1、1宏觀經濟學徐現祥20142252National accountsHistoryMechanism Index Criticism Ch 20Outlines 3A satellite in spaceHistory Dating back to William Petty(1623-1687)Simon Kuznets1901-1985Nobel prize winner, 1971Richard Stone1913-1991Nobel prize winner, 1984SNA in ChinaHistory of SNARichard StoneSimon Kuznets4The fi

2、rst macro model!Consider an simplified economyNo government, no foreign trade, and no investmentCirculate flow diagramUpper loop: productsLower loop: esThey are the same!Mechanism of SNA5Review the definition of GDPCirculate flow diagram shows two measures of GDPProduct approach from upper loop e ap

3、proach from lower loop e approachGDP is the sum of factor paymentsCompensationProperty eDepreciation of capital(net) Product taxes / indirect taxesTwo measures of GDP6Basic conceptsFinal product / intermediate goods / value addedDoubling accounting if including intermediate goodsGDP is the sum of va

4、lue added at each stageValue-added approachProduct approach7GDP = C +I+ G +XC: personal consumption expenditureI: investment / capital formationInvestment is the production of durable capital goods.Gross investment = net investment + depreciationG: government purchaseConsumption-type goods and inves

5、tment-type itemsExcluding transfer paymentsX: net exportsNet exports = exports importsWhy net exports?Components of GDPSource: PWT version 89Two measures of GDP10GDP deflator = nominal GDP / real GDPNDP (net domestic product) = GDP depreciationGNP (gross national product)In closed economy, GDP=GNPIn open economy, they might be different.National eDisposable eBeyond GDP11Consider a simplified economy: no government, no international tradeGDP C+IGDP C+SS IIdentity 12Omitted nonmarket activitiesOmitted environmental damageCriticism 13Circu