曼昆宏观经济学堂讲义英文Ch
inflation, unemployment, monetary and fiscal policies—all of which,
will be discussed at length in Macroeconomics, 5th ed., Mankiw’s
Macroeconomics Modules, and in your macroeconomics course.
Mannig J. Simidian Harvard University June 2002
Chapter One
2
®
A PowerPointTutorial to Accompany macroeconomics, 5th ed.
N. Gregory Mankiw
CHAPTER ONE The Science of Macroeconomics
Recently, there is much discussion of recessions-- periods in
which real GDP falls mildly-- and depressions, when GDP falls more
severely. Macroeconomists are also concerned with issues such as
Let’s say you begin with a demand and supply curve for CDs.
Remember that the demand curve slopes downward meaning that
as you increase the price (by moving along the demand curve), the
I also thank Mike McElroy (Duke University/North Carolina State University) for his support and mentorship over the years. Finally, I thank my Dad for his continued willingness to discuss the pedagogy of macroeconomics at all times!
Price P*
Chapter One
Supply
Demanost famous
economic model. It describes
the ubiquitous relationship
between buyers and sellers in
the market. The point of
intersection is called an
equilibrium.
5
Market clearing is an alignment process whereby decisions between
suppliers and demanders reach an equilibrium. Here’s how it works.
quantity demanded decreases. Conversely, the supply curve slopes
upward implying that as the price increases (by moving along the
®
A PowerPointTutorial
To Accompany
macroeconomics, 5th. ed.
N. Gregory Mankiw
Mannig J. Simidian
Chapter One
1
Acknowledgements
I would like to express my deepest gratitude to Greg Mankiw, and reviewers Nancy Jianakoplos (Colorado State University), and David Spencer (Brigham Young University) for their invaluable comments.
Good luck!
Chapter One
4
Economists use models to understand what goes on in the economy. Here are two important points about models: endogenous variables and exogenous variables. Endogenous variables are those which the model tries to explain. Exogenous variables are those variables that a model takes as given. In short, endogenous are variables within a model, and exogenous are the variables outside the model.
Mannig J. Simidian
Chapter One
3
Welcome to Macroeconomics!
Everyone is concerned about macroeconomics lately. We wonder why some countries are growing faster than others and why inflation fluctuates. Why? Because the state of the macroeconomy affects everyone in many ways. It plays a significant role in the political sphere while also affecting public policy and societal well-being.
曼昆《经济学原理》讲座讲义(英文)
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
4. People respond to incentives.
Marginal changes in costs or benefits motivate people to respond. The decision to choose one alternative over another occurs when that alternative’s marginal benefits exceed its marginal costs!
Ten Principles of Economics
How People Make Decisions
People face tradeoffs. The cost of something is what you give up to get it. Rational people think at the margin. People respond to incentives.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
6. Markets are usually a good way to organize economic activity.
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions. As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
THE ECONOMY’S INCOME AND EXPENDITURE
• When judging whether the economy is doing well or poorly, it is natural to look at the total income that everyone in the economy is earning.
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP
• Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing.
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT
• The equality of income and expenditure can be illustrated with the circular-flow diagram.
曼昆中级宏观经济学(英文) (1)
Macroeconomics Chapter 1
25
Macroeconomics Chapter 1
26
Macroeconomics Chapter 1
27
Macroeconomics Chapter 1
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Macroeconomics Chapter 1
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没有单一的模型能够说明我们关注的所 有问题：
Why does the cost of living keep rising? Why are millions of people unemployed? Why are there recessions? Can
policymakers do anything? Should they? What is the government deficit? How does
对古典经济学理论的著名 批评：
长期是对当前事情的一个误导。在长期中我们
都会死。如果在暴风雨季节，经济学家只能告
诉我们，暴风雨在长期中会过去，海洋必将平
静，那么他们给自己的任务就太容易且无用了
总需求与总供给 41
曼昆《经济学原理》宏观经济学分册英文原版课件——25production-growth
• Physical Capital
• is a produced factor of production.
• It is an input into the production process that in the past was an output from the production process.
FYI: The Production Function
• Economists often use a production function to describe the relationship between the quantity of inputs used in production and the quantity of output from production.
Figure 1 Growth and Investment
Table 1 The Variety of Growth Experiences
Copyright©2004 South-Western
ECONOMIC GROWTH AROUND THE WORLD
• Living standards, as measured by real GDP per person, vary significantly among nations.
