文档介绍：Intermediate Macroeconomics
Lecture 2
The Data of Macroeconomics
Measure of economic activity
Gross Domestic Product (GDP)
Total expenditure on domestically-produced final goods and services
Total e earned by domestically-located factors of production
The Data of Macroeconomics
Calculation of GDP
1) Final goods (no intermediate goods; value added)  
2) Domestically produced
 *Gross National Product (GNP)
Total e earned by the nation’s factors of
production, regardless of where located
3) Used goods (not included) 
4) Inventories
sold GDP; go bad lose value
GNP . GDP
The Data of Macroeconomics
Nominal . Real GDP
current year price or base year’s price
Nominal =
Real =
GDP deflator = nominal GDP/real GDP
The Data of Macroeconomics
Measure of inflation
Consumer Price Index(CPI)
=
=
The Data of Macroeconomics
Example
P 90
P 04
Q 90
Q 04
Apple
1000
2000
Pear
2000
2000
Nectarine
2000
3000
Peach
1
3000
5000
Banana
1
2000
8000
The Data of Macroeconomics
CPI vs. GDP Deflator
GDP includes all the G & S produced in the economy; CPI has a basket of some G & S
GDP deflator includes only domestic products; CPI includes imports.
GDP deflator has a weighted basket of goods; CPI has a fixed basket (quantities won’t change)
The Data of Macroeconomics
The Data of Macroeconomics
CPI may overstate inflation
Consumers may substitute away from more expensive goods.
. 1978-1981 . price rose % per year according to the GDP deflator; according to CPI, price rose % per year. Why?