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macroeconomics fifth edition N Gregory Mankiw PowerPoint Slides by Ron Cronovich 2003 Worth Publishers all rights reserved Econ 101 Intermediate Macro Theory Lecture notes Professor Cetorelli UC Davis Fall 2003 CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 2 Has the standard of living in the U S improved over time Difficult question How do we measure such a thing In economics we look at aggregate income the value of goods and services produced in a country as a good indicator of standard of living How do you answer the question CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 3 U S Gross Domestic ProductU S Gross Domestic Product in billions of chained 1996 dollars it takes care of inflation in billions of chained 1996 dollars it takes care of inflation 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 1970197519801985199019952000 long run upward trend CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 4 U S Gross Domestic ProductU S Gross Domestic Product in billions of chained 1996 dollarsin billions of chained 1996 dollars 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 1970197519801985199019952000 Recessions longest economic expansion on record CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 5 U S Gross Domestic Product Annual growth rate CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 6 So overall income has increased over time What about personal income i e Income per Capita Are people better off today than they were say 1 or 2 generations ago CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 7 Real GDP per person CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 8 Inflation Inflation What s happened to the price of goods and services Inflation measures the changein prices over time Example price today 110 price a year ago 100 Inflation 110 100 100 0 10 or10 We say prices went up by 10 in the last year we ll study inflation more in depth later on CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 9 A century of inflation CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 10 UnemploymentUnemployment The unemployment rate measures the fraction of people in the labor force without a job How does the unemployment rate for the U S look like over the past century Has the U S ever been in full employment CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 11 A century of unemployment CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 12 Important issues in macroeconomicsImportant issues in macroeconomics Why does the cost of living keep rising Why are millions of people unemployed even when the economy is booming Why are there recessions Can the government do anything to combat recessions Should it CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 13 Important issues in macroeconomicsImportant issues in macroeconomics What is the government budget deficit How does it affect the economy Why does the U S have such a huge trade deficit Why are so many countries poor What policies might help them grow out of poverty CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 14 Why learn macroeconomics Why learn macroeconomics 1 The macroeconomy affects society s well being example Unemployment and social problems Each one point increase in the u rate is associated with 920 more suicides 650 more homicides 4000 more people admitted to state mental institutions 3300 more people sent to state prisons 37 000 more deaths increases in domestic violence and homelessness Each one point increase in the u rate is associated with 920 more suicides 650 more homicides 4000 more people admitted to state mental institutions 3300 more people sent to state prisons 37 000 more deaths increases in domestic violence and homelessness CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 15 Why learn macroeconomics Why learn macroeconomics 2 The macroeconomy affects your well being Unemployment and earnings growth 5 4 3 2 1 0 1 2 3 4 5 19651970197519801985199019952000 growth rate of inflation adjusted hourly earnings change in Unemployment rate CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 16 Why learn macroeconomics Why learn macroeconomics 2 The macroeconomy affects your well being Interest rates and mortgage payments For a 150 000 30 year mortgage 9 888 8245 21 11 520 9606 63 6 21 02 annual payment monthly payment actual rate on 30 year mortgage date 6 20 03 CHAPTER 1CHAPTER 1The Science of MacroeconomicsThe Science of Macroeconomics slide 17 Why learn macroeconomics Why