中级宏观经济学电子书~伯南克版

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中级宏观经济学macro-ch3

slide 10
The distribution of national income 国民收入的分配
determined by factor prices,
the prices per unit that firms pay for the factors of production. 生产要素价格的决定，企业支付给生产要素的报酬
macro
第2篇古典理论：长期中的经济
macroeconomics
sixth edition
N. Gregory Mankiw
Part Ⅱ Classical Theory: The Economy in the Long Run
macro
CHAPTER THREE
National Income: Where it Comes From and Where it Goes 国民收入：从哪里来到哪里去
cost = real wage 成本=实际工资率
benefit = marginal product of labor 收益=劳动力的边际产量
2019/9/1
CHAPTER 3 National Income
slide 14
Marginal product of labor (MPL) 劳动力的边际产量
12 10
8 6 4 2 0
0 1 2 3 4 5 6 7 8 9 10
Labor (L)
2019/9/1
CHAPTER 3 National Income
slide 17
The MPL and the production function 劳动的边际产量与生产函数
Y
output

中级宏观经济学macro-ch7

C H A P T E R 7Economic Growth I:Capital Accumulation and Population Growth 经济增长I：资本积累和人口增长M ACROECONOMICSN. G REGORY M ANKIWlearning objectives▪Learn the closed economy Solow model封闭经济下的索洛模型▪See how a country’s standard of living depends on its saving and population growth rates一国的生活水平取决于其储蓄率和人口增长率▪Learn how to use the ―Golden Rule‖to find the optimal savings rate and capital stock 利用黄金法则寻找最优储蓄率和资本存量Why growth matters为什么研究经济增长▪婴儿死亡率:▪世界上最贫穷的五分之一国家，其婴儿死亡率为20% ▪世界上最富裕的五分之一国家，其婴儿死亡率为0.4%▪在巴基斯坦, 85% 的人们每日收入低于$2▪四分之一最贫穷的国家在过去三十年里发生过饥荒▪贫穷总是伴随着妇女和少数族裔受压迫经济增长提高生活水平，减少贫穷……Estimated effects of economic growth▪ A 10% increase in income is associated witha 6% decrease in infant mortality 收入增加10%，婴儿死亡率下降6%▪Income growth also reduces poverty. 收入增加减少贫穷Example:+65%-12%1997-99-25%+76%Growth and Poverty in Indonesia1984-96change in # of persons living belowpoverty line 生活在贫困线以下的人数change in incomeper capita 人均收入Income and poverty in the worldselected countries, 20000102030405060708090100% o f p o p u l a t i o n l i v i n g o n $2 p e r d a y o r l e s slinks to prepared graphs @ click here for one-page instruction guide人均收入和▪预期寿命▪婴儿死亡率▪每十万人死于疟疾的人数▪成年人识字率▪每百人拥有的移动电话数量任何对长期经济增长率产生的影响——即使很细微——在长期将对生活水平产生巨大影响1,081.4%243.7%85.4%624.5%169.2%64.0%2.5%2.0%…100 years …50 years …25 years 在…年后生活水平将增加年人均收入增长率在美国，如果人均GDP的年均增长率提高10%，那么在2000-2010这十年间，人均收入将增加$2,782 。

中级宏观经济学

三、完全竞争的四个前提条件
• 1.市场上有大量的买者和卖者。由于市场上有无数的买者和卖者，所
以任何一个买者买与不买，买多买少以及任何一个卖者卖与不卖，卖多卖少，都不会对市场的价格水平产生任何影响。在这样的市场中，每一个消费者和厂商对市场价格没有任何控制力量，他们只能是价格接受者。
• 2. 是每个厂商生产的产品全都是同样的。厂商之间提供的产品是完全无差别的，对消费者来说，无法区分产品是由哪家厂商生产的，在这种情况下，如果有一个厂商单独提价，那么，他的产品就会完全卖不出去，这个条件进一步强化了在完全竞争市场上每一个买者和卖者都是被动的价格接受者。
•
弄虚作假要不得，踏实肯干第一名。 22:40:1 122:4 0:1122:4011/ 19/20 20 10:40:11 PM
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安全象只弓，不拉它就松，要想保安全，常把弓弦绷。20. 11.192 2:40:1 122:4 0Nov-2019-Nov-20
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重于泰山，轻于鸿毛。22:40:1122:4 0:1122:40Thu rsday, November 19, 2020
•
不可麻痹大意，要防微杜渐。20.11.1 920.11 .1922:40:112 2:40:1 1November 19, 2020
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加强自身建设，增强个人的休养。20 20年11 月19 日下午1 0时40 分20.11 .1920. 11.19
•
追求卓越，让自己更好，向上而生。 2020年 11月1 9日星期四下午10时4 0分11 秒22:4 0:1120. 11.19
四、美男芝教条—获得诺奖必须满足的三个条件
• 第一，美国公民，因为获奖者，美国人最多，有不少人虽然出生在美国之外，可是，是到美国后，才取得成绩、获奖的。

