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1、1nChapter 2nNational-Income Accounting: Gross Domestic Product and the Price Level2Nominal and Real GDPnNominal GDP measures the dollar (or euro, etc.) value of all the goods and services that an economy produces during a specified period, such as a year.nThe nominal GDP is a flow concept.3Nominal a
2、nd Real GDPnFor most goods and servicespencils, automobiles, haircuts, and so onthe dollar value is determined by the price at which these items sell in the marketplace.nSome goods and services, notably those produced by governments, are not exchanged on markets. These items enter into nominal GDP a
3、t their nominal (dollar) cost of production.4Nominal and Real GDPnAnother important item, owner-occupied housing, enters into GDP in accordance with an estimate of what this housing would fetch on the market if the owner rented the property to another person.nImputed rental income5Nominal and Real G
4、DPnGDP includes the value of the goods and services produced during a specified time interval, such as a year. nThat is, GDP measures current production.6Nominal and Real GDPnThe nominal GDP can be misleading because it depends on the overall level of prices, as well as on the physical quantity of o
5、utput.7Nominal and Real GDP8Calculating Real GDPnThe most common way to compute real GDP was to multiply each years quantity of output of each good by the price of the good in a base year, such as 2000. nThen all of these multiples were added to get the economys aggregate real GDP.9Calculating Real
6、GDPnThe resulting aggregate is called GDP in 2000 dollars (if 2000 is the base year). Or, sometimes, the result is called GDP in constant dollars.nThe nominal GDP is sometimes called GDP in current dollars10Calculating Real GDPnA shortcoming of this approach is that it weights the outputs of the var
7、ious goods by their prices in the base year (2000). nThese weights become less relevant over time as relative prices of goods change.11Calculating Real GDPnChain weighted real GDP12Calculating Real GDP13Calculating Real GDPnImplicit price level that we are using to convert a dollar valuen(nominal GD
8、P)/(implicit price level) = real GDP.nimplicit price level = (nominal GDP)/(real GDP).14Calculating Real GDPnFor 2006 in case a in Table 2.1, we havenimplicit price level = (550/468.5) = 1.17.nFor 2006 in case b, we havenimplicit price level = (550/639.0) = 0.86.15Calculating Real GDPnThink of a pri
9、ce index that takes on the value 100 for the base year, which is 2005 in our example. nWhen compared to this base, the price level for 2006 in case a is 1.17*100 = 117, whereas that in case b is 0.86*100 = 86.nThe usual name for these price indexes is the implicit GDP deflator (on a 2005 base).16Rea
10、l GDP as a Measure of WelfarenThe aggregate real GDP does not consider changes in the distribution of income.nThe calculated real GDP excludes most non-market goods.nReal GDP assigns no value to leisure time.nMeasured real GDP does not consider changes in air and water quality, that is, pollution.17
11、Alternative Views of GDPExpenditure, Income, and Productionn1. Expenditures on domestically produced goods and services by various groupshouseholds, businesses, government, and foreigners.n2. Incomes earned domestically in the production of goods and services compensation of employees, rental income
12、, corporate profits, and so on.18Alternative Views of GDPExpenditure, Income, and Productionn3. Domestic production of goods and services by various industries agriculture, manufacturing, wholesale and retail trade, and so on.nAll three approaches will end up with the same totals for nominal and rea
13、l GDP.19Measuring GDP by Expendituren1. Households, n2. Businesses, n3. All levels of government, n4. Foreigners.20Measuring GDP by Expenditure21Measuring GDP by ExpenditurenA closed economy, which has no trade linkages to the rest of the world.nAn open economy is linked through trade to the rest of
14、 the world.22Measuring GDP by ExpenditurenSome reasons for using a closed economy model:n It simplifies the analysis.n At least for the United States, exports and imports have been small compared to GDP, so that little error arises from ignoring international trade.nThe world as a whole really is a
15、closed economy, so we have to carry out a closed-economy analysis to assess the world economy.23Measuring GDP by IncomenNational income.nA simple closed economy that has onlyntwo businesses. nOne, a mill, uses only labor to produce flour. nThe second, a bakery, uses flour and labor to produce bread.
16、 nBread is the only final product. Flour is the only intermediate productit is used up entirely in the production of the final good, bread.24Measuring GDP by Income25Measuring GDP by Income26Measuring GDP by IncomenIn practice, divergences between GDP and national income reflect two main items: income receipts and payments involving the rest of the world and depreciation of capital stocks.27Measuring GDP by IncomenOne source of divergence between GDP and national income is that residents of the
