HO3e-ch7哈伯德宏观经济学.pptVIP

* * * * * * * Real GDP versus Nominal GDP Comparing Real GDP and Nominal GDP FIGURE 19-3 Nominal GDP and Real GDP, 1990–2008 Currently, the base year for calculating GDP is 2005. In the years before 2005, prices were, on average, lower than in 2005, so nominal GDP was lower than real GDP. In 2005, nominal and real GDP were equal. After 2005, prices have been, on average, higher than in 2005, so nominal GDP is higher than real GDP. 19.3 LEARNING OBJECTIVE Discuss the difference between real GDP and nominal GDP. Real GDP versus Nominal GDP Price level A measure of the average prices of goods and services in the economy. The GDP Deflator GDP deflator A measure of the price level, calculated by dividing nominal GDP by real GDP and multiplying by 100. 19.3 LEARNING OBJECTIVE Discuss the difference between real GDP and nominal GDP. Real GDP versus Nominal GDP FORMULA APPLIED TO 2007 APPLIED TO 2008 GDP Deflator 2007 2008 NOMINAL GDP $14,078 billion $14,441 billion REAL GDP $13,254 billion $13,312 billion The GDP Deflator From these values for the deflator, we can calculate that the price level increased by 1.9 percent between 2007 and 2008: 19.3 LEARNING OBJECTIVE Discuss the difference between real GDP and nominal GDP. Other Measures of Total Production and Total Income Gross National Product (GNP) Disposable Personal Income National Income Personal Income Become familiar with other measures of total production and total income. 19.4 LEARNING OBJECTIVE Gross national product (GNP) is the value of final goods and services produced by residents of the United States, even if the production takes place outside the United States. National income is calculated as GDP minus the consumption of fixed capital, or depreciation. Disposable personal income is equal to personal income minus personal tax payments. Personal income is income received by households. Other Measures of Total Production and Total Income FIGURE 19-4 Measures of Total Production and Total Income, 200