中级宏观经济学(第1-3章)

凯恩斯主义
无论从短期还是长期看，在失业和通货膨胀之间确实存在着可靠的交替关系。
弗里德曼
通货膨胀和失业之间总是存在着暂时的交替关系，没有永久的交替。暂时的交替关系本质上不是来自通胀，而是来自上升的通货膨胀率
第三节凯恩斯主义与货币主义
菲利普斯曲线
凯恩斯
对于衰退而言，财政政策优于货币政策。财政政策直接影响
古典经济模型的主要假设
所有经济当事人都是理性的，且没有货币幻觉。所有市场都是完全竞争的。所有经济当事人在交易前都拥有关于市场条件和价格的完全信息。交易只有在所有市场都建立了出清价格时才能达成。当事人有稳定的预期。
核心观点：
市场机制会迅速而有效的运作，使经济恢复到充分就业的均
总需求，通过乘数作用和市场传导机制影响产出。
弗里德曼货币政策不仅非常有效，而且货币的变化的确可以解释产出的大多数波动状况（大萧条）。
第三节凯恩斯主义与货币主义
宏观经济政策的作用
凯恩斯主义
日益庞大的宏观计量经济模型，作为政策制定的指导。弗里德曼简单地控制货币的稳定增长，市场机制会调节经济的非均衡状况。
20世纪70年代大多数西方国
的当前值和历史值，得到的是经济变量在过去
家出现了滞涨现象，对凯恩斯主义
经济形成了挑战。以卢卡斯（Lucas）、巴罗（Barro）、萨金特（Sargent）为代表的观点认为，凯恩斯主义经济学忽略了预期对行为的影响。由于
的政策和历史情况下成立的关系集合。没有明
确的将预期融入模型。
第一节凯恩斯的主要观点
就业－货币－价格
劳动力市场并不能总是保证市场出清，如果货币工资具有刚性（导致实际工资高于出清水平），非自愿失业很可能是劳动力市场的一个特征。

2024版年度宏观经济学全套课件PDF版1

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03
货币市场与资本市场均衡
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货币市场均衡原理及政策工具
货币市场均衡原理
货币市场的均衡是由货币供给和货币需求之间的平衡关系决定的。当货币供给等于货币需求时，货币市场达到均衡状态。
货币政策工具
中央银行通过调整存款准备金率、再贴现率和公开市场操作等货币政策工具来影响货币市场的均衡。
03
财政政策与货币政策的协调配合
阐述在开放经济下，财政政策与货币政策如何相互配合，以达到更好的宏观调控效果。
2024/2/2
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05
经济增长、经济发展与全球经济一体化
2024/2/2
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经济增长理论及实践
经济增长定义及衡量指标
国内生产总值（论、内生增长理论等
绿色低碳发展成为全球共识
全球经济治理体系变革与重构
应对气候变化和环境问题已成为全球共同面临的挑战。应积极推动绿色低碳发展，加强生态文明建设，实现可持续发展。
当前全球经济治理体系存在诸多问题和挑战，亟待变革与重构。应积极参与全球经济治理体系改革和建设，推动建立更加公正合理的国际经济秩序。
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开放经济下宏观经济政策分析
2024/2/2
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汇率制度选择与外汇市场干预
汇率制度类型及特点
包括固定汇率制度、浮动汇率制度等，分析各种汇率制度的优缺点及适用条件。
汇率决定理论
阐述购买力平价理论、利率平价理论等汇率决定理论，解释汇率波动的原因及影响因素。
外汇市场干预手段与效果
介绍中央银行外汇市场干预的手段，如直接干预和间接干预，分析干预的效果及影响因素。
利率联动
货币市场利率的变动会影响资本市场的资金成本和投资收益，进而对资本市场产生影响。

中级宏观经济学课件_1

bad inflation.
How we learn Economics: Models
…are simplified versions of a more complex reality
•
irrelevant details are stripped away
Used to
•
•
•
show the relationships between economic variables explain the economy’s behavior devise policies to improve economic performance
GDP: Observations
1.
2.
Long-term upward trend. Income more than doubled over last 30 years in US. Short-run disruptions in the trend: recessions.
Unemployment: Observations
D
Quantity of cars
Q
The market for cars: supply
supply equation:
Q S (P , Ps )
s
Price of cars
P
S
The supply curve shows the relationship between quantity supplied and price, other things equal.
Why learn macroeconomics?

