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1、1 Chapter2National IncomeAccounting GrossDomesticProductandthePriceLevel 2 NominalandRealGDP NominalGDPmeasuresthedollar oreuro etc valueofallthegoodsandservicesthataneconomyproducesduringaspecifiedperiod suchasayear ThenominalGDPisaflowconcept 3 NominalandRealGDP Formostgoodsandservices pencils aut
2、omobiles haircuts andsoon thedollarvalueisdeterminedbythepriceatwhichtheseitemssellinthemarketplace Somegoodsandservices notablythoseproducedbygovernments arenotexchangedonmarkets TheseitemsenterintonominalGDPattheirnominal dollar costofproduction 4 NominalandRealGDP Anotherimportantitem owner occup
3、iedhousing entersintoGDPinaccordancewithanestimateofwhatthishousingwouldfetchonthemarketiftheownerrentedthepropertytoanotherperson Imputedrentalincome 5 NominalandRealGDP GDPincludesthevalueofthegoodsandservicesproducedduringaspecifiedtimeinterval suchasayear Thatis GDPmeasurescurrentproduction 6 No
4、minalandRealGDP ThenominalGDPcanbemisleadingbecauseitdependsontheoveralllevelofprices aswellasonthephysicalquantityofoutput 7 NominalandRealGDP 8 CalculatingRealGDP ThemostcommonwaytocomputerealGDPwastomultiplyeachyear squantityofoutputofeachgoodbythepriceofthegoodinabaseyear suchas2000 Thenallofthe
5、semultipleswereaddedtogettheeconomy saggregaterealGDP 9 CalculatingRealGDP TheresultingaggregateiscalledGDPin2000dollars if2000isthebaseyear Or sometimes theresultiscalledGDPinconstantdollars ThenominalGDPissometimescalledGDPincurrentdollars 10 CalculatingRealGDP Ashortcomingofthisapproachisthatitwe
6、ightstheoutputsofthevariousgoodsbytheirpricesinthebaseyear 2000 Theseweightsbecomelessrelevantovertimeasrelativepricesofgoodschange 11 CalculatingRealGDP ChainweightedrealGDP 12 CalculatingRealGDP 13 CalculatingRealGDP Implicitpricelevelthatweareusingtoconvertadollarvalue nominalGDP implicitpricelev
7、el realGDP implicitpricelevel nominalGDP realGDP 14 CalculatingRealGDP For2006incaseainTable2 1 wehaveimplicitpricelevel 550 468 5 1 17 For2006incaseb wehaveimplicitpricelevel 550 639 0 0 86 15 CalculatingRealGDP Thinkofapriceindexthattakesonthevalue100forthebaseyear whichis2005inourexample Whencomp
8、aredtothisbase thepricelevelfor2006incaseais1 17 100 117 whereasthatincasebis0 86 100 86 TheusualnameforthesepriceindexesistheimplicitGDPdeflator ona2005base 16 RealGDPasaMeasureofWelfare TheaggregaterealGDPdoesnotconsiderchangesinthedistributionofincome ThecalculatedrealGDPexcludesmostnon marketgoo
9、ds RealGDPassignsnovaluetoleisuretime MeasuredrealGDPdoesnotconsiderchangesinairandwaterquality thatis pollution 17 AlternativeViewsofGDP Expenditure Income andProduction 1 Expendituresondomesticallyproducedgoodsandservicesbyvariousgroups households businesses government andforeigners 2 Incomesearne
10、ddomesticallyintheproductionofgoodsandservices compensationofemployees rentalincome corporateprofits andsoon 18 AlternativeViewsofGDP Expenditure Income andProduction 3 Domesticproductionofgoodsandservicesbyvariousindustries agriculture manufacturing wholesaleandretailtrade andsoon Allthreeapproache
11、swillendupwiththesametotalsfornominalandrealGDP 19 MeasuringGDPbyExpenditure 1 Households 2 Businesses 3 Alllevelsofgovernment 4 Foreigners 20 MeasuringGDPbyExpenditure 21 MeasuringGDPbyExpenditure Aclosedeconomy whichhasnotradelinkagestotherestoftheworld Anopeneconomyislinkedthroughtradetotherestof
12、theworld 22 MeasuringGDPbyExpenditure Somereasonsforusingaclosedeconomymodel Itsimplifiestheanalysis AtleastfortheUnitedStates exportsandimportshavebeensmallcomparedtoGDP sothatlittleerrorarisesfromignoringinternationaltrade Theworldasawholereallyisaclosedeconomy sowehavetocarryoutaclosed economyana
13、lysistoassesstheworldeconomy 23 MeasuringGDPbyIncome Nationalincome Asimpleclosedeconomythathasonlytwobusinesses One amill usesonlylabortoproduceflour Thesecond abakery usesflourandlabortoproducebread Breadistheonlyfinalproduct Flouristheonlyintermediateproduct itisusedupentirelyintheproductionofthe
14、finalgood bread 24 MeasuringGDPbyIncome 25 MeasuringGDPbyIncome 26 MeasuringGDPbyIncome Inpractice divergencesbetweenGDPandnationalincomereflecttwomainitems incomereceiptsandpaymentsinvolvingtherestoftheworldanddepreciationofcapitalstocks 27 MeasuringGDPbyIncome OnesourceofdivergencebetweenGDPandnat
15、ionalincomeisthatresidentsoftheUnitedStatesreceiveincomefromtherestoftheworld Themainitemistheincomeoncapital assets ownedbyU S residentsbutlocatedabroad AsecondarypartislaborincomeofU S residentsworkingabroad 28 MeasuringGDPbyIncome DepreciationofthefixedcapitalstocklocatedintheUnitedStates 29 Meas
16、uringGDPbyIncome 30 MeasuringGDPbyIncome Personalincome theincomethathouseholdsreceivedirectly Disposablepersonal personalincomeaftertaxes 31 MeasuringGDPbyProduction 32 SeasonalAdjustment Thenational accountsinformationreportedinthenewsmediaandusedformostmacroeconomicanalysescomeinthisseasonally adjustedform 33 Prices Consumerpriceindex CPI Producerpriceindex PPI wholesalepriceindex 34 ProblemswiththeConsumerPriceIndex ManyeconomiststhinkthatthereportedchangesintheCPIoverstateinflationGrowthrat