• The preceding equation says that productivity (Y/L) depends on physical capital per worker (K/L), human capital per worker (H/L), and natural resources per worker (N/L), as well as the state of technology, (A).
曼昆《宏观经济学》课堂讲义PPTCh04
Because Y is also total income, V in the quantity equations is called the income velocity of money. This tells us the number of times a dollar bill changes hands in a given period of time.
The Federal Reserve controls the money supply in three ways.
1) Open Market Operations (buying and selling U.S. Treasury bonds).
2) D Reserve requirements (never really used).
• To expand the Money Supply: The Federal Reserve buys U.S. Treasury Bonds and pays for them with new money.
• To reduce the Money Supply: The Federal Reserve sells U.S. Treasury Bonds and receives the existing dollars and then destroys them.
Commodity money is money that has intrinsic value. When people use gold as money, the economy is said to be on a gold standard.
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
曼昆经济学原理宏观经济学分册英文原版PPT课件28unemployment
Unemployment is measured by the Bureau of Labor Statistics (BLS). It surveys 60,000 randomly selected households every month. The survey is called the Current Population Survey.
How Is Unemployment Measured?
A person is unemployed if he or she is on temporary layoff, is looking for a job, or is waiting for the start date of a new job.
How Is Unemployment Measured?
Based on the answers to the survey questions, the BLS places each adult into one of three categories: Employed Unemployed Not in the labor force
JOB SEARCH
Job search the process by which workers find appropriate jobs given their tastes and skills. results from the fact that it takes time for qualified individuals to be matched with appropriate jobs.
Why Are There Always Some People Unemployed?
宏观经济学 曼昆英文课件Tutorial_CHAP02
FirmsΒιβλιοθήκη Expenditure $
For the economy as a whole, income must equal expenditure. GDP measures the flow of dollars in the economy. 3 Chapter Two
1) To compute the total value of different goods and services, the national income accounts use market prices. Thus, if $0.50 $1.00
®
CHAPTER 2 The Data of Macroeconomics
A PowerPoint Tutorial
To Accompany
MACROECONOMICS, 6th. ed.
N. Gregory Mankiw By
Chapter Two
Mannig J. Simidian
1
Gross Domestic Product (GDP) is the dollar value of all final goods and services produced within an economy in a given period of time.
Two ways of viewing GDP
Total income of everyone in the economy
Total expenditure on the economy’s output of goods and services Income $ Labor
Households Goods
曼昆宏观经济学原理第五版英文讲义Chapter25
Chapter Production and Growth25Economic Growth Around the World •Real GDP per person–Living standard–Vary widely from country to country •Growth rate–How rapidly real GDP per person grew in thetypical year•Because of differences in growth rates–Ranking of countries by income changessubstantially over time2TableThe variety of growth experiences1Country Period Real GDP per personat beginning of period Real GDP per personat end of periodGrowth rate(per year)Japan Brazil China Mexico Germany 1890–20061900–20061900–20061900–20061870–2006$1,4087296701,0852,045$33,1508,8807,74011,41031,8302.76%2.392.342.242.043yCanada Argentina United States IndiaUnited Kingdom Indonesia Bangladesh Pakistan 1870–20061900–20061870–20061900–20061870–20061900–20061900–20061900–20062,2242,1473,7526324,50283458369034,61015,39044,2603,80035,5803,9502,3402,5002.041.881.831.711.531.481.321.22Productivity: its Role and Determinants•Productivity–Quantity of goods and services–Produced from each unit of labor input •Why productivity is so important–Key determinant of living standards–An economy’s income is the economy’soutput4Productivity: its Role and Determinants•How productivity is determined–Physical capital•Stock of equipment and structures•Used to produce goods and services–Human capitalH it l•Knowledge and skills that workers acquirethrough education, training, and experience5Productivity: its Role and Determinants •How productivity is determined–Natural resources•Inputs into the production of goods and services•Provided by nature, such as land, rivers, andmineraldeposits–Technological knowledge•Society’s understanding of the best ways toproduce goods and services6•Population growth & Standard of living growth –is it sustainable?•Argument–Natural resources ‐will eventually limit how much world’s economies Are natural resources a limit togrowth?the world s can grow–Technological progress ‐often yields ways to avoid these limits–Improved use of natural resources–Recycling7•Are these efforts enough to permit continued economic growth?•Prices of natural resources–Scarcity ‐reflected in market pricesN t l iAre natural resources a limit togrowth?