The macroeconomy affects society’s well-being.

中级宏观经济学macro-ch8

( + n + g)k = 收支平衡的投资:
即维持人均资本 k 不变所必需的投资量包括:
k 折旧 n k 为新工人提供资本所需要的投资
g k 为由于技术进步所创造的新的“效率工人” 提供资本所需要的投资
11/21/2019
slide 7
Tech. progress in the Solow model
slide 21
1. Evaluating the Rate of Saving
1. k = 2.5 y
2. k = 0.1 y
3. MPK k = 0.3 y
To determine MPK, divide 3 by 1:
MPK k 0.3 y
k
2.5 y
MPK 0.3 0.12
1. Evaluating the Rate of Saving
1. k = 2.5 y
2. k = 0.1 y
3. MPK k = 0.3 y
To determine , divide 2 by 1:
k 0.1y k 2.5 y

0.1 0.04
2.5
11/21/2019
so n + g = 0.03
Thus, in the U.S.,
MPK = 0.08 > 0.03 = n + g
结论:
美国经济（资本存量）低于黄金律稳定状态：如果提高储蓄率（即提高投资水平），经济将获得更快的增长，并最终达到更高人均消费水平的新的稳定状态
11/21/2019
slide 23
c* = y* i*
= f (k*) ( + n + g) k*

亚伯《中级宏观经济学》笔记和课后习题详解(宏观经济学概述)【圣才出品】

第1章宏观经济学概述1.1 复习笔记一、宏观经济学的研究内容宏观经济学（macroeconomics）研究国民经济构成及其运行，以及政府用以调节经济运行的政策。

宏观经济学关注六个方面的问题：①一国长期经济增长的决定因素是什么？②一国经济波动的根源是什么？③失业产生的原因是什么？④引起价格上涨的因素是什么？⑤一国作为全球经济体系的一部分，如何影响其他国家的经济？⑥政府政策能否用来改善一国经济的运行？1．长期经济增长（1）富国与穷国存在差距的原因富国在其历史的某一时点上经历过长期的经济高速增长，而穷国要么从未经历过持续的经济增长，要么其经济增长的成果因随后的经济衰退而损失殆尽。

