Ch2 The Data of Macroeconomics.pptVIP

Ch2: The Data of Macroeconomics Mankiw: Macro Ch2 Mankiw: Principle of Econ Ch23,24,28 Williamson: Macro Ch2 Froyen: Macro Ch2 Macro Variables Y: national income or GDP P: price level (cost of living) π: inflation rate u: unemployment rate r: interest rate 主計處網站： .tw/ct.asp?xItem=15139ctNode=3565 The Definition of GDP 國內生產毛額 Gross domestic product (GDP) is a measure of the income and expenditures of an economy. It is the total market value of all final goods and services produced within a country in a given period of time. 台灣2007年GDP：約12.6兆新台幣 (台灣資料請參考Ch23.xls) GNP ( Gross National Product):國民生產毛額 The Definition of GDP “GDP is the Market Value . . .” Output is valued at market prices. (1) traded in the market (2) weighted with market prices “. . . Of All Final . . .” (1) records only the value of final goods, not intermediate goods: No double counting (不重複計算) (2) Or Σ(value added)：附加價值的加總 eg, 小麥（$1）?麵粉（$3）?麵包（$6） The Definition of GDP “. . . Goods and Services . . . “ both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits). “. . . Produced . . .” currently produced, not transactions involving goods produced in the past. (No second-hand trade) “ . . . Within a Country . . .” within the geographic confines of a country. “ “. . . In a Given Period of Time.” within a specific interval of time, usually a year or a quarter (three months). What Is Not Counted in GDP? GDP includes all items produced in the economy and sold legally in markets. GDP excludes most items produced and consumed at home. items produced and sold illicitly (illegal drugs). Imputed values: 住宅服務的價值－即「租金」：租用及自用均設算。 家庭主婦所提供之服務不計入家事服務或GDP當中，若家庭主婦亦計入GDP，則各國將無所謂之失業者。 The measurement of GDP: Identity: GDP = total output = total income = total expenditure illustrated with the circular-flow diagram. 3 approach: 1. Production approach (產出面) Y= output=Σ value-added 2. Expenditure approach (支出面 )