宏观经济学课件(英文版)2.ppt

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1、Chapter2National-IncomeAccounting:GrossDomesticProductandthePriceLevel1NominalandRealGDPNominalGDPmeasuresthedollar(oreuro,etc.)valueofallthegoodsandservicesthataneconomyproducesduringaspecifiedperiod,suchasayear.ThenominalGDPisaflowconcept.2NominalandRealGDPFormostgoodsandservices—pencils,automob

2、iles,haircuts,andsoon—thedollarvalueisdeterminedbythepriceatwhichtheseitemssellinthemarketplace.Somegoodsandservices,notablythoseproducedbygovernments,arenotexchangedonmarkets.TheseitemsenterintonominalGDPattheirnominal(dollar)costofproduction.3NominalandRealGDPAnotherimportantitem,owner-occupiedh

3、ousing,entersintoGDPinaccordancewithanestimateofwhatthishousingwouldfetchonthemarketiftheownerrentedthepropertytoanotherperson.Imputedrentalincome4NominalandRealGDPGDPincludesthevalueofthegoodsandservicesproducedduringaspecifiedtimeinterval,suchasayear.Thatis,GDPmeasurescurrentproduction.5Nominala

4、ndRealGDPThenominalGDPcanbemisleadingbecauseitdependsontheoveralllevelofprices,aswellasonthephysicalquantityofoutput.6NominalandRealGDP7CalculatingRealGDPThemostcommonwaytocomputerealGDPwastomultiplyeachyear’squantityofoutputofeachgoodbythepriceofthegoodinabaseyear,suchas2000.Thenallofthesemultipl

5、eswereaddedtogettheeconomy’saggregaterealGDP.8CalculatingRealGDPTheresultingaggregateiscalledGDPin2000dollars(if2000isthebaseyear).Or,sometimes,theresultiscalledGDPinconstantdollars.ThenominalGDPissometimescalledGDPincurrentdollars9CalculatingRealGDPAshortcomingofthisapproachisthatitweightstheoutp

6、utsofthevariousgoodsbytheirpricesinthebaseyear(2000).Theseweightsbecomelessrelevantovertimeasrelativepricesofgoodschange.10CalculatingRealGDPChainweightedrealGDP11CalculatingRealGDP12CalculatingRealGDPImplicitpricelevelthatweareusingtoconvertadollarvalue(nominalGDP)/(implicitpricelevel)=realGDP.im

7、plicitpricelevel=(nominalGDP)/(realGDP).13CalculatingRealGDPFor2006incaseainTable2.1,wehaveimplicitpricelevel=(550/468.5)=1.17.For2006incaseb,wehaveimplicitpricelevel=(550/639.0)=0.86.14CalculatingRealGDPThinkofa