（2）美国的长期经济增长的原因①人口增加为经济发展提供了源源不断的劳动力。

②给定劳动力数量的条件下劳动所带来的产量的增加。

平均劳动生产率（average labor productivity）指单位劳动投入（如每位工人或每单位工作时间）所生产的产量。

（3）经济增长率的决定因素①储蓄率和投资率的增加。

②技术进步率以及其他一些有助于提高机器和工人生产率的因素。

2．经济周期美国产出的增长历程表明：产出的增长路径并不总是平滑的，而是存在谷峰和谷底。

宏观经济学家用经济周期来描绘经济活动的短期收缩与扩张，但一些非常剧烈的收缩与扩张有时并不是经济周期。

经济周期的下降阶段为衰退期，在这一时期国民产出可能下降，也可能以极慢的速度增长。

衰退对许多人而言意味着陷入经济困境，此外，衰退还是一个重要的政治焦点。

因为对于每个希望再次当选的政治家来说，经济在其任期间内处于繁荣期（而不是衰退期）将使其再次当选的把握更大。

3．失业经济衰退往往伴随着失业（unemployment）。

失业是指有能力工作并正在积极寻找工作的劳动者未能找到工作的现象。

失业率是用来衡量失业最常见的指标，其计算公式为失业人口除以总劳动力人口，其中，总劳动力人口指正在工作或正在寻找工作的劳动者的总数目。

中级宏观经济学（伯南克版）第二章参考答案

Answers to Textbook ProblemsReview Questions1. The three approaches to national income accounting are the product approach, theincome approach, and the expenditure approach. They all give the same answer because they are designed that way; any entry based on one approach has an entry in the other approaches with the same value. Whenever output is produced and sold, its production is counted in the product approach, its sale is counted in the expenditure approach, and the funds received by the seller are counted in the income approach.2. Goods are measured at market value in GDP accounting so that different types of goodsand services can be added together. Using market prices allows us to count up the total dollar value of all the economy’s output. T he problem with this approach is that not all goods and services are sold in markets, so we may not be able to count everything.Important examples are homemaking and environmental quality.3. Intermediate goods and services are used up in producing other goods in the same period(year) in which they were produced, while final goods and services are those that arepurchased by consumers or are capital goods that are used to produce future output. The distinction is important, because we want to count only the value of final goods produced in the economy, not the value of goods produced each step along the way.4. GNP is the market value of final goods and services newly produced by domestic factorsof production during the current period, whereas GDP is production taking place within a country.Thus, GNP differs from GDP when foreign factors are used to produce output in acountry, or when domestic factors are used to produce output in another country. GDP = GNP – NFP, where NFP = net factor payments from abroad, which equals income paid to domestic factors of production by the rest of the world minus income paid to foreign factors of production by the domestic economy. A country that employs many foreign workers will likely have negative NFP, so GDP will be higher than GNP.5. The four components of spending are consumption, investment, government purchases,and net exports. Imports must be subtracted, because they are produced abroad and we want GDP to count only those goods and services produced within the country. Forexample, suppose a car built inJapan is imported into the United States. The car counts as consumption spending in U.S.GDP, but is subtracted as an import as well, so on net it does not affect U.S. GDP.However, it is counted in Japan’s GDP as an export.6. Private saving is private disposable income minus consumption. Private disposableincome is total output minus taxes paid plus transfers and interest received from thegovernment. Private saving is used to finance investment spending, the governmentbudget deficit, and the current account.National saving is private saving plus government saving.7. National wealth is the total wealth of the residents of a country, and consists of itsdomestic physical assets and net foreign assets. Wealth is important because the long-run economic well-being of a country depends on it. National wealth is related to national saving because national saving is the flow of additions to the stock of national wealth.8. Real GDP is the useful concept for figuring out a country’s growth performance.Nominal GDP may rise because of increases in prices rather than growth in real output.9. The CPI is a price index that is calculated as the value of a fixed set of consumer goodsand services at current prices divided by the value of the fixed set at base-year prices.CPI inflation is the growth rate of the CPI. CPI inflation overstates true inflation because it is hard to measure changes in quality, and because t he price index doesn’t account for substitution away from goods that become relatively more expensive towards goods that become relatively cheaper.10. The nominal interest rate is the rate at which the nominal (or dollar) value of an assetincreases over time. The real interest rate is the rate at which the real value or purchasing power of an asset increases over time, and is equal to the nominal interest rate minus the inflation rate. The expected real interest rate is the rate at which the real value of an asset is expected to increase over time. It is equal to the nominal interest rate minus the expected inflation rate. The concept that is most important to