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1、OVERIVEW OF THE TEXTBOOK,Core: Output ( or Income) Level Part Five Macroeconomics: The Study of Economic Growth and Business Cycles Part Six Economic Growth and the Open Economy Part Seven Unemployment, Inflation, and Economic Policy,Part Five Macroeconomics: The Study of Economic Growth and Busines
2、s Cycles,Environment: Excess Capacity Short run The production responds to the change in aggregate demand Price not considered Closed Economy Note: These do not hold for Ch. 20 and 21. Problems: Overview pf Macroeconomics (CH 20) Measure Total Output (CH 21) Determination of Total Output (CH 22-26),
3、Part Five Macroeconomics: The Study of Economic Growth and Business Cycles,20 Overview of Macroeconomics 21 Measuring Economic Activity 22 Consumption and Investment 23 Business Fluctuations and the Theory of Aggregate Demand 24 The Multiplier Model 25 Money, Banking, and Financial Markets 26 Centra
4、l Banking and Monetary Policy,1.The following is information from the national income accounts for a hypothetical country: - GDP 6,000 Gross investment 800 Net investment 200 Consumption 4,000 Government purchases 1,000 Government budget Surplus 40 - What is: a. NDP? b. Net exports? c. Net tax? d. D
5、isposable personal income? e. Personal saving?,2. 已知一国某年经济数据如下：私人对住宅的支出为1000亿，私人购买的汽车等耐用消费品为100亿，私人在食品等日用消费品上的开支为400亿，企业对厂房、设备的购买为1200亿，政府支出为300亿，政府转移支付为100亿，总税收为200亿，当年出口为600亿，进口为800亿，折旧、存留利润各100亿。请只根据上述数据（缺损数据理解为零）计算如下指标： （1）国民生产总值;（2）私人总投资;（3）私人消费支出;（4）私人储蓄;（5）政府预算赢余;（6）国内对各种产品的总支出;（7）对国内产品的总支出;（
6、8）可支配收入。,3. Suppose that the basket of goods in the CPI consisted of 3 units of pork and 2 units of corn. Use the table to answer： （1）What is the consumer price index for 2004 if the base year is 2003? （2）What is the inflation rate for 2004?,4. Show that: I - S TA G TR + M X. And explain its implica
7、tion.,CHAPTER 22 CONSUMPTION AND INVESTMENT,1. Consumption, Income, and Saving Recall: DI = SP + C SP -Personal saving C -Consumption 2. Determinants of Consumption (464-467) Current DI Permanent income Wealth Price level Interest rate,3. Useful Concepts Marginal Propensity to Consume (MPC)-The incr
8、ement to the consumption induced by an extra dollar of DI, and Marginal Propensity to Save (MPS)- The increment to the saving induced by an extra dollar of DI MPS+MPC=1 Autonomous Consumption: Consumption independent from disposable income.,4. The Influence of Disposable Income on Consumption People
9、 consume goods or services even if they do not have income Consumption increases with the increase in DI. The increase in consumption is less than the increase in DI 5. The Consumption Function A function relating consumption to DI. C = C + c Y,6. Investment 6.1 Determinants Revenues Costs, includin
10、g interest rate Expectations 6.2 Investment Demand Curve A curve relating investment to interest rate,CHAPTER 23 BUSINESS FLUCTUATIONS AND AGGREGATE DEMAND,1. The Business Cycle Peak-Recession-Depression-Trough-Recovery-Expansion-Peak (Boom). 2. Sources of Cycles Exogenous (内生） vs. Endogenous （外生） T
11、wo sources: Demand side and Supply side,3. Aggregate Demand 3.1 Why Aggregate Demand: Excess Capacity 3.2 What is Aggregate Demand AD is desired or planned aggregate expenditures at each level of price 3.3 Components of AD C-Consumption I-Investment G-Government Purchase X-Net Export (Export Import)
12、,3.4 Understanding AD: Two different kinds of Aggregate Expenditure GDP = Actual Aggregate Expenditure AD = Desired Aggregate Expenditure,Aggregate Expenditure (AE) Actual-National Accounting Intended-Aggregate Demand Actual AE = Intended AE + Unintended AE AD = Intended AE=Actual AE Unintended AE =
13、 (C + Iactual + G + X) Iunintended = (C + Ifixed + Iinventory-actual + G + X) Iinventory-unintended,Recall Investment-New addition to the current capital stock or private purchases of structures and equipment and accumulation of inventories I = fixed investment + inventory investment Fixed Investmen
14、t = spending on machine, equipment, and housing Inventory Investment = Inventory Stock in the end of this year - Inventory Stock in the end of last year Net Investment = capital stock in the end of this year - capital stock in the end of last year,Summary of AD AD is desired or planned aggregate exp
15、enditures at each level of price. AD = C + I + G +X Four components are both actual and desired. C+I+G+X in national accounting is actual but is not guaranteed to be planned or desired.,4. Aggregate Demand Curve 4.1 Why is AD Curve Downward Slopping? Money supply effect (Interest rate effect) Lower price increases the real money supply relative to money demand and hence cause the interest rate to fall. Wealth effect Lower price level makes people feel wealthier and hence spend more.,4.2 Shifts