–Natural resource prices •Substantial short ‐run fluctuations•Stable or falling ‐over long spans of time–Our ability to conserve these resources•Growing more rapidly than their supplies are dwindling •Market prices ‐no reason to believe that natural resources are a limit to economic growth 8Economic Growth and Public Policy •Saving and investment•Raise future productivity–Invest more current resources in the production of capital–Trade ‐off•Devote fewer resources to produce goods and services for current consumption9Economic Growth and Public Policy •Diminishing returns and the catch ‐up effect •Higher savings rate–Fewer resources –used to make consumption goods–More resources ‐to make capital goods –Capital stock increases–Rising productivity–More rapid growth in GDP10Economic Growth and Public Policy •Diminishing returns and the catch ‐up effect •Diminishing returns–Benefit from an extra unit of an input –Declines as the quantity of the input increases•In the long run; higher savings rate –Higher level of productivity–Higher level of income–Not higher growth in productivity or income11Figure Outputper WorkerIllustrating the production function11 2. When the economy has ahigh level of capital, anextra unit of capital leads toa small increase in output.12Output per WorkerThis figure shows how the amount of capital per worker influences the amount of output per worker. Other determinants of output, including human capital, natural resources, and technology, are held constant. The curve becomes flatter as the amount of capital increases because of diminishing returns to capital 11. When the economy has a low level of capital, anextra unit of capital leads to a large increase in output.Economic Growth and Public Policy•Diminishing returns and the catch‐up effect •Catch‐up effect–Countries that start off poor–Tend to grow more rapidly than countries that start off rich•Poor countries–Low productivity–Even small amounts of capital investment •Increase workers’ productivity substantially13Economic Growth and Public Policy•Diminishing returns and the catch‐up effect •Rich countries–High productivity–Additional capital investment•Small effect on productivity•Poor countries–Tend to grow faster than rich countries14Economic Growth and Public Policy•Investment from abroad–Another way for a country to invest in newcapital–Foreign direct investment•Capital investment that is owned and operated byC it l i t t th t i d d t d ba foreign entity–Foreign portfolio investment•Investment financed with foreign money butoperated by domestic residents15Economic Growth and Public Policy•Education–Investment in human capital–Gap between wages of educated anduneducated workers–Opportunity cost: wages forgonei f–Conveys positive externality•Problem for poor countries–Brain drain16Economic Growth and Public Policy •Health and nutrition–Healthier workers –more productive–The right investments in the health of thepopulation•One way for a nation to increase productivity andO f ti t i d ti it draise living standards–Historical trends: long‐run economic growth •Improved health ‐from better nutrition•Taller workers –higher wages –betterproductivity17Economic Growth and Public Policy •Health and nutrition–Vicious circle in poor countries•Are poor–Because populations are not healthy•Populations are nothealthy–Because they are poor»Cannot afford better healthcare and nutrition18Economic Growth and Public Policy•Property rights and political stability •Foster economic growth–Protect property rights•Ability of people to exercise authority over theresources they ownth•Courts –enforce property rights–Promote political stability19Economic Growth and Public Policy •Free trade•Poorest countries–Inward‐oriented policies•Avoid interaction with the rest of the world •Outward‐oriented policies–Integrate into the world economy •International trade in goods and services –Can improve economic well‐being20Economic Growth and Public Policy •Research and development•Knowledge –public good–Farming methods–Aerospace research•Air Force; NASA–Research grants•National Science Foundation•National Institutes of Health–Tax breaks–Patent system21Economic Growth and Public Policy•Population growth•Large population–Large labor force–More consumers•Stretching natural resources?•Diluting the capital stock–High population growth•Reduces GDP per worker–Promoting technological progress22。
曼昆《经济学原理》(宏观经济学分册)英文原版
• The factors of production directly determine productivity.
© 2007 Thomson South-Western
• In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year.
© 2007 Thomson South-Western
© 2007 Thomson South-Western
Production and Growth
• Productivity refers to the amount of goods and services produced from each unit of labor input.
• A nation’s standard of living is determined largely by the productivity of its workers.
How Productivity Is Determined
• Physical capital per worker is the stock of equipment and structures that are used to produce goods and services.
• Physical capital includes: