總體經濟學原理與實習 ⼗九章

Principles of Macroeconomics chapter 19

 Measure Aggregate economic activity

• Macroeconomics is the study of aggregate economic activity

• Before World War I, no country had a system for measuring aggregate economic
activity.
• Back then, economists had to make educated guess
• Modern economics have a sophisticated system that measures the level of
aggregate activity, which was developed by the economist Simon Kuznets in 1934.
• GDP is one of the most important measure of aggregate economic activity.
成長與景氣波動
 What is Gross Domestic Product (GDP)?

• GDP is the market value of all goods and services produced within a country in a
given period of time.
 What is Gross Domestic Product (GDP)?

• GDP is the market value of all nal goods & services produced within a country in a
given period of time.
• How to add up di erent goods and services?
• Use market value
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 What is Gross Domestic Product (GDP)?

• GDP is the market value of all nal goods & services produced within a country in a
given period of time.
• Final goods: intended for the end user
• Intermediate goods: used as components or ingredients in the production of other
goods
• GDP only includes nal goods to avoid double counting
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 What is Gross Domestic Product (GDP)?

• GDP is the market value of all nal goods & services produced within a country in a
given period of time.
• tangible goods (like food, clothes, bikes, beer)
• intangible services (concerts, haicuts, sports).
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 What is Gross Domestic Product (GDP)?

• GDP is the market value of all nal goods & services produced within a country in a
given period of time.
• GDP measures the value of production that occurs within a country’s borders,
whether done by its own citizens or by foreigners located there.
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 What is Gross Domestic Product (GDP)?

• GDP is the market value of all nal goods & services produced within a country in a
given period of time.
• GDP includes currently produced goods, not goods produced in the past.
• Usually a year or a quarter (3 months)
• Flow variable
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 STOCKS VS. FLOWS

• A stock is a quantity measured at a point in time.

• The U.S. capital stock was $10 trillion on January 1, 2016.
• A ow is a quantity measured per unit of time.
• U.S. investment was $2 trillion during 2016.
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How to measure Gross Domestic Product (GDP)?

• Three approaches to measure GDP:

• the production approach,
• the expenditure approach,
• the income approach
• What to Produce, How to Produce and For Whom to Produce
• Each of these approaches yield the same measure of gross domes c product.

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The National Income and Product Accounts in Penville

• Penville is a small country with one employer, Bic Pen, which produces 10 million
pens a year.
• The market price of a pen is $2.
• Penville has 100,000 citizens who are the workers in the factories.
• Bic Pen owns the inputs and its own machines so only needs to hire workers.
 The Production Approach in Penville

• To determine the market value of production, we multiply the quantity of pens

produced by the market price of each pen:
• Production = (10 million pens) × ($2.00 / pen) = $20 million
 The Expenditure Approach in Penville

• We add up the sales of pens to households, rms, government, and the foreign
sector, including unsold inventories:
• Expenditure = (10 million pens) × ($2.00 / pen) = $20 million

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 The Income Approach in Penville

• We add up payments to labor and payments to capital:

• Bic Pen generates $20 million in revenue, pays $X to its workers, and keeps ($20
million - $X) for its owners. So, total income for its workers and owners is:
• Income = $X + ($20 million ‒ $X) = $20 million
 Aggregate Accounting Identity for Penville

• From previous calculations, we see how in Bic Pen:

• Production = Expenditure = Income = $20 million
 Question

• What should be done if there are unsold pencils?

