Beruflich Dokumente
Kultur Dokumente
Prepared by:
Fernando Quijano and Yvonn Quijano
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66% 26% 8%
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Real GDP is constructed as the sum of the quantities of final goods multiplied by constant (rather than current) prices.
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1999
2000 2001
10
12 13
$20,000
$24,000 $26,000
$200,000
$288,000 $338,000
$240,000
$288,000 $312,000
To construct real GDP, multiply the number of cars in each year by a common price. Suppose we use the price of the car in 2000 as the common price. This approach gives us, in effect, real GDP in chained (2000) dollars.
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(Yt Yt 1 ) Yt 1
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Real GDP, Technological Progress, and the Price of Computers A tough problem in computing real GDP is how to deal with changes in quality of existing goods. One of the most difficult cases is computers. The approach used by economists to adjust for improvements is to look at the market for computers and how it values computers with different characteristics in a given year.
Chapter 2: A Tour of the Book
This approach, which treats goods as providing a collection of characteristics here speed, memory, and so oneach with an implicit price, is called hedonic pricing (hedone means pleasure in Greek).
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U u L
Unemployment rate = Unemployment/Labor force
Chapter 2: A Tour of the Book
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Participation rate
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The Spanish underground economy was significant, but it just was not the case that most of the Spanish unemployed worked in the underground economy.
A key to the answer of how the unemployed survived lies with the Spanish family structure.
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The GDP deflator is what is called an index numberset equal to 100 in the base year.
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( Pt Pt 1 ) Pt 1
Chapter 2: A Tour of the Book
$Yt PYt t
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Some of the goods are not produced domestically but are imported from abroad.
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2-3 The Short Run, the Medium Run, and the Long Run
The level of aggregate output in an economy is determined by: demand in the short run, say, a few years, the level of technology, the capital stock, and the labor force in the medium run, say, a decade or so, factors such as education, research, saving, and the quality of government in the long run, say, a half century or more.
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The book is organized into three parts: A core which has three parts the short run, the medium run, and the long run. Three extensions which explore the role of expectations, closed economies, and expansion and recessions.
Chapter 2: A Tour of the Book
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Key Terms
national income and product accounts aggregate output gross domestic product, (GDP) gross national product, (GNP) intermediate good final good value added nominal GDP real GDP real GDP in chained (2000) dollars dollar GDP, GDP in current dollars GDP in terms of goods, GDP in constant dollars, GDP adjusted for inflation, GDP in 2000 dollars real GDP per capita GDP growth expansions recessions hedonic pricing employment unemployment labor force unemployment rate Current Population Survey (CPS) not in the labor force discouraged workers participation rate underground economy inflation price level inflation rate deflation GDP deflator index number cost of living consumer price index (CPI) short run medium run long run base year
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