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1、CHAPTER 2NATIONAL INCOME ACCOUNTINGChapter Outline Real and nominal GDP The composition of GDP The value added approach The expenditure approach Price indexes Core inflation The unemployment rate Exchange rates Real and nominal interest ratesChanges from the Previous EditionAll figures and tables in
2、 this chapter have been updated, as has the data in the History Speaks Box 2-2 (former Box 2-3). Section 2-4 now includes a discussion of the cost of environmental damages which are not taken into account in the official measure of GDP.Introduction to the MaterialChapter 2 examines the meaning of gr
3、oss domestic product (GDP), the basic measure of a nation*s economic performance. The difference between gross domestic product (GDP) and gross national product (GNP) arises since part of a countrys output is produced by foreign-owned factors of production. This difference is fairly small for the U.
4、S., but it is important to stress this distinction, since in some other countries, such as Ireland and Switzerland, the difference is substantial. While the concepts are similar, current international comparisons often use GNI (gross national income) rather than GNP.Explaining GDP in terms of factor
5、 payments will help in the study of aggregate supply and economic growth. The aggregate production function shows the factors of production (inputs, such as labor and capital) that contribute to the production of final goods and services (output). Dividing GDP into its four main spending components-
6、consumption (C), investment (I), government purchases (G) and net exports (NX)will help in the study of aggregate demand.The use and derivation of important identities in this chapter provides a basic understanding of the relationship between various macroeconomic variables. In discussing these rela
7、tionships, instructors should point out the ambiguities in cause and effect that are often present in macroeconomics. This is especially true when it comes to the relationship between private domestic saving, private domestic investment, the budget surplus and the trade surplus. An indepth discussio
8、n of these relationships will, of course, have to be delayed until later. Nonetheless, students will find it exciting and motivating to see that even the simple equations presented here can be used to address some rather complex real world problems.addition to a specified interest rate of the loan,
9、the borrower also has to pay an inflation premium equal to the percentage change in the CPI. In this case, a specified positive real rate of return can be guaranteed.Technical Problems. The text calculates the change in real GDP in 2005 prices in the following way:RGDPio- RGDPo5/RGDPo5 = 3.50 - 1.50
10、/1.50 = 1.33 = 133%.To calculate the change in real GDP in 2010 prices, we first have to calculate the GDP of 2005 in 2010 prices. Thus we take the quantities consumed in 2005 and multiply them by the prices of 2010, as follows:Beer 1 at $2.00 = $2.00Skittles 1 at $0.75 = $0.75Total$2.75The change i
11、n real GDP can now be calculated as 6.25 - 2.75/2.75 = 1.27 = 127%.We can see that the growth rate of real GDP calculated this way is roughly the same as the growth rate calculated above.1 .a. The relationship between private domestic saving, private domestic investment, the budget deficit, and net
12、exports is shown by the following identity:S -1 三(G + TR - TA) + NX.Therefore, if we assume that transfer payments (TR) remain constant, an increase in taxes (TA) has to be offset either by an increase in government purchases (G), an increase in net exports (NX), or a decrease in the difference betw
13、een private domestic saving (S) and private domestic investment (I).2.b. From the equationYD=C+Sit follows that an increase in disposable income (YD) will be reflected in an increase in consumption (C), saving (S), or both.2.c. From the equation YD = C + S it follows that when either consumption (C)
14、 or saving (S) increases, disposable income (YD) must increase as well.3.a. Since depreciation is defined as D = Ig - In = 800 - 200 = 600 =NDP = GDP - D = 6,000 - 600 = 5,400.3.b. From GDP = C + Ig + G + NX = NX = GDP - C - Ig - G =NX = 6,000 - 4,000 -800- 1,100 = 100.3.c. BS = TA - G - TR = (TA -
15、TR) = BS + G= (TA - TR) = 30 + 1,100 = 1,1303.d. YD = Y - (TA - TR) = 6,000 - 1,130 = 4,8703.e. S = YD - C = 4,870 - 4,000 = 8704.a. S = YD - C = 5,100 - 3,800 = 1,3004 .b. From S -1 = (G + TR - TA) + NX = I = S - (G + TR - TA) - NX = 1,300 - 200 -(-100)=1 = 1,200.5 .c. From Y = C + I + G + NX = G =
16、 Y - C -1 - NX =G = 6,000 - 3,800 - 1,200 -(-100) = 1,100.Also: YD = Y - TA + TR = TA - TR = Y - YD = 6,000 - 5,100 = TA - TR = 900From BS = TA - TR - G = G = (TA - TR) - BS = 900 - (-200) = G= 1,100.6 . According to Equation (2) in the text, the value of total output (in billions of dollars) can be
