toMacroeconomics宏观经济学加州大学詹姆斯·布

toMacroeconomics(宏观经济学-加州大学-詹姆斯·布2024/3/28toMacroeconomics(宏观经济学加州大学詹姆斯·布QuestionsHowmuchricherarewethanourparents?Howmuchricherwillourchildrenbethanourgrandparentswere?Willchangingjobsbeeasyorhardinfiveyears?Howmanyofuswillhavejobsinfiveyears?toMacroeconomics(宏观经济学加州大学詹姆斯·布QuestionsWillthebusinessesweworkforvanishasdemandfortheproductstheymakedriesup?Willinflationmakeuspoorbydestroyingoursavingsorrichbyeliminatingourdebts?toMacroeconomics(宏观经济学加州大学詹姆斯·布Macroeconomics...isthesubdisciplineofeconomicsthattriestoanswerthesesixquestionsisthebranchofeconomicsrelatedtotheeconomyasawholetoMacroeconomics(宏观经济学加州大学詹姆斯·布Macroeconomists...trytofigureoutwhyoveralleconomicactivityrisesandfallstrytounderstandwhatdeterminesthelevelandrateofchangeofthepricelevelstudyothervariablesthatplayamajorroleindeterminingtheoveralllevelsofproduction,income,employment,andpricestoMacroeconomics(宏观经济学加州大学詹姆斯·布WhyMacroeconomicsMattersCulturalLiteracyabilitytofollowandparticipateinpublicdebatesanddiscussionsunderstandingofnewsreportsonchangesintheeconomytoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.1-TheDailyFlowofEconomicNewstoMacroeconomics(宏观经济学加州大学詹姆斯·布WhyMacroeconomicsMattersSelf-InteresteffectsofmacroeconomyonourdailylivesunderstandingofchangingopportunitiesastheeconomyfluctuatestoMacroeconomics(宏观经济学加州大学詹姆斯·布WhyMacroeconomicsMattersCivicResponsibilitymoreinformedvotingmoreresponsiblemacroeconomicpolicytoMacroeconomics(宏观经济学加州大学詹姆斯·布MacroeconomicPolicyGrowthPolicypoliciestoaccelerateordeceleratelong-runeconomicgrowthmostimportantpoliciesforthelong-runtoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.2-Long-RunEconomicGrowth:SwedenandArgentina,1900-2000toMacroeconomics(宏观经济学加州大学詹姆斯·布MacroeconomicPolicyStabilizationPolicypoliciestosmoothoutthebusinesscyclebydiminishingthedepthofrecessionsanddepressionsbusinesscyclesarefluctuationsinproductionandemploymentboomsorexpansionsoccurwhenproductiongrowsandunemploymentfallsrecessionsordepressionsoccurwhenproductionfallsandunemploymentrisestoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.3-TheAmericanBusinessCycle:FluctuationsinTotalProductionRelativetotheLong-RunGrowthTrendtoMacroeconomics(宏观经济学加州大学詹姆斯·布MacroeconomicsversusMicroeconomicsMacroeconomistsexaminetheeconomyasawholefocusonthefeedbackfromonecomponentoftheeconomytoanotherstudythetotallevelofproductionandemploymentbelievethatimbalancesbetweensupplyanddemandmayberesolvedbychangesinquantitiesratherthanpricestoMacroeconomics(宏观经济学加州大学詹姆斯·布MacroeconomicsversusMicroeconomicsMicroeconomistsstudythemarketsforsinglecommoditiesandthebehaviorofindividualhouseholdsandfirmsfocusonhowcompetitivemarketsallocateresourcestocreateconsumerandproducersurplusassumethatimbalancesbetweendemandandsupplyareresolvedbychangesinpricestoMacroeconomics(宏观经济学加州大学詹姆斯·布EconomicStatisticsandEconomicActivityEconomicactivityisthepatternoftransactionsinwhichthingsofreal,usefulvaluearecreated,transformed,andexchanged.NationalIncomeandProductAccounts(NIPA)reportedbytheU.S.CommerceDepartment’sBureauofEconomicAnalysistoMacroeconomics(宏观经济学加州大学詹姆斯·布Table1.2-TheFlowofEconomicData,