borrowers and lenders is the expected real interest rate, because it affects their decisions to borrow or lend.Numerical Problems1. GDP is the value of all final goods and services produced during the year. The finaloutput of coconuts is 1000, which is worth 500 fish, because two coconuts are worth one fish. Of the 500 fish caught during the year, the 100 fish used as fertilizer are anintermediate good, so the final output is 400 fish. So in terms of fish, GDP consists of 500 fish worth of coconuts plus 400 fish, with a total value of 900 fish.To find consumption and investment, we must find out what happens to all the coconuts and fish. Gilligan consumes all his 200 coconuts (worth 100 fish) and 100 fish, so hisconsumption is worth 200 fish. The Professor stores 100 coconuts with a value of 50 fish.In an ideal accounting system, these stored coconuts would be treated as investment.However, in the national income accounts, because it is so difficult to tell when durable goods are consumed and when they are saved, they are counted as consumption. So the Professor’s consumption consists of 800 co conuts (value 400 fish) and 300 fish, for atotal value of 700 fish. Thus the economy’s total consumption is valued at 900 fish and investment is zero.In terms of income, Gilligan’s income is clearly worth 200 fish (100 fish plus 200coconuts worth 100 f ish). The Professor’s income is less easily calculated, because he uses 100 fish to fertilize the coconut trees. These 100 fish are therefore not income tohim. Thus the Professor’s income is800 coconuts (1000 coconuts minus the 200 coconuts paid to Gilligan) plus 300 fish(500 fish minus 100 fish paid to Gilligan and minus 100 fish used as fertilizer). In terms of fish, the Professor’s income has a value of 700 fish.This question illustrates some of the nuances of national income accounting. Manydifficult choices and measurement issues are involved in constructing the accounts. Here, for example, it is clear that what we call consumption really isn’t just the amount ofgoods consumers use up during the year, but also includes consumption goods that are purchased but saved for the future. Since there is no way to measure when goods areused after they are purchased, the accounts are unable to distinguish consumption from storage of goods.Another subtlety is the treatment of the fish used as fertilizer. If the fertilizer increases future output rather than current output, then the fertilizer is not used up during the year and represents investment of 100 fish. In this case, GDP would equal 1000 fish,consumption is 900 fish, investment is 100 fish, the Pr ofessor’s income is 800 fish, and Gilligan’s income is 200 fish.2. (a) Furniture made in North Carolina that is bought by consumers counts asconsumption,so consumption increases by $6 billion, investment is unchanged, governmentpurchases are unchanged, net exports are unchanged, and GDP increases by $6billion.(b) Furniture made in Sweden that is bought by consumers counts as consumption andimports,so consumption increases by $6 billion, investment is unchanged, governmentpurchases are unchanged, net exports fall by $6 billion, and GDP is unchanged.(c) Furniture made in North Carolina that is bought by businesses counts as investment,so consumption is unchanged, investment increases by $6 billion, governmentpurchases are unchanged, net exports are unchanged, and GDP increases by $6billion.(d) Furniture made in Sweden that is bought by businesses counts as investment andimports,so consumption is unchanged, investment increases by $6 billion, governmentpurchases are unchanged, net exports decline by $6 billion, and GDP is unchanged.3. (a) ABC produces output valued at $2 million and has total expenses of $1.3 million ($1million for labor, $0.1 million interest, $0.2 million taxes). So its profits are $0.7million. XYZ produces output valued at $3.8 million ($3 million for the threecomputers that were sold, plus $0.8 million for the unsold computer in inventory)and has expenses of $3.2 million ($2 million for components, $0.8 million for labor,and $0.4 million for taxes). So its profits are $0.6 million.According to the product approach, the GDP contributions of these companies are$3.8 million, the value of the final product of XYZ. ABC’s production is of anintermediate good, used completely by XYZ, and so is not counted in GDP.According to the expenditure approach, the GDP contribution is also $3.8 million,with$3 million (of sold computers) adding to the capital stock (as investment spending),and $0.8 million (the unsold computer) as inventory investment.The income approach yields the same GDP total contribution. The amounts are:ABC XYZ TOTAL Labor $1.0 million $0.8 million $1.8 millionProfit $0.7 million $0.6 million $1.3 millionTaxes $0.2 million $0.4 million $0.6 millionInterest $0.1 million $0.0 million $0.1 millionTotal of all incomes $3.8 million(b) If ABC pays an additional $.5 million for computer chips from abroad, the