宏观经济学英文课件.ppt

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-theyadjustonlysluggishlyinresponsetosupply/demandimbalances.Forexample,laborcontractsthatfixthenominalwageforayearorlongermagazinepricesthatpublisherschangeonlyonceevery3-4years,Prices:

FlexibleVersusSticky,Theeconomysbehaviordependspartlyonwhetherpricesarestickyorflexible:

Ifpricesaresticky,thendemandwontalwaysequalsupply.Thishelpsexplainunemployment（excesssupplyoflabor）theoccasionalinabilityoffirmstosellwhattheyproduceLongrun:

pricesflexible,marketsclear,economybehavesverydifferently.,Outlineofthisbook:

Introductorymaterial（chaps.1&2）ClassicalTheory（chaps.3-6）Howtheeconomyworksinthelongrun,whenpricesareflexibleGrowthTheory（chaps.7-8）ThestandardoflivinganditsgrowthrateovertheverylongrunBusinessCycleTheory（chaps9-13）Howtheeconomyworksintheshortrun,whenpricesaresticky.,Outlineofthisbook:

Policydebates（Chaps.14-15）Shouldthegovernmenttrytosmoothbusinesscyclefluctuations?

Isthegovernmentsdebtaproblem?

Microeconomicfoundations（Chaps.16-19）Insightsfromlookingatthebehaviorofconsumers,firms,andotherissuesfromamicroeconomicperspective.,Chaptersummary,Macroeconomicsisthestudyoftheeconomyasawhole,includinggrowthinincomeschangesintheoveralllevelofpricestheunemploymentrateMacroeconomistsattempttoexplaintheeconomyandtodevisepoliciestoimproveitsperformance.,Chaptersummary,Economistsusedifferentmodelstoexaminedifferentissues.Modelswithflexiblepricesdescribetheeconomyinthelongrun;modelswithstickypricesdescribeeconomyintheshortrun.Macroeconomiceventsandperformancearisefrommanymicroeconomictransactions,somacroeconomicsusesmanyofthetoolsofmicroeconomics.,