 National Income Accounts: Circular
Flow Diagram

• The Circular-Flow Diagram

• Simple depiction of the macroeconomy
• Illustrates GDP as spending, revenue,
factor payments, and income
• Households:
• own the factors of production, sell or
rent them to rms for income
• buy and consume goods & services
• Firms:
• Buy or hire factors of production, use
them to produce goods and services
• sell goods & services
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 Production Approach:

• Production Approach: Production-based accounting sums up each rm’s value

added, which is the rm’s sales revenue minus the rm’s purchases of intermediate
products from other rms.
• Value added (附加價值) is the value of output minus the value of the intermediate
goods used to produce that output
• Avoid double counting
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 Value-added

• 農家出售稻穀得10萬元, 但肥料與種⼦(2萬元)⾃外購入,則⽣產活動之附加價值為8萬
元。
• ⽣產過程中使⽤⼈⼒、機器設備、原料與⽔電等, 其中，⼈⼒與機器設備以外的投入就
稱為中間投入。
• 2萬元是中間投入(intermediate consumption)。 8萬元的附加價值是農夫所創造的,亦
為其所得。
 Value added

• In one year, the dairy farm sells the chocolate factory $100,000 worth of milk. The
chocolate factory uses milk as an input, and processes it with other ingredients to
make chocolate. The chocolate produced by the factory is valued at $1.2 million.
• What should be included in GDP?
• If we include the $100,000 (milk) plus the $1.2 million (chocolate), we will be double
counting the value of milk in GDP because the value of milk is already included in the
nal price of chocolate, which would be overstating GDP for that year by $100,000.
• To avoid this problem, we only include the market value of nal goods and services,
and we exclude the market value of intermediate goods.
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 Value-added

• Starbucks purchases its intermediate goods (such as co ee beans, paper cups, lids,
holders, etc.) for $2 per cup. It sells a cup of co ee to customers for $5.00 per cup.
Therefore,
• Value-added = $5.00 - $2.00 = $3 per cup

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 Production chain

• The two major characteristics of modern society are division of labor and trade.
• The division of labor refers to the specialization of individuals or groups in speci c
tasks or roles within the production process, allowing for increased e ciency and
productivity. Trade involves the exchange of goods and services between
individuals or groups, allowing for access to a wider range of goods and services
than could be produced by a single individual or group alone.
• Together, these two characteristics have led to the development of complex
production chains, where di erent individuals or groups specialize in di erent
stages of the production process, and goods are exchanged between these di erent
stages through trade.
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 Value added

• A farmer grows a bushel of wheat and sells it to a miller for $1.00.

• The miller turns the wheat into our and sells it to a baker for $3.00.
• The baker uses the our to make a loaf of bread and sells it to an engineer for $6.00.
• The engineer eats the bread.
• Compute the value added at each stage of production and GDP.
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 Expenditure Approach

• Expenditure-based accounting sums up the purchases of goods and services by

di erent groups or categories.
• There are ve main categories.
• Consumption (C)
• Investment (I)
• Government Purchases (G)
• Exports (X)
• Import (M)
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 Consumption (C)

• 民間消費（Consumption, C）包含家庭在耐⽤消费品、非耐⽤消费品和服務上的總⽀
出。
• 民間消費⽀出是國內⽣產⽑額中最重要的部分，約佔60%
• 該比例與先進國家相近，且長年來均相當穩定，變動幅度並不⼤
 Consumption (C)

• 耐久財 Durable
• 使⽤年限較長的商品，例如：冰箱、汽⾞、和電視
• 不包含⾃⽤住宅的購買⽀出，因為太過耐久，所以被歸類在民間投資
• 非耐久財 Non-durable
• 使⽤年限較短的商品，如食物或衣服
• 使⽤年限並沒有⼀定標準，儘管有些含糊，我們習慣將食品，飲料，衣服，燃料等⽀出視為非耐久財
• 服務 Service
• 房屋租⾦、⽔費電費、⾦融保險、醫療保健、娛樂觀光及教育⽀出
• 對於租⼾，C包括房租⽀付。對於屋主，C包括房屋的設算租⾦價值，但不包括房屋購買價格或抵押
貸款⽀付。
 Investment (I)

• Investment, I
• The total expenditure on goods that are intended for future production of
additional goods.
• Business capital (固定投資): business structures, equipment, and intellectual
property products
• Residential capital(住宅投資): landlord’s apartment building; a homeowner’s
personal residence
• Inventory accumulations(存貨): goods produced but not yet sold
• “Investment” does not mean the purchase of nancial assets like stocks and bonds.
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 Investment (I)

