课件文稿经济学宏观chapter.pptx

Chapter 4;What is Gross Domestic Product? ;Transactions among households, firms, governments, and the rest of the world.? Y = C + I + G + X – M;Why Is Domestic Product “Gross”? “Gross” means before deducting the depreciation of capital. - Depreciation is the decrease in the value of a firm’s capital that results from wear and tear and obsolescence. The opposite of gross is net. “Net” means after deducting the depreciation of capital. - Net investment = Gross investment ? Depreciation;Measuring GDP - 1;Nominal GDP v.s. Real GDP Real GDP is the value of final goods and services produced in a given year when valued at the prices of a reference base year. Nominal GDP is the value of goods and services produced during a given year valued at the prices that prevailed in that same year. - Nominal GDP is just a more precise name for GDP. (refer to Table 4.3 on p.127);The Uses and Limitations of Real GDP - 1;- Two features of our expanding living standard are The growth of Potential GDP per person Fluctuations of real GDP around potential GDP The value of real GDP when all the economy’s labor, capital, land, and entrepreneurial ability are fully employed is called potential GDP. i.e. Maximum Sustainable Output (See Figure 4.4 on p.128) - Productivity Growth Slowdown How costly is the growth rate of real GDP per person slowdown? Lucas wedge is the dollar value of the accumulated gap between what real GDP per person would have been if the, e.g. 1960s, growth rate had persisted and what real GDP per person turned out to be. (See Figure 4.5 on p.129) ;- Real GDP Fluctuations— The Business Cycle A business cycle is a periodic but irregular up-and-down movement of total production and other measures of economic activity. (see Figure 4.6 on p.129) Every cycle has two phases: Expansion v.s. RecessionExpansion: a period during which real GDP increases—from a trough to a peak. Recession: a period during which real GDP decreases—its growth rate is negative for at least tw