宏观经济学英文课件.ppt
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Learningobjectives,Thischapterintroducesyoutotheissuesmacroeconomistsstudythetoolsmacroeconomistsusesomeimportantconceptsinmacroeconomicanalysis,Importantissuesinmacroeconomics,Whydoesthecostoflivingkeeprising?
Whyaremillionsofpeopleunemployed,evenwhentheeconomyisbooming?
Whyarethererecessions?
Canthegovernmentdoanythingtocombatrecessions?
Shouldit?
Importantissuesinmacroeconomics,Whatisthegovernmentbudgetdeficit?
Howdoesitaffecttheeconomy?
WhydoestheU.S.havesuchahugetradedeficit?
Whyaresomanycountriespoor?
Whatpoliciesmighthelpthemgrowoutofpoverty?
U.S.GrossDomesticProductinbillionsofchained1996dollars,U.S.GrossDomesticProductinbillionsofchained1996dollars,Whylearnmacroeconomics?
Themacroeconomyaffectssocietyswell-being.example:
Unemploymentandsocialproblems,Unemploymentandsocialproblems,Eachone-pointincreaseintheunemploymentrateisassociatedwith:
920moresuicides650morehomicides4000morepeopleadmittedtostatementalinstitutions3300morepeoplesenttostateprisons37,000moredeathsincreasesindomesticviolenceandhomelessness,Whylearnmacroeconomics?
Themacroeconomyaffectssocietyswell-being.example:
Unemploymentandsocialproblems,Themacroeconomyaffectsyourwell-being.example1:
Unemploymentandearningsgrowthexample2:
Interestratesandmortgagepayments,Unemploymentandearningsgrowth,Interestratesandmortgagepayments,Fora$150,00030-yearmortgage:
$11,782,$981,6.84%,Dec2001,$12,771,$1064,7.65%,Whylearnmacroeconomics?
Themacroeconomyaffectssocietyswell-being.example:
Unemploymentandsocialproblems,Themacroeconomyaffectsyourwell-being.example1:
Unemploymentandearningsgrowthexample2:
Interestratesandmortgagepayments,Themacroeconomyaffectspolitics¤tevents.example:
Inflationandunemploymentinelectionyears,InflationandUnemploymentinElectionYears,yearUrateinflationrateelec.outcome19767.7%5.8%Carter(D)19807.1%13.5%Reagan(R)19847.5%4.3%Reagan(R)19885.5%4.1%BushI(R)19927.5%3.0%Clinton(D)19965.4%3.3%Clinton(D)20004.0%3.4%BushII(R),Economicmodels,aresimpliedversionsofamorecomplexrealityirrelevantdetailsarestrippedawayUsedtoshowtherelationshipsbetweeneconomicvariablesexplaintheeconomysbehaviordevisepoliciestoimproveeconomicperformance,Exampleofamodel:
Thesupply&demandfornewcars,explainsthefactorsthatdeterminethepriceofcarsandthequantitysold.assumesthemarketiscompetitive:
eachbuyerandselleristoosmalltoaffectthemarketpriceVariables:
Qd=quantityofcarsthatbuyersdemandQs=quantitythatproducerssupplyP=priceofnewcarsY=aggregateincomePs=priceofsteel(aninput),Thedemandforcars,showsthatthequantityofcarsconsumersdemandisrelatedtothepriceofcarsandaggregateincome.,Digression:
Functionalnotation,Generalfunctionalnotationshowsonlythatthevariablesarerelated:
Digression:
Functionalnotation,Generalfunctionalnotationshowsonlythatthevariablesarerelated:
Aspecificfunctionalformshowstheprecisequantitativerelationship:
Themarketforcars:
demand,QQuantityofcars,PPriceofcars,Thedemandcurveshowstherelationshipbetweenquantitydemandedandprice,otherthingsequal.,Themarketforcars:
supply,Themarketforcars:
equilibrium,Theeffectsofanincreaseinincome:
Anincreaseinincomeincreasesthequantityofcarsconsumersdemandateachprice,whichincreasestheequilibriumpriceandquantity.,Theeffectsofasteelpriceincrease:
AnincreaseinPsreducesthequantityofcarsproducerssupplyateachprice,whichincreasesthemarketpriceandreducesthequantity.,Endogenousvs.exogenousvariables:
Thevaluesofendogenousvariablesaredeterminedinthemodel.Thevaluesofexogenousvariablesaredeterminedoutsidethemodel:
themodeltakestheirvalues&behaviorasgiven.Inthemodelofsupply&demandforcars,Nowyoutry:
Writedowndemandandsupplyequationsforwirelessphones;includetwoexogenousvariablesineachequation.Drawasupply-demandgraphforwirelessphones.Useyourgraphtoshowhowachangeinoneofyourexogenousvariablesaffectsthemodelsendogenousvariables.,AMultitudeofModels,Noonemodelcanaddressalltheissueswecareabout.Forexample,Ifwewanttoknowhowafallinaggregateincomeaffectsnewcarprices,wecanusetheS/Dmodelfornewcars.Butifwewanttoknowwhyaggregateincomefalls,weneedadifferentmodel.,AMultitudeofModels,Sowewilllearndifferentmodelsforstudyingdifferentissues(e.g.unemployment,inflation,long-rungrowth).Foreachnewmodel,youshouldkeeptrackofitsassumptions,whichofitsvariablesareendogenousandwhichareexogenous,thequestionsitcanhelpusunderstand,andthoseitcannot.,Prices:
FlexibleVersusSticky,Marketclearing:
anassumptionthatpricesareflexibleandadjusttoequatesupplyanddemand.Intheshortrun,manypricesaresticky-theyadjustonl