CAS EC 102 Lecture Notes - Lecture 2: Gdp Deflator, Fixed Investment

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12 Oct 2017

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Calculated by the bureau of economic analysis - a division of the department of commerce. Issue the nipa (national income and product accounts) The expenditure method: calculated gdp by adding up the value of expenditures on all final goods and services in the economy, components of gdp. Consumption (personal consumption expenditures) about 68. 8: goods. Investment (gross private domestic investment) about 16. 4: fixed investment. Net exports of goods and services about -2. 8: exports - imports, exports. Total gdp divided by total population: potential gdp. An estimate of what gdp would have been if all factors of production (e. g. labor and capital) had been used at their normal rates . Measure of the economy"s capacity to produce (not actual production: real vs nominal gdp. Real gdp: the value of all goods and services measured at a constant price level, currently the gov. uses 2009 as a base to measure the real gdp, real gdp was . 7 t in 2016.

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The components of GDP in the accompanying table were produced by the Bureau of Economic Analysis. Category Components of GDP in 2013 (billions of dollars)

Consumer spending

Durable goods $1,263.0

Nondurable goods 2,622.9

Services 7,615.7

Private investment spending

Fixed investment spending 2,564.0

Nonresidential 2,047.1

Structures 456.4

Equipment and intellectual property products 1,590.7

Residential 516.9

Change in private inventories 106.1

Net exports

Exports 2,259.9

Imports 2,757.2

Government purchases of goods and services and investment spending

Federal 1,245.9

National defense 770.7

Nondefense 475.1

State and local 1,879.6

1) Calculate 2013 consumer spending.

2) Calculate 2013 private investment spending.

3) Calculate 2013 net exports.

4) Calculate 2013 government purchases of goods and services and government investment spending.

5) Calculate 2013 gross domestic product.

6) Calculate 2013 consumer spending on services as a percentage of total consumer spending.

7) Calculate 2013 exports as a percentage of imports.

8) Calculate 2013 government purchases on national defense as a percentage of federal government purchases of goods and services.

greenserval409

Table 1.1.5. Gross Domestic Product
Line		2015		2016
Line		III	IV	I	II
1	Gross domestic product	18141.9	18222.8	18281.6	18436.5
2	Personal consumption expenditures	12356.9	12438.8	12498	12695.1
3	Goods	4043	4038.1	4008.7	4086
4	Durable goods	1364.7	1371.8	1366.6	1390.4
5	Nondurable goods	2678.4	2666.3	2642	2695.6
6	Services	8313.9	8400.6	8489.3	8609
7	Gross private domestic investment	3072.1	3059.9	3036.8	2973.6
8	Fixed investment	2995.3	2997.2	2994.8	2992.2
9	Nonresidential	2331.5	2311.3	2292.4	2294
10	Structures	508.5	487.8	486	479.3
11	Equipment	1099.7	1092.6	1066.3	1056.6
12	Intellectual property products	723.3	730.9	740.1	758.2
13	Residential	663.8	685.9	702.4	698.2
14	Change in private inventories	76.8	62.7	41.9	-18.6
15	Net exports of goods and services	-523.4	-520.9	-507.4	-495.5
16	Exports	2259.1	2211.7	2179	2206.8
17	Goods	1495.6	1448.3	1410.9	1437.8
18	Services	763.5	763.4	768.1	769
19	Imports	2782.5	2732.6	2686.3	2702.3
20	Goods	2284.1	2235	2185.7	2199.1
21	Services	498.4	497.7	500.7	503.2
22	Government consumption expenditures and gross investment	3236.3	3245	3254.3	3263.4
23	Federal	1225	1234	1233.8	1239.2
24	National defense	729.3	735.6	731.4	729.3
25	Nondefense	495.7	498.4	502.4	509.9
26	State and local	2011.3	2011	2020.5	2024.1

Table 1.1.6. Real Gross Domestic +A1:F26Product, Chained Dollars
Line		2015		2016
Line		III	IV	I	II
1	Gross domestic product	16454.9	16490.7	16525	16570.2
2	Personal consumption expenditures	11255.9	11319.3	11365.2	11487.4
3	Goods	3932.6	3953.4	3964.7	4033.4
4	Durable goods	1512.4	1527.3	1524.9	1561.3
5	Nondurable goods	2451.3	2458.4	2471.1	2505.6
6	Services	7327.2	7369.8	7403.9	7460.5
7	Gross private domestic investment	2882.2	2865.4	2841.5	2769.9
8	Fixed investment	2794.5	2793.3	2786.7	2769
9	Nonresidential	2217.5	2198.8	2179.7	2174.8
10	Structures	453.4	435.1	435.2	425.8
11	Equipment	1085.7	1078.6	1052	1042
12	Intellectual property products	683.1	690.7	697.1	711.7
13	Residential	573.7	589.5	600.7	588.8
14	Change in private inventories	70.9	56.9	40.7	-12.4
15	Net exports of goods and services	-547.1	-566.6	-566.3	-562
16	Exports	2120.4	2105.8	2102	2108.1
17	Goods	1440.7	1423.8	1424.1	1430.3
18	Services	679.3	681.1	677.3	677.4
19	Imports	2667.6	2672.4	2668.2	2670.1
20	Goods	2197.4	2201.4	2194.1	2194.3
21	Services	468.2	469	471.9	473.6
22	Government consumption expenditures and gross investment	2894.4	2901.7	2913.2	2902.1
23	Federal	1112.7	1123	1118.7	1117.8
24	National defense	669	676.3	670.9	665.7
25	Nondefense	443.1	446.2	447.2	451.4
26	State and local	1779.9	1777.1	1792.6	1782.6
27	Residual	-49.2	-49.6	-46.5	-52.6

1.Why was the nominal GDP greater than real GDP in each of those quarters?

2.What was the percentage change in Nominal GDP for the most recent quarter compared to the previous quarter? What was the percentage change in real GDP for the two quarters?

3.What accounts for the difference in the two percentages?

orangewolf175

Specify the following using the information in table 6.4. (Quantities are given in millions of dollars)

Gross private domestic investment = 586.1

Inventory investment = 30.9

Compensation of employees = 5,178.6

Corporate taxes = 215.9

Macro via exports of good and services = 380.4

Depreciation = 643.5

Personal taxes = 600.0

Personal consumption expenditures = 3,514.8

Government purchases of goods and services = 1,589.7

Indirect business taxes minus subsidies = 489.6

Net factor payments to the rest of the world = -17.3

Residential construction = 453.7

Corporate profits minus dividends = 45.7

Government transfer payments and interest = 337.1

Macro via import of goods = 285.0

Social transfer payments = 441.7

Specify:

Private investment, GDP, GNP, NNP, national income, and personal income.

chocolatebeaver365

CAS EC 102 Lecture Notes - Lecture 2: Gdp Deflator, Fixed Investment

CAS EC 102 Full Course Notes

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