2000-2001toMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesRealGrossDomesticProduct(GDP)iscorrectedforchangesinthepricelevel(real)includesthereplacementofworn-outandobsoleteequipmentandstructuresaswellasnewinvestment(gross)countseconomicactivitythathappensintheUnitedStates(domestic)representstheproductionoffinalgoodsandservices(product)toMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesRealGrossDomesticProductoftendividedbythenumberofworkersintheeconomymeasureshowwelltheeconomyproducesgoodsandservicesthatpeoplefindusefuldoesnotindicatetherelativedistributionofthenation’seconomicproductisanimperfectmeasureofeconomicwell-beingtoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.4-OfficiallyMeasuredRealGDPperWorkerintheUnitedStatestoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheUnemploymentRatetobeunemployed,apersonmustwanttoworkandbeactivelylookingforajob(buthavenotyetfoundone)thelaborforceconsistsofthosewhoareemployedandthosewhoareunemployedtheunemploymentrateisequaltothenumberofunemployedpeopledividedbythelaborforcetoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.5-TheU.S.UnemploymentRatetoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheUnemploymentRatefrictionalunemploymentoccursbecauseworkersandfirmsspendtimesearchingforthebestmatchcyclicalunemploymentoccursduringrecessionsanddepressionstheunemploymentrateisthebestindicatorofhowwelltheeconomyisdoingrelativetoitsproductivepotentialtoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheInflationRateisameasureofhowfasttheoverallpricelevelisrisinghyperinflationoccurswhenthepricelevelisrisingbymorethan20%permonthtoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.6-InflationintheUnitedStatestoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheInterestRateisimportantbecauseitgovernstheredistributionofpurchasingpoweracrosstimethemanydifferentinterestratesintheeconomyvarybydurationanddegreeofriskoftenmoveupanddowntogethertoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheInterestRatenominalinterestrateistheinterestrateintermsofmoneydoesnottakeintoaccounttheeffectsofinflationrealinterestrateistheinterestrateintermsofgoodsandservicesdoestakeintoaccounttheeffectsofinflationtoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.7-U.S.RealInterestRates,

1960-1999toMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheStockMarketisheardaboutmostoften(everyday)isanindexofexpectationsforthefutureahighvaluemeansthatinvestorsexpecteconomicgrowthtoberapid,profitstobehigh,andunemploymenttobelowtoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.8-RealStockIndexPricestoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheExchangeRategovernsthetermsonwhichinternationaltradeandinvestmenttakeplacenominalexchangerateistherateatwhichmoniesofdifferentcountriescanbeexchangedforoneanotherrealexchangerateistherateatwhichthegoodsandservicesproducedindifferentcountriescanbeexchangedforoneanothertoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheExchangeRateifdomesticcurrencyappreciatesitsvalueintermsofothercurrenciesincreasesforeign-producedgoodsarerelativelycheapfordomesticbuyersimportsarelikelytobehighdomestic-madegoodsarerelativelyexpensiveforforeignersexportsarelikelytobelowtoMacroeconomics(宏观经济学加州大学詹姆斯·布SixKeyEconomicVariablesTheExchangeRateifdomesticcurrencydepreciatesitsvalueintermsofothercurrenciesdeclinesdomestic-producedgoodsarerelativelycheapforforeignbuyersexportsarelikelytobehighforeign-madegoodsarerelativelyexpensivefordomesticbuyersimportsarelikelytobelowtoMacroeconomics(宏观经济学加州大学詹姆斯·布Figure1.9-TheU.S.RealExchangeRate:

TheDollaragainstaCompositeIndex

ofForeignCurrenciestoMacroeconomics(宏观经济学加州大学詹姆斯·布TheCurrent

MacroeconomicSituationTheUnitedStates-2001economicgrowthhasslowedtoaveryweakpaceforecastfor2001isthatrealGDPwillgrowbynomorethan1.8%interestratesloweredthroughFedpolicyduetolags,effectsoflowerinterestrateswillnotbefeltuntilendof2001(attheearliest)inflationcontinuestobelowtoMacroeconomics(宏观经济学加州大学詹姆斯·布TheCurrent

MacroeconomicSituationTheUnitedStates-recentpastfromearly1990sto2000,therewasaneconomicboomunemploymentfellduringthe1990slowestunemploymentrateintwodecades(4%)real