• 資本是機器設備、廠房或存貨在某⼀時點的數量，能長期提供服務的固定資產
• ⽑投資(gross investment)是在⼀段時間內，新增的資本財
• 折舊 (depreciation)是在⼀段時間內，資本財的折損及耗費，
• 淨投資衡量資本存量的變動包含新增的資本財扣掉資本折舊
• Net investment = gross investment - depreciation
• 國內⽣產⽑額中的投資⽀出，指的是⽑投資，⽽非淨投資，這是國內⽣產⽑額之所以稱
作「⽑額」的主要原因
 Government Purchases (G)
• Government purchases (G)
• All spending on the goods and services
purchased by the government
• 國防、⾏政、司法、治安、教育及公務⼈員薪
資等經常性⽀出，以⽣產成本或實際⽀出計價
• Excludes transfer payments, such as social
security or unemployment insurance
bene ts, as they are not purchases of goods
and services
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 Exports (X)

• Exports (X) include money that foreign households, rms, and governments spend
to purchase goods and services produced domestically.
• 台灣是⼀個出⼜導向的經濟， 2008年，台灣的出⼜在國內⽣產⽑額的比重⾼達72％，
其中台灣的出⼜中，資訊商品占相當⾼的比例，⽽美國的出⼜中，國際旅遊是最重要的
項⽬之⼀
• If a U.S. agricultural company exports our to Japanese supermarkets…the value of
this export is the price that the U.S. company receives from the Japanese
supermarket chain, not the price at which the Japanese supermarket sells the our
to Japanese households.
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 Imports (M)

• Imports (M) include money that domestic households, rms, and governments
spend to purchase goods and services produced in foreign countries.
• Market value of all foreign goods and services that are sold to domestic households,
domestic rms, and the domestic government.
• Imports are already counted as part of consumption expenditures, investment
expenditures, and government expenditures.
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 Net Exports (NX)

• Net exports, NX = exports – imports

• Exports: foreign spending on the economy’s goods and services
• Imports: are the portions of C, I, and G that are spent on goods and services
produced abroad
• Therefore GDP=C+I+G+NX
The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

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The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

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The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

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The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

• The national income accounting is useful to identify the relationship between

saving and investment in a country.
• Y=C+I+G+X-M
• Saving = Y – C – G
• Saving = (C + I + G + X – M) – C – G
• Saving = I + X – M
• In many economies, X – M is very close from 0 (exactly = 0 in a closed economy),
where Saving = Investment, or Saving/GDP = Investment/GDP
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The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

• Saving = I + X – M
• ⼀國投資的資⾦來源不外乎兩種⽅式： 國內儲蓄或是海外借款
• 如果⼀國進⼜多於出⼜，表⽰他使⽤的產出多過⽣產，其間差額變成經常帳上的⾚字，
代表向國外借款
• 雖然在短期可以使⽤多過⽣產的產出，但是長期下來就不⾏了
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 美國儲蓄與投資的關聯
The Relationship Between the Saving Rate and the Investment Rate(1929–2015)
台灣儲蓄與投資的關聯
 Income Approach

• 衡量總產出的第三種⽅法，是計算⽣產要素 （勞動與資本）的報酬
• ⽣產要素 （勞動與資本）的報酬是針對產出的⽣產⽽給付經濟個體的所得
• 總所得會等於總⽣產，因為⽣產的的收益，最終會以某種⽅式進入某⼈的⼜袋．
 Income Approach

• 總收入: 指個⼈所有收入，包括勞動所得與資本所得
• 勞動收入是補償⼈們⼯作的任何形式的報酬，其中包括：薪資、獎⾦、勞⼯的健康保險
和勞⼯的養⽼⾦福利等。
• 資本收入是指從擁有實物或⾦融資本中獲得的任何形式的⽀付，包括⽀付給股東的股
息、⽀付給貸⽅的利息、公司保留的收益、⽀付給房東的租⾦以及住在⾃⼰房⼦裡的好
處
• 經濟中的⼤多數⼈都同時有勞動所得與資本所得
The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

