管理者经济学12(视角独特,专门为管理者而写经济学).pptVIP

Chapter 12: Spending by Individuals, Firms, and Governments on Real Goods and Services Focus on the Short-Run Potential GDP: maximum amount of output that can be produced Depends on size of labor force, number of structures and amount of equipment in the economy, and state of technology Policy goal is managing aggregate expenditure to keep economy close to potential output without starting inflation Managers tend to focus on short-run Real Versus Nominal Terms Real terms: measuring expenditures and income with price level held constant Nominal terms: measuring expenditures and income with price level allowed to vary Components of Aggregate Expenditure Aggregate expenditure: sum of personal consumption, investment, government, and net export expenditures on total amount of real output produced Personal consumption expenditure: sum of durable goods, nondurable goods, and services Personal Consumption Expenditure and Income Keynesian consumption function: assumes that as disposable income increases, consumption spending increases by smaller amount Marginal propensity to consume (MPC) Marginal propensity to save (MPS) Saving: amount of disposable income households do not spend on consumption Level of Personal Taxes Level of taxes affects consumption spending Economic Growth and Tax Relief Act of 2001 Tax cut of 2003 Taxes can be cut or increased temporarily or permanently Real Interest Rate Changes in interest rate affect spending, especially in durables Real interest rate Nominal interest rate Lenders charge borrowers nominal rate (i) based on the real rate (r) and the expected rate of inflation Consumer Confidence University of Michigan’s Consumer Sentiment Index (CSI) and the Consumer Confidence Index (CCI) Some debate as to whether these confidence indices predict changes in consumer spending Consumer Credit andLevel of Debt Federal Reserve Board monitors use of consumer credit Increased consumer credit may have restraining influence on consumption Consumpt