17、 calculated as: Y = labor payments + capital payments + profits = $6 + $2 + $0 = $8.7 .a. Since nominal GDP is defined as the market value of all final goods and services currently produced in this country, we can only measure the value of the final product (bread), and therefore we get $2 million (
18、since 1 million loaves are sold at $2 each).8 .b. An alternative way of measuring GDP is to calculate all the value added at each step of production. The total value of the ingredients used by the bakeries can be calculated as:1,200,000 pounds of flour ($1 per pound)=1,200,000100,000 pounds of yeast
19、 ($1 per pound)=100,000100,000 pounds of sugar ($ 1 per pound)=100,000100,000 pounds of salt ($ 1 per pound)=100,000=1,500,000Since $2,000,000 worth of bread is sold, the total value added at the bakeries is $500,000.9 . If the CPI increases from 2.1 to 2.3 in the course of one year, the rate of inf
20、lation can be calculated in the following way:rate of inflation = (2.3 - 2.1)/2.1 = 0.095 = 9.5%.The CPI often overstates inflation, since it is calculated by using a fixed market basket of goods and services. But the fixed weights in the CPIs market basket cannot capture the tendency of consumers t
21、o substitute away from goods whose relative prices have increased. Quality improvements in goods also often are not adequately taken into account. Therefore, the CPI will overstate the increase in consumers expenditures.10 The real interest rate (r) is defined as the nominal interest rate (i) minus
22、the rate of inflation (n). Therefore the nominal interest rate is the real interest rate plus the rate of inflation, ori = r + 7i = 3% + 4% = 7%.Empirical ProblemsAll the values obtained for GNP and NNP are based on the formulas given in the second row of the tabic and correspond with the actual num
23、bers reported by .GDPIncome receipts from ROWIncome payments to ROWGNPDepreciation (consumption of fixed capital)NNP1234= 1+2-356=4-5201015,231.7751.2535.715,447.22,399.113,048.1201115,818.7812.0539.716,091.02,483.913,419.0201216,420.3829.8572.816,677.32,575.014,102.32. U.S. real GDP growth in the y
24、ear 2012 was 2.2 percent. The growth rate of the population in the U.S. that year was 0.8 percent. Since real output grew by more than the population, U.S. real GDP per capita increased by about 0.5 percent (2.2% - 0.8% = 1.4%) in 2012.Additional Problems1. “If a house that was built ten years ago i
25、s sold today, the level of economic activity will rise. Comment on this statement.This statement would only be true if a realtor was involved in the sale of the house, as the realtor would have provided a current service for which he or she would be paid. Transactions involving existing assets such
26、as residential housing do not create economic activity in an amount equal to the value of the sale. New home construction, on the other hand, is included in the calculation of the current years GDP as it does represent current economic activity.2. Explain the initial effect of each of the following
27、events on GDP.(a) You sell your used car to a friend.(b) The value of your AT&T stock holdings decreases.(c) You buy a piece of land with the intention of building a new house.(d) A sports card dealer sells a Derek Jeter rookie card for $50.(e) A German tourist drinks Canadian beer in an American re
28、staurant.a. GDP will not change, since a used car is not part of current production. (Only if you sell the car through a dealer will GDP increase by the value of the services rendered.)A loss in stock values means a loss in wealth; therefore GDP is not directly affected. Your income (and thus GDP) w
29、ould only be affected if your dividend payments decrease.b. When you use savings to buy land, a transfer of wealth takes place and GDP is not affected. However, if a real estate agent receives a commission, then GDP will go up by the value of the services rendered.c. When the card dealer sells the r
30、ookie card, inventory decreases, so investment goes down. But selling the card to a customer increases consumption, so GDP increases but only by the value added by the dealer for the services rendered.e GDP will increase by the value added in the restaurant. If the beer was imported from Canada for
31、$1.80 and sold (exported) to a German tourist for $3.75, then net exports will increase by $1.95.3. How will each of the following events affect GDP and why?(a) Hurricane Katrina destroys large parts of New Orleans.(b) You sell your old macroeconomics textbook to another student.(c) You sell your ho
32、ldings of IBM stock.(d) Your local car dealership reduces its inventory by offering price reductions.(e) A retired worker gets an increase in Social Security benefits.a. When a hurricane destroys property, wealth is affected, not income (or GDP). However, if a significant amount of the capital stock
33、 is destroyed and/or many people die, then less can be produced later, leading to a decrease in GDP. On the other hand, the rebuilding of destroyed property results in increased economic activity that will lead to a rise in GDP.b. The sale of your textbook to another student will not constitute an o