• Question: What fraction of income is paid to labor, and what fraction is paid to
capital?
• Answer: In the United States, labor receives about two-thirds of total income, and
capital receives about one-third of total income.
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The Wealth of Nations: De ining and Measuring Macroeconomic Aggregates

(%) Payments to U.S. Labor (% of total income)

1.00

average payments to labor = 0.70

0.75

0.50

0.25

0.00
1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Labor benefits
Wages and Salaries
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 ⼤陸GDP「超越」⽇本 躍全球第2

• 過去⼗年間各名牌精品、珠寶店進駐中國⼤陸，分店⼀家接⼀家開。名牌珠寶業者：
「經濟成長，民眾有能⼒負擔，也有買珠寶的慾望。」 光是北京，卡地亞珠寶就有好
幾家店，⼤陸⼈消費實⼒雄厚，中國市場讓全球奢侈品業者趨之若鶩。
• 2010 年，⼤陸第2季GDP總額，⾸次超過⽇本的1兆2千883億美元
• 這意味⼤陸擠下⽇本，成為世界第2⼤經濟強國︖
• 可能並非如此。
• 中國⼈均GDP僅僅只有⽇本的1/10，⽽⼤陸至少還有4千萬⼈處於極度貧困的⽣活中，
事實上，⼤陸社會確實存在嚴重的貧富差距
 Income per capita

• Income per capita

• The average income per person.
• Calculated by dividing a nation’s aggregate (or total) income by the number of
people in that country.
• Income per capita in the United States is more than 2 times the level in Portugal, 7
times the level in China, and 100 times the level in Zimbabwe!
What Isn’t Measured by GDP?

• GDP and national income

accounting is a useful system for
taking the temperature of the
economy.
• GDP does a good job of telling us
much of what we need to know
about the economy.
• Nevertheless, it is not perfect, and it
necessarily leaves out a lot of
details.
 What Isn’t Measured by GDP?

• GDP omits depreciation of the physical

capital stock and resources.
• Depreciation is reduction of the value of
physical capital due to the obsolescence
or wear and tear
• Driving a tractor-trailer wears down the
brakes and the tires.
• Pumping oil from the ground depletes
remaining petroleum reserves.
•
 What Isn’t Measured by GDP?

• GDP excludes home production, which includes

food preparation, household maintenance, and
childcare.
• Why home production is excluded from GDP?
• There is no market transaction, market price, or
measurable quantity that accompanies home
production.
• 國內⽣產⽑額不考慮家庭的投資，例如在家洗衣服、
煮飯
• 星野源和新垣結衣主演的⽉薪嬌妻
 What Isn’t Measured by GDP?
• GDP does not capture transactions conducted in the underground
economy.
• Underground economy includes transaction of legal professions that are
intentionally hidden from government statistics. For example, some
workers hide income to avoid paying taxes.
• A citizen of a foreign country is working as a nanny in the U.S. but does
not have a working visa, she may prefer to be paid in a way that enables
her to stay o the radar screen of the U.S. government
• The underground also includes markets in illegal professions, e.g., drug
dealing and prostitution
• Ways to avoid hiding income, third party and electronic invoice 統⼀發票
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 Underground economy

• In developed economies, all transaction in the underground add up to about 10 %

of GDP.
• In developing countries, the fraction of underground economic activity is generally
much higher.
• In 2016, India is in the midst of a campaign to push the underground economy out
of the shadows. So, it began a currency reform that will force people with large cash
holdings to move those cash holdings into the formal banking system, where it will
be measured and taxed.
What Isn’t Measured by GDP?

