第十二章补充内容.ppt

Question 1 Please give the central Variables of Macroeconomics. Output Unemployment Inflation Trade balance Question 2 Please give the three time-frames of macroeconomic analysis. Short-run Medium-run Long-run Question 3 The U.S.A The E.U. Japan and East Asia The United States The United States A decrease in the average growth rate Increasing wage inequality U.S. Output Growth Since 1950 The United States-Why has growth slowed down? Some explanations Research is less productive Low investment in new capital Output measures are underestimating the growth rate The United States Two causes Increasing international trade The nature of technological progress The United States For workers who did not complete high school fell 1% per year For workers with graduate degrees rose 1% per year The European Union The European Union The European Union’s (EU) combined output is about equal to the U.S. Per capita output of many EU countries is equal to or higher than the U.S. The European Union Low growth rate (1998 -- 2.8%) High unemployment (1998 -- 10.6%) Low inflation (1998 -- 1.8%) The European Union Reducing unemployment Transition to a common currency (Euro) Unemployment rates: Europeversus the United States, 1960 - 1998 East Asia Japan and East Asia The four tigers: Hong Kong, Singapore, Korea, Taiwan 1970 - 1997 growth rates of 8% Hong Kong and Singapore per capita output about equal to U.S. The Fall in East Asian Stock Prices and Currencies, January 1997 to April 1998 Japan and East Asia 1997 --- Thailand sell-off of stocks and bonds 1998 -- Spread to rest of Asia 1999 -- Negative growth Japan and East Asia Speculative attacks against the currency Structural problems Corruption Poor regulation of financial institutions Where to Find the Numbers /eop/ End of Chapter A Tour of the World Chapter 1: A Tour of the World Blanchard: Macroeconomics Question for Discussion: How does the U.S. measure up? Two Long-term Issues Why is wage inequality increasing? Real ave