34、fficial market transaction, since you probably will not report your income to the IRS. In addition, the textbook has already been used and is not part of current production. Therefore GDP will not be affected.c. The sale of existing stock holdings is a transfer of wealth and, as such, does not affec
35、t GDP. Any fees that you may have to pay your broker for his or her services, however, constitute payment for services rendered. GDP will increase by that amount.d. Inventory changes are counted as part of investment. A reduction in business inventories will lower the level of investment (I) and thu
36、s GDP. However, the sales of the cars will count as consumption (C) if consumers buy them, or investment (I) if firms buy them. Thus the net effect on GDP depends on the value added, that is, the difference between the cost of the cars to the dealership and the sales price of the cars.e. Transfer pa
37、yments that do not arise from productive activity are not counted in GDP. Thus GDP will not be affected when Social Security benefits arc paid. Only later, when these payments are spent, will consumption increase.4. If nominal GDP in Germany increased by 2.8% last year, but U.S. GDP increased by 4.2
38、%, can we conclude that the welfare of U.S. citizens increased by more than that of German citizens? Why or why not?A countrys nominal GDP is not a good measure of the economic welfare of its people, since nominal GDP can change solely due to inflation. Only if real GDP grows faster than population,
39、 will real income per capita increase. But real GDP per capita still does not take into account changes in income distribution, changes in environmental quality, or leisure, all of which influence the economic welfare of the people in a country. Therefore we cannot say whether the welfare of the peo
40、ple in the U.S. has increased more than that of the people in Germany.5. Comment on the following statement:“Any accumulation of inventories by firms is not included when measuring GDP.”National income accounts do include changes in inventories when measuring investment. Inventories rise when produc
41、tion exceeds sales, but fall if production falls short of demand. These changes must be allowed to affect investment. But if investment is affected, so is GDP. Otherwise total economic activity will be over- or underestimated to the extent that inventory changes are not accounted fbr.6. Comment on t
42、he following statement:“Real per-capita GDP is a good measure of economic welfare.”Real GDP per capita is an imperfect measure of economic welfare as it does not include nonmarket activities which affect well being, such as the value of household services, volunteer work, the loss of natural wildern
43、ess areas resulting from economic development, pollution, and so on. In spite of these limitations, however, real GDP per capita still does provide some measure of economic welfare.7. Assume a Hyundai dealership in Chicago bought 30 Hyundais from Korea at a cost of $15,000 per car in September of 20
44、12. By December 31, 2013 they had sold 20 of the Hyundais at a price of $18,000 each. The remaining Hyundais were sold in January of 2014 at a price of $16,000 each. How exactly does this affect the GDP in the U.S. in 2013 and 2014, and which categories of GDP (C, I, G, or NX) are affected?2013:ANX
45、= -(30*15,000) = - 450,000AC = + (20* 18,000) = + 360,000AI = + (10*15,000) = + 150,000AGDP=+ 60,000Check: The value added in 2013 is 20*3,000 = 60,000.2014:AC = + (10*16,000) = + 160,000AI =-(10*15,000) =- 150,000AGDP=+ 10,000Check: The value added in 2014 is 10*1,000 = 10,000.8. Assume last years
46、real GDP was $7,000 billion, this year*s nominal GDP is $8,820 billion, and the GDP-deflator for this year is 120. What was the growth rate of real GDP?RGDP(1) = NGDP( 1 )/GDP-deflator* 100 = 8,820/120* 100 = 7,350Since RGDP(0) = 7,000 it follows that the growth rate of RGDP isy = 7,350 - 7,000/7,00
47、0 = 0.05 = 5%.9. Assume real GDP in 2000 was $7,000 billion, nominal GDP in 2004 was $8,316 billion, and the GDP-deflator has increased from 100 to 110 between 2000 and 2004. What is the average annual growth rate of real GDP from 2000 to 2004? Do you think the welfare of all people in the country h
48、as increased during that time? Why or why not?RGDP = (NGDP/deflator)*100 = (8,316/110)*100 = 7,560Growth rate of GDP = (7,560 - 7,000)/7.000 = 560/7,000 = 0.08 = 8%Therefore real GDP has grown 8% in four years, or at an average annual growth rate of 2%.An increase in a countrys GDP is not a good measure of an increase in the economic welfare of its people. For example, nominal GDP can change solely due to inflation, and real GDP has to grow faster than the population for real income per capita, and thus living standards, to increase. But real GDP per capita still