2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 2 AggregateOutput Nationalincomeandproductaccountsareanaccountingsystemusedtomeasureofaggregateeconomicactivity Themeasureofaggregateoutputinthenationalincomeaccountsisgrossdomesticproduct orGDP whichcanbemeasuredorthoughtfromtheproductionside aggregateproduction ortheincomeside aggregateincome andtheresultsofbothwaysarealwaysequalintheory 2 1 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 3 SNA SystemofNationalAccount 联合国SNA体系的五大统计表 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 4 GDP ProductionandIncome TherearethreewaysofdefiningGDP GDPisthevalueofthefinalgoodsandservicesproducedintheeconomyduringagivenperiod Afinalgoodisagoodthatisdestinedforfinalconsumption Anintermediategoodisagoodusedintheproductionofanothergood 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 5 GDP ProductionandIncome TherearethreewaysofdefiningGDP GDPisthesumofvalueaddedintheeconomyduringagivenperiod Valueaddedequalsthevalueofafirm sproductionminusthevalueoftheintermediategoodsitusesinproduction 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 6 GDP ProductionandIncome TherearethreewaysofdefiningGDP GDPisthesumoftheincomesintheeconomyduringagivenperiod 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 7 Steelcompany firm1 carcompany firm2 Revenuesfromsales 100Revenuesfromsales 210Expenses 80Expenses 170wages 80wages 70Steelpurchases 100profit 20profit 40 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 8 TableA1 1U SGDP Theincomeside 2001 billionsofdollars FromgrossdomesticproducttoPersonaldisposableincome 1 Grossdomesticproduct GDP 102082 Plus receiptoffactorincomefromtherestoftheworld3353 Minus paymentsoffactorincometotherestoftheworld 3414 Equals grossnationalproduct GNP 102025 minus consumptionoffixedcapital 13516 Equals Netnationalproduct NNP 88517 Minus indirecttaxes 7948 Minus others includingstasticaldiscrepancy1609 EqualS Nationalincome NI 821710 Minus corporateprofits 76711 plus personaldividendincome41612 Minus netinterst 55413 Plus personalinterestincome99314 plus governmentandbusinesstransfers114915 Minus contributionsforsocialinsurance 73116 Equals personalincome872317 Minus personaltaxandnontaxpayment 130618 Equals Personaldisposableincome7417 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 9 TableA1 3U SGDP Theproductside 2001 billionsofdollars 1 Grossdomesticproduct GDP 102082 Personalconsumptionexpenditures70643 Durablegoods8584 Nondurablegoods20555 Services41516 Grossprivatedomesticfixedinvestment16927 Nonresidential12468 Structures3309 Equipmentandsoftware91610 Residential44611 Governmentpurchases183912 Federal61613 Nationaldefense39914 Nondefense21715 Stateandlocal122316 Netexports 33017 Export105018 Imports 138019 Changesinbusinessinventories 58 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 10 NominalandRealGDP NominalGDPisthesumofthequantitiesoffinalgoodsproducedtimestheircurrentprice NominalGDPincreasesovertimebecause Theproductionofmostgoodsincreasesovertime Thepricesofmostgoodsalsoincreaseovertime RealGDPisconstructedasthesumofthequantitiesoffinalgoodstimesconstant ratherthancurrent prices 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 11 NominalandRealGDP ToconstructrealGDP multiplythenumberofcarsineachyearbyacommonprice Supposeweusethepriceofthecarin2000asthecommonprice Thisapproachgivesus ineffect realGDPin2000dollars 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 12 NominalandRealGDP NominalGDPisalsocalleddollarGDPorGDPincurrentdollars RealGDPisalsocalledGDPintermsofgoods GDPinconstantdollars GDPadjustedforinflation orGDPin2000dollars GDPwillrefertorealGDP andYtwilldenoterealGDPinyeart NominalGDPwillbedenotedbyadollarsigninfrontofit Yt RealGDP TechnologicalProgress andthePriceofComputers Hedonicpricingputsanimplicitpriceoneachofagood scharacteristics 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 13 NominalandRealGDP From1960to2003 nominalGDPincreasedbyafactorof21 RealGDPincreasedbyafactorof4 NominalandRealGDPU S GDPSince1960 Figure1 2 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 14 NominalandRealGDP RealGDPpercapitaistheratioofrealGDPtothepopulationofthecountry GDPgrowthequals PeriodsofpositiveGDPgrowtharecalledexpansions PeriodsofnegativeGDPgrowtharecalledrecessions 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 15 NominalandRealGDP Figure2 2 GrowthRateofU S GDPSince1960 Since1960 theU S economyhasgonethroughaseriesofexpansionsinterruptedbyshortrecessions 2006PrenticeHallBusinessPublishingMacroeconomics 4 eOlivierBlanchard 16 TheOtherMajorMacroeconomicVariables GDPisobviouslythemostimportantmacroeconomicvariable Buttwoothervariablestellusaboutotherimportantaspectsofhowaneconomicisperforming UnemploymentInflation 2 2 2006PrenticeHallBusinessPublishingMacroeco