resultschange slightly. The correct answer is easiest to see using the expenditure approach.As in part a, there is $3.8 million spent on final goods, but now there are also netexports of –$0.5 million. So the total expenditure on domestically produced goods isonly $3.3 million. The product approach gets the same answer because the $0.5million is a contribution to GDP of the country in which the chips were made, and so must be deducted from the GDP of the United States. The value added in the UnitedStates is only $3.3 million. Finally, the income approach gives the same answer as inpart a, except that the cost of importing the chips reduces ABC’s profits by $0.5million, so the sum of the incomes is only $3.3 million.4. (a) Product approach: $2 =gas station’s value added = $28 product minus $26 value ofproduct produced in the previous year. Expenditure approach: $2 = $28 consumptionspending plus inventory investment of –$26. Income approach: $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits).(b) Product approach: $60,000 broker’s fee for providing brokerage services.Expenditure approach: $60,000 counts as residential investment made by thehomebuyer. The important point here is that the transfer of an existing good, even ata higher value than that at which it was originally sold, does not add to GDP. Incomeapproach: $60,000 income to the broker for wages,profits, etc.(c) Product approach: $40,000 salary plus $16,000 childcare equals $56,000. Note thatthere is a sense in which the childcare is an intermediate service and should not becounted, because without it the homemaker would not be able to work. But inpractice there is no way to separate such intermediate services from final services, so they are all added to GDP. Expenditure approach: $56,000 ($16,000 consumptionspending on child care services plus $40,000 in categories that depend on what jobthe homemaker has). Income approach: $56,000 ($40,000 compensation ofhomemaker plus $16,000 income to the factors producing the child care: employees’wages, interest, taxes, profits).(d) Product approach: $100 million of a capital good. Since it is produced with locallabor and materials, and assuming no payments go to Japanese factors of production,this is all added to U.S. GDP. Expenditure approach: $100 million net exports, sincethe plant is owned by the Japanese. (It is not part of gross domestic investmentbecause the plant is not a capital good owned by U.S. residents.) Income approach:$100 million paid to U.S. factors of production.(e) Product approach: $0 because nothing is produced. Expenditure approach: $0because this is a transfer, not a government purchase of goods or services. Incomeapproach: $0, because this is not a payment to a factor of production, just a transfer.(f) Product approach: $5,000 worth of advertising services. Expenditure approach:$5,000 of government purchases. Income approach: $5,000 compensation ofemployees.(g) Product approach: $120 million composed of $100 million of new cars producedplus $20 million of sales services provided by the consortium ($60 million salesprice minus $40 million cost). Expenditure approach: $100 million by Hertz asinvestment plus $60 million by the public for consumption of the used cars minus$40 million of investment goods sold by Hertz, for a total of $120 million. Incomeapproach: $100 million to the factors of production of GM plus $20 million inpayments to the factors of production and profits for the consortium.5. Given data: I= 40, G= 30, GNP= 200, CA=–20 =NX+NFP, T =60, TR= 25, INT=15, NFP=7 –9 =–2. Since GDP=GNP–NFP, GDP= 200 – (–2) = 202 =Y. Since NX+NFP=CA,NX=CA–NFP=–20 – (–2) =–18. Since Y=C+I+G+NX, C=Y– (I+G+NX) = 202 – (40 + 30 + (–18)) = 150.S pvt= (Y+NFP – T+TR+INT) –C= (202 + (–2) – 60 + 25 + 15) –150 = 30. S govt= (T –TR–INT) –G= (60 – 25 – 15) – 30 =–10. S=S pvt+S govt= 30 + (–10) = 20.(a) Consumption = 150(b) Net exports =–18(c) GDP = 202(d) Net factor payments from abroad =–2(e) Private saving = 30(f) Government saving =–10(g) National saving = 206.Base-year quantities at current-year prices at base-year pricesApples 3000 ⨯ $3 =$ 9,0003000 ⨯ $2 = $ 6,000Bananas 6000 ⨯ $2 = $12,000 6000 ⨯ $3 = $18,000 Oranges 8000 ⨯ $5 = $40,000 8000 ⨯ $4 = $32,000 Total $61,000 $56,000 Current-year quantities at current-year prices at base-year prices Apples 4,000 ⨯ $3 = $ 12,000 4,000 ⨯ $2 = $ 8,000 Bananas 14,000 ⨯ $2 = $ 28,000 14,000 ⨯ $3 = $ 42,000 Oranges 32,000 ⨯ $5 =$160,00032,000 ⨯ $4 = $128,000Total $200,000$178,000(a) Nominal GDP is just the dollar value of production in a year at prices in that year.Nominal GDP is $56 thousand in the base year and $200 thousand in the currentyear. Nominal GDP grew 257% between the base year and the current year:[($200,000/$56,000) – 1] ⨯ 100% = 257%.(b) Real GDP is calculated by finding the value of production in each year at base-yearprices.Thus, from the table above, real GDP is $56,000 in the base year and $178,000 in thecurrent year. In percentage terms, real GDP increases from the base year to thecurrent year by[($178,000/$56,000) – 1] ⨯ 100% = 218%.