• Externalities –both negative or

positive- occurs when an economic
activity has a spillover cost that
does not a ect those directly
engaged in the activity.
• GDP does not count negative
externalities such as pollution,
noise, and crime.
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What Isn’t Measured by GDP?

• GDP does not record leisure.

• Leisure is a key ingredient in human
well-being.
• The goal in life is not to maximize
your income by working every
moment that you can.
• A more reasonable goal is to
maximize human well being.
 GDP vs GNP

• Gross domestic product, or GDP, records production in the United States regardless
of whose labor and capital (domestic or foreign) is used.
• Gross national product, or GNP, records production of domestically owned labor
and capital in the United States and abroad.
• GNP=GDP + production of U.S. owned capital and labor in foreign countries-
production of foreign-owned capital and labor in the United States.
 GDP vs GNP
What is the difference between GDP and GNP in the U.S.?

2013 2014 2015

GDP (in $billions) 17,089 17,692 18,223

Plus: income receipts from the rest of the world 857 852 799

Minus: income payments to the rest of the world 573 615 587

Equals GNP 17,373 17,929 18,435

 The increase in income inequality

• How economic output is divided up among individual households.

• The United States and Norway have very similar levels of per capita GDP. However, the United States
has more income inequality.
• In the United Sates, the top 1 percent of U.S. households earn 22 percent of the nation’s income,
whereas the top 1 percent of households in Norway earn only 7.8 percent of total Norwegian income.
• Moderate levels of inequality play a useful role by incentivizing people to work hard. But severe
levels of inequality trigger tug of war between 1% and 99%
• Inequality varies not only across countries but also over time..
• The rise in inequality since the 1970s is partially re ected in the income trajectories of di erent
educational groups.
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 Does GDP buy happiness?

• GDP per capita is often used as a

summary measure of the well-being
of a society.
• GDP per capita turns out to be a
strong predictor of life satisfaction.
• 2006年蓋洛普機構針對世界132個國家
的⼈民做⽣活滿意程度的調查
• A positive relationship between
GDP per capita and life satisfaction.
• 經濟學家對調查結果做分析，發現⽣
活滿意度與所得⽔準呈現正相關
 Real vs. Nominal

• An increase in GDP will record both increases in actual production (and income)
and increases in prices of those goods and services.
• GDP might rise just because prices rise.
• GDP may be high because quantities are high
• We therefore need to distinguish between nominal GDP and real GDP.
 Real vs. Nominal
• Nominal GDP
• The total value of production using current market prices to determine the value of each unit that is
produced.
• Real GDP
• The total value of production using market prices from a speci c base year to determine the value of
each unit that is produced.
• Nominal GDP
• Values output using current prices
• Not corrected for in ation
• Real GDP
• Values output using the prices of a base year
• Is corrected for in ation
• For the base year, Nominal GDP = Real GDP
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 Calculating nominal GDP

• Compute total spending (nominal GDP) in Pizza Chocolate

each year: year P Q P Q
• 2019: $15 x 300 + $2.50 x 1,000 = $7,000 2019 $15 300 $2.50 1,000

• 2020: $16 x 400 + $3.00 x 1,200 = $10,000

2020 $16 400 $3.00 1,200
2021 $17 500 $3.50 1,300
• 2021: $17 x 500 + $3.50 x 1,300 = $13,050
• Increase by 42.9% and 30.5% respectively.
 Calculating real GDP
• 2019: $15 x 300 + $2.50 x 1,000 = $7,000 Pizza Chocolate
• 2020: $15 x 400 + $2.50 x 1,200 = $9,000 year P Q P Q
• 2021: $15 x 500 + $2.50 x 1,300 = $10,750
2019 $15 300 $2.50 1,000
2020 $16 400 $3.00 1,200
• Real GDP Increases by 28.6% and 19.4%
2021 $17 500 $3.50 1,300
 Correcting for in lation

