is an equation that always holds because of the way the variables are defined. * If you do not wish to pose this as a question, you can “hide” this slide and “unhide” the next one, which simply gives students the information. Suggestion (applies generally, not just here): When you pose this (or any) question to your class, don’t ask for students to volunteer their answers right away. Instead, tell them to think about it for a minute and write their answer down on paper. Then, ask for volunteers (or call on students at random). Giving students this extra minute will increase the quality of participation as well as the number of students who participate. Correct answer to the question: Unsold outpu