复旦大学【克鲁格曼《国际经济学》第六版英文课件】CH12

– It is the sum of domestic and foreign expenditure on the goods and services produced by domestic factors of production:
Y = C + I + G + EX – IM
(12-1)
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The National Income Accounts
Gross national product (GNP)
– The value of all final goods and services produced by a country’s factors of production and sold on the market in a given time period
The price of milk is 0.5 bushel of wheat per gallon, and at this price Agrarians want to consume 40 gallons of milk.
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National Income Accounting for an Open Economy
– Adjustments to the definition of GNP:
»Depreciation of capital
It reduces the income of capsubtracted from GNP (to get the net national product).
»CA balance is goods production less domestic demand. »CA balance is the excess supply of domestic financing.
Example: Agraria imports 20 bushels of wheat and exports only 10 bushels of wheat (Table 12-1). The current account deficit of 10 bushels is the value of Agraria’s borrowing from foreigners, which the country will have to repay in the future.
– It is the basic measure of a country’s output.
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The National Income Accounts
GNP is calculated by adding up the market value of all expenditures on final output:
some period of time.
One person’s spending is another’s income (i.e., total spending must equal total income).
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The National Income Accounts
Capital Depreciation, International Transfers, and Indirect Business Taxes
Table 12-1: National Income Accounts for Agraria, an Open Economy (bushels of wheat)
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National Income Accounting for an Open Economy
The Current Account and Foreign Indebtedness
where:
» Y is GNP » C is consumption » I is investment » G is government purchases » EX is exports » IM is imports
– In a closed economy, EX = IM = 0.
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– Consumption
» The amount consumed by private domestic residents
– Investment
» The amount put aside by private firms to build new plant and equipment for future production
»Indirect business taxes
They are sales taxes.
They must be subtracted from GNP.
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The National Income Accounts
Gross Domestic Product (GDP)
– It measures the volume of production within a country’s borders.
Figure 12-1: U.S. GNP and Its Components, 2000
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The National Income Accounts
National Product and National Income
– National Income
»It is earned over a period by its factors of production. »It must equal the GNP a country generates over
National income accounting
– Records all the expenditures that contribute to a country’s income and output
Balance of payments accounting
– Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its exportand import-competing industries
Macroeconomics
– It studies how economies’ overall levels of employment, production, and growth are determined.
– It emphasizes four aspects of economic life:
Chapter 12
National Income Accounting and the Balance of Payments
Chapter Organization
Introduction The National Income Accounts National Income Accounting for an Open
Economy The Balance of Payment Accounts Summary
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Introduction
Microeconomics
– It studies the effective use of scarce resources from the perspective of individual firms and consumers.
National Income Accounting for an Open Economy
An Imaginary Open Economy
– Assumptions of the model:
»There is an economy, Agraria, that can only produce wheat.
»Net unilateral transfers of income
They are part of a country’s income but are not part of its product.
They must be added to the net national product.
– It equals GNP minus net receipts of factor income from the rest of the world.
– It does not correct for the portion of countries’ production carried out using services provided by foreign-owned capital.
»Each citizen of Agraria is both a consumer and a farmer of wheat.
»The Agrarian government appropriates part of the crop to feed its army.
»Agraria can import milk from the rest of the world in exchange for exports of wheat.
– Government purchases
» The amount used by the government
– Current account balance
» The amount of net exports of goods and services to foreigners
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The National Income Accounts
Government Purchases
– Any goods and services purchased by federal, state, or local governments