• The change in nominal GDP re ects both

prices and quantities.
Nominal Real
• The change in real GDP is the amount that year
GDP GDP
GDP would change if prices were constant
(i.e., if zero in ation). 2019 $7,000 $7,000
• The concept of real GDP lets us focus on
the thing that we care the most about - 2020 $10,000 $9,000
how much the economy is producing at
di erent points in time - without letting 2021 $13,050 $10,750
price movement muddy up the comparison.
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 The GDP De lator

• GDP de ator is a measure of the price level

• Measures the current level of prices relative to the level of prices in the base year,
i.e., how prices of goods and services produced in a country have risen since the
base year.
• We can compute economy’s in ation rate by calculating the percentage increase in
the GDP de ator from one year to the next
• GDP de ator = 100* nominal GDP/ real GDP
• In ation(t+1)=(GDP de ator (t+1) -GDP de ator (t) )/GDP de ator (t) * 100
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 Calculate the GDP de lator
• 2019: 100 x (7,000/7,000) = 100
• 2020: 100 x (10,000/9,000) = 111.1
• 2021: 100 x (13,050/10,750) = 121.4

Nominal Real GDP

year Inflation rate
GDP GDP deflator
2019 $7,000 $7,000 100

2020 $10,000 $9,000 111.1 11.1%

2021 $13,050 $10,750 121.4 9.3%

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 The Consumer Price Index

• Consumer price index (CPI)

• Measure of the overall cost of goods and services bought by a typical consumer
• Monitor changes in the cost of living over time
• Core CPI
• A measure of the overall cost of consumer goods and services excluding food and
energy
• Producer price index (PPI)
• A measure of the cost of a basket of goods and services bought by rms

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 How the CPI Is Calculated
• Step 1 Fix the basket
• The Bureau of Labor Statistics (BLS) surveys consumers to determine what’s in the typical
consumer’s “shopping basket.”
• Step 2 Find the prices
• The BLS collects data on the prices of all the goods in the basket.
• Step 3 Compute the basket’s cost
• Use the prices to compute the total cost of the basket.
• Step 4 . Chose a base year and compute the CPI
• Designate a year as base year (benchmark)
• Step 5. CPI = Basket’s cost in current year / Basket’s cost in base year × 100
• Step 6. Compute the in ation rateas the percentage change in the CPI from the preceding period
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The typical basket of goods and services

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• Market basket: 10 pizzas, 5
year
Price of Price of Cost of
shirts pizza shirts basket
• Base year is 2017.
2017 $12 $18
• 2017: 100 x ($210/$210) = 100
• 2018: 100 x ($240/$210) = 114.3 2018 $14 $20
• 2019: 100 x ($270/$210) = 128.6 2019 $16 $22
 Problems with the CPI – 1

• Substitution Bias
• Over time, some prices rise faster than others
• Consumers substitute toward goods that become relatively cheaper, mitigating
the e ects of price increases.
• The CPI misses this substitution because it uses a xed basket of goods.
• Thus, the CPI overstates increases in the cost of living.
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 Problems with the CPI – 2

• Introduction of New Goods

• The introduction of new goods increases variety, allows consumers to nd products
that more closely meet their needs. In e ect, dollars become more valuable.
• The CPI misses this e ect because it uses a xed basket of goods.
• Thus, the CPI overstates increases in the cost of living.
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 Problems with the CPI – 3

• Unmeasured Quality Change

• Improvements in the quality of goods in the basket increase the value of each dollar.
• The BLS tries to account for quality changes but probably misses some, as quality is
hard to measure.
• Thus, the CPI overstates increases in the cost of living.
• 多數情況下，同⼀商品的價格通常會隨著整體通膨緩慢上升，例如食品。但是電腦的情況比
較特別：雖然電腦的標價 會上升，但你買到的電腦並不是相同的商品，因為無論是速度，
記憶體還是資料儲存能⼒，電腦各⽅⾯的品質都以驚⼈的速度進步。 因此，電腦經品質調
整的價格其實下跌了，⽽且跌得非常快，也就是說，你每花$1可以買到的電腦品質，實際上
以非常快的速度增加。
 Real vs. Nominal