(c) The GDP deflator is the ratio of nominal GDP to real GDP. In the base year,nominal GDP equals real GDP, so the GDP deflator is 1. In the current year, theGDP deflator is $200,000/$178,000 = 1.124. Thus the GDP deflator changes by[(1.124/1) – 1] ⨯ 100% = 12.4% from the base year to the current year.(d) Nominal GDP rose 257%, prices rose 12.4%, and real GDP rose 218%, so most ofthe increase in nominal GDP is because of the increase in real output, not prices.Notice that the quantity of oranges quadrupled and the quantity of bananas morethan doubled.7. Calculating inflation rates:1929–30: [(50.0/51.3) – 1] ⨯ 100% =–2.5%1930–31: [(45.6/50.0) – 1] ⨯ 100% =–8.8%1931–32: [(40.9/45.6) – 1] ⨯ 100% =–10.3%1932–33: [(38.8/40.9) – 1] ⨯ 100% = –5.1%These all show deflation (prices are declining over time), whereas recently we have had nothing but inflation (prices rising over time).8. The nominal interest rate is [(545/500) – 1] ⨯ 100% = 9%. The inflation rate is [(214/200)– 1] ⨯ 100% = 7%. So the real interest rate is 2% (9% nominal rate – 7% inflation rate).Expected inflation was only [(210/200) – 1] ⨯ 100% = 5%, so the expected real interest rate was 4% (9% nominal rate – 5% expected inflation rate).9. (a) The annual rate of inflation from January 1, 2005, to January 1, 2007, is 10%. Thiscan be found by calculating the constant rate of inflation that would raise the deflator from 200 to 242 in two years. This gives the equation (1 +π)(1 +π) = (242/200),which has the solution π= 10%.An easy way to think about this question is this. A constant inflation rate of π raisesthe deflator from 200 on January 1, 2005, to 200 ⨯ (1 +π) on January 1, 2006, and to200 ⨯ (1 +π) ⨯ (1 +π) = 242 on January 1, 2007. So we need to solve the expression(1 +π)2= 242/200.(b) By similar reasoning, the inflation rate over the three-year period is (1 +π)3=266.2/200,or π= 10%.(c) We can derive a general expression in the same way:1 +π=P1/P01 +π=P2/P1⋅⋅⋅⋅⋅⋅⋅⋅⋅1 +π=P n/P n–1Multiplying all these lines together, we get:(1 +π)n= (P1/P0) ⨯ (P2/P1) ⨯⋅⋅⋅⨯ (P n/P n –1) =P n/P0Analytical Problems1. The key to this question is that real GDP is not the same thing as well-being. People maybe better off even if real GDP is lower; for example, this may occur because theimprovement in the health of workers is more valuable to society than the loss of GDP due to the regulation. Ideally, we would like to be able to compare the costs and benefits of such regulations; they should be put in place if the overall costs (the reduced GDP in this case) are valued less than the overall benefits (the workers’ health).2. National saving does not rise because of the switch to CheapCall because althoughconsumption spending declines by $2 million, so have total expenditures (GDP), which equal total income. Since income and spending both declined by the same amount,national saving is unchanged.3. (a) The problem in a planned economy is that prices do not measure market value.When the price of an item is too low, then goods are really more expensive than their listed price suggests—we should include in their market value the value of timespent by consumers waiting to make purchases. Because the it em’s value exceeds its cost, measured GDP is too low.When the price of an item is too high, goods stocked on the shelves may be valuedtoo highly. This results in an overvaluation of firms’ inventories, so that measuredGDP is too high.A possible strategy for dealing with this problem is to have GDP analysts estimatewhat the market price should be (perhaps by looking at prices of the same goods inmarket economies) and use this ―shadow‖ price in the GDP calculations.(b) The goods and services that people produce at home are not counted in the GDPfigures because they are not sold on the market, making their value difficult tomeasure. One way to do it might be to look at the standard of living relative to amarket economy, and estimate what income it would take in a market economy tosupport that standard of living.4. Under the old definition, old govt S = (T – TR – INT ) – G ; under the new definition, new govt S =(T – TR – INT ) – GCE , where GCE = government consumption expenditures, G = GCE + GI ,and GI = government investment. With those definitions: old govt S = (T – TR – INT ) – G= (T – TR – INT ) – (GCE+ GI )= [(T – TR – INT ) – GCE ]– GI= new govt S – GI .The uses-of-savings identity isS pvt = I + ()old govt -S + CA= I – ()new govt -S GI + CA= I + GI + ()new govt -S + CA .Using data for 2002, the old uses-of-savings identity is (where sd is the statisticaldiscrepancy):S pvt + sd = I + ()old govt -S + CA1595 + (–117) = 1593 + 374 + (–489)1478 = 1478 so the identity holds.The new uses-of-savings identity is:S pvt + sd = I + GI + ()new govt -S + CA1595 + (–117) = 1593 + 352 +22 + (–489)1478 = 1478 so the identity holds.。

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