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按一下以編輯母片標題樣式,按一下以編輯母片本文樣式,第二層,第三層,第四層,第五層,*,*,Chapter 1,Introduction,1,What is Macroeconomics?,Macroeconomics focuses on,the aggregate behavior of consumers and firms,the behavior of government,the overall level of economic activity in individual countries,the economic interactions among nations,the effects of fiscal and monetary policies,2,Macroeconomics differs from microeconomics in that it deals with the,overall effects on economics,of the choices that all economic agents make,rather than on the choices of individual consumers or firms.,Long-run growth,refers to the increase in a nations productive capacity and average standard of living over a long period of time.,Business cycles,refer to the short-run ups and downs in aggregate economic activity.,3,Gross National Product,Economic Growth and Business Cycles,The most basic set of facts in macroeconomics has to do with the behavior of aggregate economic activity over time.,One measure of aggregate economic activity is,gross national product(GNP),.,The series of real GNP per capita for the U.S.over the period 1900-2002 is shown in the figure.,4,Two Useful Transformation of Data,1),Taking natural logarithm of time series.,The slope of the graph of the natural logarithm of a time series,y,t,is a good approximation to the growth rate of,y,t,when the growth rate is small.,Since if,y,t,y,t-1,we have,5,2),Detrending,the process of decomposing the series into 2 components:the growth(or trend)component,and the business cycle component.,The trend in the log of real per capita GNP is shown as a colored line,while the log of actual real per capita GNP is the black one.,The lower graph shows only the percentage deviations from trend in real per capita GNP.,6,Macroeconomic Models,Purpose:To capture the essential features of the world needed for analyzing a particular economic problem.,To be useful then,a model must be simple.,Basic structure of a macroeconomic model:,The consumers and firms in the economy,who are assumed to optimize,The sets of goods that consumers wish to consume,Consumers preferences over goods,The technology available to firms for producing goods,The resources available,Competitive Equilibrium,:all agents(consumers and firms)act as price-takers,and prices clear markets.,7,Microeconomic Principles,Macroeconomic behavior is the aggregation of microeconomic decisions made by all the consumers and firms in the economy.Very often,we are interested in the macroeconomic effects of a policy change.,In particular,we want to make predictions on those effects that are consistent with individual decisions.,To achieve this,we must work our way up from decision making at the micro-level,then aggregating these decisions to arrive at the macroeconomic effects of the policy change.,8,Disagreement in Macroeconomics,There is little disagreement in macroeconomics concerning the general approaches to modeling growth.,There is much controversy concerning business cycle theory and the role of the government policy in smoothing out cycles:,Keynesian Sticky-Price Theory,(,Keynes,Hicks&Samuelson,),Money Surprise Theory,(,Friedman&Lucas,),Real Business Cycle Theory,(,Prescott&Kydland,),Keynesian Coordination Failure Theory,(,Diamond,Cooper&John,),9,Chapter 2,Measurement,10,Measuring Gross Domestic Product(GDP),National Income Accounting,is a process of measuring the total quantity of goods and services produced,for the market,in a given country over a given period of time.,Gross Domestic Product(GDP),is,the dollar value of final output produced during a given period of time within a country.,There are 3 distinct approaches to measure GDP:,Product Approach,Expenditure Approach,Income Approach,11,Product approach,:GDP is the sum of value added to goods and services in production across all productive units in the economy.,Remarks,:the value of intermediate goods used in production must be subtracted from the value of all goods produced in the economy,if not there would be,double-counting,.,12,Expenditure approach,:GDP is the total spending on all final goods and services production in the economy,Total expenditure=C+I+G+NX,Income approach,:GDP can be computed by adding up all incomes received by economic agents contributing to production.,Incomes include:,compensation of employees,proprietors income,rental income,corporate profits,net interest,indirect business taxes and depreciation.,13,A,common measure of aggregate output is,GNP,.,Gross National Product(GNP),measures the value of output produced by domestic factors of production,whether or not the production takes place inside the countrys borders.,GNP=GDP+Net factor payments from abroad to domestic residents,14,Numerical Example 1,Consider an economy consisting of a coconut producer,a restaurant,consumers and a government.,Coconut is both an intermediate good in the restaurant and a final consumption good.,Current year production of coconuts=10 million,Unit Price of coconut=$2.00,After-tax profits=$13 million.,15,Quantity o
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