宏观经济课件PPT2韩国澳籍教授课件英文版.ppt

* * * * * * * * ? 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ? 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. * Macroeconomics 1st editionbyRobert J. BarroStanford’s Hoover Institution and NBER PowerPoint Slide Presentation Philip Heap, James Madison University * Chapter 2National IncomeAccounting: GDPand the Price Level  * Nominal Gross Domestic Product What is Nominal GDP? The dollar value of all the goods and services that an economy produces during a specified period. Flow variable (≠ stock variable eg capital) Imputed rental income GDP is a measure of current production. Suppose nominal GDP increases from one year to the next. Are we better off? You can’t tell. GDP will rise when output and/or prices rise. * Calculating Real GDP Real GDP accounts for changing price levels. Real GDP in constant dollars the value of goods and services produced in a given year measured at some base year’s prices Chain weighted real GDP adjusts real GDP to account for relative price changes Example: * * GDP Deflator Implicit Price Level implicit price level = nominal GDP / real GDP for 2007a: deflator = 550/468.5 = 1.17 for 2007b: deflator = 550/639 = 0.86 multiply by 100 to put into an index: 117 and 86 What do these numbers tell us? * Real GDP As A Measure Of Welfare What is the relationship between real GDP and our standard of living? What are some problems with real GDP as a welfare measurement? does not account for income distribution does not include most nonmarket goods does not account for leisure time eg Bhutan does not consider environmental damage eg China * Alternative Ways To Get GDP What are the three different ways to calculate GDP? Expenditure Approach Spending by households, businesses, the government and foreigners * Expenditur