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IntermediateMacroeconomicsLecture1
April11,2018
Prof.YoshimasaShiraiFacultyofEconomics
KeioUniversity
Lecture1
• ReviewingSystemofNaIonalAccounIng
• ReviewingkeytermsusedindescribingmacroeconomicacIviIes
ClassifyingAgents• Agentsbyrole
– Consumer(households)– Producer(firms)– ForeignCountry– Government
• DividingAgentsintotwo– Private(non-government)vs.Public(government)– Homevs.Foreign(NaIonality)– DomesIcvs.Foreign(Geographic)
• Agentsbyworkingstatus– Employed– Unemployed– Notinlaborforce
GDPandGNP
• GrossDomesIcProduct(GDP)– Totalvalueoffinalgoodsandservicesproducedinacountry
• GrossNaIonalProduct(GNP)– TotalvalueoffinalgoodsandservicesproducedbyhomefactorofproducIon
ThreeMajorMarkets&AggregateEconomicTransacIoninFlowTermHowmuchvalueaddedisgivenfromsomeonetosomeoneelse?
IntheseeconomictransacIon,therearecorresponding(money)payments.
Final Goods Market
FactorMarkets
Consumer
Producer
Labor Market
Capital Market
government
Foreign Sector
FinancialMarket
GDP Wage and Rent Payments
Investment Expenditure
Export by Home
Import by Home
Foreign borrowing & Foreign selling of financial assets
Foreign lending & Foreign buying of financial assets
(Arrows indicate directions of payment)
GDPequalstoTotalExpenditureonFinalGoodsProducedinacountry
Final Goods Market
Consumer (Households)
Producers (Firms)
Government
Foreign Sector
Government Purchase of Goods and Services
Consumption Expenditure
Gross Domestic Products
InvestmentExpenditure
Home Exports
Home Imports
GDP
C
I
G
X
IM
Final goods and services sold in final goods market
Final goods and services bought in final goods market
GDP+IM= +X
GDP=C+I+G+X-IM
Trade Balance (Arrows indicate directions of payment)
Japan 2015(Billion JP Yens) Data Source: http://www.esri.cao.go.jp/jp/sna/data/data_list/kakuhou/files/ h27/h27_kaku_top.html
532,191.4=
+91,658.7-91,644.8
532,191.4
299,862.1
299,862.1126,289.1+126,289.1
106,026.3
+106,026.3
C+I+G
GDPequalstofactorpaymentmadebydomesIcfirms
FinalGoodsMarket
FactorMarkets
Producers (Firms)
LaborMarket
CapitalMarket
Government
GDP
Wagesandrentals Interestpaymentanddividends
Arrows indicate direction of payment
TaxonproducIonandimports
subsidies
EmployeescompensaIon Profits CapitaldepreciaIon TaxonproducIonandimportsーsubsidies
2015(in billions) 263,309.0105,233.4120,064.7
45,575.7ー3,408.0
statistical descrepancy 1,416.6 GDP 532,191.4http://www.esri.cao.go.jp/jp/sna/data/data_list/kakuhou/files/
h27/h27_kaku_top.html
Data source:
Net Payments To Government
Relationship between GDP and GNP
FinalGoodsMarket
FactorMarkets
Producers (Firms)
Labor Market
Caital Market
Gov
GDP Wages&Rental
Interest&Dividends
(矢印は資金の流れ)
TaxonproductsandImportTariffーSubsidies
2015(BillionYensNominal) GDP
532,191.4Data Source:
HomeFactorIncomepaidbyDomesIcProducers
Foreign ForeignFactorIncomepaidbyDomesIcProducers(Factorpaymentstoabroad)
HomeFactorIncomepaidbyForeignProducers(Factorpaymentsfromabroad)
+FactorPaymentsfromAbroad
ーFactorPaymentstoAbroad
=GNP
29,838.2 9,920.3 553,109.3http://www.esri.cao.go.jp/jp/sna/data/data_list/kakuhou/files/ h27/h27_kaku_top.html
KeyTerms• FactorsofProducIon
– Capital(PhysicalandHuman)• ValueAddedandfinalgoods
• Assets:claimonfutureincome• Money
– Financialassetsusedasmediumofexchange– CashandBankDeposits(andotherliquidassets)
• FinancialTransacIon– LendersandBorrowers– FinancialAssetsandLiabiliIes– TherearerisksinfinancialtransacIons– FinancialMarketscreatefinancialassetsthroughfinancialtransacIons
andenablerisksharingamongassetholders
Flowvs.Stock
• FlowmeasuresanamountofacIvityduringaperiod
• Stockmeasuresanamountatamoment
Examples?