• Two price indexes used to measure overall changes in the price level and in ation
• GDP De ator: the ratio of nominal GDP to real GDP. It is a measure of how prices
of goods and services produced in a country have risen since the base year.
• Consumer Price Index: the cost of buying a basket of goods and services in the
current year divided by the cost of the same basket in the base year.
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Two measures of in lation, 1965–2019

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 Real vs. Nominal

• The GDP de ator and the CPI formula look nearly identical.
• Question: What are the di erences?
• Hint: Think about what is in each “basket” of goods and services.
• Ans: The main di erence is that the GDP de ator measures the cost of a basket of goods and
services produced domestically, and the CPI measures the cost of another basket purchased by
a typical household (regardless of where the products are made).
• The GDP de ator includes things not purchased by households, like trains, subways, and
submarines.
• The CPI includes imports like Chinese laptops.
• Housing-related expenditures like shelter and utility bills have a large weight in the CPI.
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 In lation

• 消費者物價指數的上漲率等於物價膨脹率，或者通貨膨脹率
• 當消費者物價指數上升時，若家庭的名⽬所得不變，實質所得將下降。
• 實質所得之計算是以名⽬所得除以消費者物價指數，物價⽔準的⾼低會影響所能購買的
商品與勞務的數量 ，實質所得下降表⽰薪⽔雖然不變，但家庭能夠買的商品與服務減
少了
• 通貨膨脹率，衡量物價的變動率，會影響我們購買商品與勞務的價值，並進⽽影響我們
所得與儲蓄的價值
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 Real vs. Nominal

• We can use a price index to make meaningful comparisons across time:

• In 1909, then U.S. President William Howard Taft was paid $75,000.
• In 2016, former U.S. President Barack Obama was paid $400,000.
 Real vs. Nominal

• Question: The table below

shows minimum wage in Year Minimum Wage
di erent years. In which year 1956 $1.00
did a worker on minimum 1967 $1.40
1975 $2.10
wage earn the most in real
1981 $3.35
terms? (hint, it’s not 2016)
1996 $4.75
2007 $5.85
2016 $7.25
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 Real vs. Nominal

• Question: In which year did a

worker on minimum wage earn the
most in real terms? Year Minimum CPI Value in 2016

• Answer: We must convert each 1956

Wage
$1.00 27.2
dollars
$8.80
year’s minimum wage to a constant 1967 $1.40 33.4 $10.03

year’s dollars (say 2016). 1975 $2.10 53.8 $9.35

• Value of 1981 min. wage in 2016

1981
1996
$3.35
$4.75
90.9
156.9
$8.83
$7.25
dollars =Min. wage in 1981 (CPI
2007 $5.85 207.3 $6.76
2016/ CPI 1981) =$3.35 (239.5/90.9) =
2016 $7.25 239.5 $7.25
$8.83
 不同商品與勞務價格變動的幅度

• 計算從1998年到2018年14種商品和服
務的價格，以及平均⼯資和總體消費
者價格指數的趨勢，顯⽰這20年來，
諸如新⾞、服裝和電視之類的消費品
已變得越來越便宜，但醫療保健和教
育服務價格上漲超過100%。
• 簡⽽⾔之，似乎無形服務的成本（住
房除外）增加了，⽽物質商品的成本
卻下降了，反映了從炫耀性消費到非
炫耀性消費的轉變。
• Group speci c CPI?
• More e cient way to compute CPI?
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 Recap today’s class

• Learn how to measure the economy’s entire production (GDP), and look into
methods used to calculate in ation.
• Introduce the di erent methods used to calculate GDP, namely the production,
income, and expenditure methods.
• Discuss the limitations of GDP as a measure of aggregate economic activities.
• Distinguish between nominal and real GDP, and explain why it is important to
calculate the latter.
• Explain how the CPI and the GDP de ator are constructed and how they are used
to calculate in ation.
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