MACROECONOMICS - Toàn B Ghi Chép
MACROECONOMICS - Toàn B Ghi Chép
- Covid 19 pandemic
- Energy crisis
- High inflation
- Reduce VAT
economy rate
- GDP
2) Subject objective
I) GDP
1) GDP (Gross Domestic Product)
Definition: Tổng sản phẩm quốc nội
Gross Domestic Product (GDP) is the market value of all final goods and services
produced within a country in a given period of time
o Market value: Output is valued at market prices
Market price: Supply price giao Demand price: là giá người bán sẵn
sàng bán và người mua sẵn sàng mua, phản ánh được quy luật thị
trường và quy luật cung cầu
o All:
Underground economy:
Self-sufficient activity:
Illegal activity: include goods abandoned by the
governments: drugs, guns, human, prostitude (mại dâm)
some countries still legalize these because of the high demand
and huge profit
e-commerce is legalized but not include in the GDP đem lại lợi ích cho trade but
the country cannot manage so not include in GDP
o Final goods and services: Are the ones which are not used to produced
another goods, and only sold to final consumers.
o Produced: includes goods and services currently produced, not transactions
involving goods produced in the past.
o Within a country: It measures the value of production within the geographic
confines of a country.
Ex 2: 2m of cloth T-shirt
1m of cloth T-shirt
1m in surplus
firm stop making T-shirt this year
Ex 3:
2) Measuring GDP
a) The model of money-goods circular in a simple economy
Seller buyer
Income expenditure
b) Expenditure Approach
Compoments of expenditure
o Consumption (C): the value of all G&S (goods and services) bought by
households
Durable goods
Non-durable goods
Services
o Investment (I): Investment spending by businesses and households
includes:
Business fixed investment: spending on plant and equipment that
firms will use to produce other goods & services use these items
for a long time (laptops, machinary,…)
Residential fixed investmentL spending on housing units by
consumers and landlords
Inventory investment the change in the value of all firms’
inventories
?: can buy stocks or put aside money into commercial bank be considered as investment?
These activities are not investment because không tạo thêm G&S cho kinh tế xã hội
?: Gov trợ cấp 2 triệu cho A, sau đó A lấy tiền đi mua quần áo
C: Consumption
I: Gross investment ( I = Net investment + Dep)
G: government purchase
NX: net export
c) Income/Factor cost approach
Income of household: wages, interest
Income of firms: revenue, profits
Income of gov: taxes from households and firms ( = Td + Ti)
o Taxes from household: personal income taxes (direct tasks/Td)
o Taxes from firms: corporate income taxes (special tasks/Ti)
o However, Td k được tính vào income of gov trong income của
households là có Td rồi nên k tính Td thêm một lần nữa
W: Wages
I: interest
R: Rent
Pr: profit
Dep: khấu hao tài sản cố định (Gross – Net)
Ti: indirect tax
GDP: 1+2+3=$6.00
Real GDP: measure these values using the prices of a base year
II) GNP
1) GNP – Gross National Product (Tổng sản phẩm quốc dân)
GNP is the total value of all final goods and services produced by a nation’s
citizens in a given period of time
GNP vs GDP
o Similarities
o Difference
GNP: depend on the nationality ( miễn là người việt nam làm ra, dù
ở nước ngoài vẫn được tính)
GDP: depend on territory ( just trong nước)
GNP = GDP + NFA (NFA: Net Factor Income Abroad: thu nhập nhân tố ròng từ
nước ngoài hay yếu tố xuất khẩu – yếu tố nhập khẩu)
VD: Brazil: NFA = -4.0 4% thu nhập ở Brazil sẽ được chuyển ra nước ngoài, which
means that Brazil attract a lot of investment from foreigner: the US,... develop GDP
but income finally transfer to foreign country instead of staying within a country
đừng thấy tốc độ tăng trưởng tăng mà zui vì đây là giai đoạn đầu của tăng trưởng và
phụ thuộc nhiều vào FDI (đầu tư nước ngoài), còn để tăng trưởng sustainable thì không
chắc chính phủ tập trung nuôi các tập đoàn chaebol trong nước để tăng GDP tự thân
VD: in Covid 19 AS decrease - AD increase CPI tăng trong rổ hàng hóa tính
CPI thì có một hàng hóa chiếm tỉ trọng lớn là F&B
Difference in objective and scope
o GDP
o GPI
Differences in time GSO select calculating
o CPI: select “fixed basket” in base year (number of goods in base year)
o GDP: G&S used to calculate GDP are updated yearly
3) Correcting economic variables for the effect of inflation
Price indexes are used to correct for the effects of inflation when comparing dollar
figures from different times.
VD: 5.000 USD per month (2023) inflation tăng 10% per month (2024)
I) Aggregate demand
Change in C
o Stock market boom/crash
o Tax hikes/cuts
Changes in I
o Firms buy new factories
o Expectations, optimism/pessimism, monetary policy, interest rates.
Changes in G
o Government policies đồng nhân dân tệ rẻ hơn đổi USD thành CNY
nhiều hơn hàng hoá TQ rẻ hơn so với người nước ngoài mua nhiều
hơn
II) The aggregate supply (AS) curve
1) The AS curve
The aggregate – supply curve shows the total quantity of goods and services that
firms produce and sell at any given price level.
In the long run, the AS curve is vertical because
o with P1 natural rate of output
o with P2 natural rate of output
output of the economy does not depend on the price; others affects output are capital
(K), natural resources, labor (L) and technology (T)
o Changes in L
Immigration (VN)
Baby boomers retire (Japan) born < death seriously lack of
labor; 60% firms closed due to no successor
In the short run, the AS curve is upward sloping.
2) The effect of shift in SRAS
What policymakers do
o Doanh nghiệp:
Reduce labor’s salary company in long run can hire more labor
increase AS shift to the right Y
o Government will immediately involve
Impact on the aggregate demand AD curve shift to the right Q
continue to decrease trade off with high inflation in the economy
If the government want to reduce inflation higher recession
VD: oil price in 2023 P1 P2 production price increase AS decrease shift to
the left France choose to decrease AD (tăng lãi suất ngân hàng để khiến người dân cut
consumption để gửi tiền ngân hàng) to cut off inflation; after that gov quay lại tăng AD
để giảm recession
NOTE: nhớ làm hai bài tập sau slide
CHAPTER 4: AGGREGATE DEMAND AND FISCAL POLICY
1) Keynesian model
Price & wages unchanged in the short-run because of menu price and hợp đồng
lao động
Many resources have not used in the economy tổng cung vẫn đáp ứng được nhu
cầu của nền kinh tế source of AS is horizontal.
o Imply that AD will decide the output.
Exclude the impact of the monetary market on goods market (trong nền kinh tế có
nhiều thị trường khác nhau và liên quan nhau bỏ qua những cái này)
2) Aggregate expenditure
AE: refers to aggregate planned expenditure on consumption, Investment, public
G&S and net export.
AE
Đường phân giác 45 độ tổng thu nhập = tổng chi tiêu A is equi point
UI (hàng tồn kho ngoài dự kiến) cắt giảm sản lượng xuống Y2 DY2 >EY2
vẫn còn dư thừa hàng hóa tuy nhiên là ít hơn cơ chế điều chỉnh về Y0
4) Consumption
C is the total expenditure for final goods and services of households.
Some factors affect C:
o Current disposable income
o Wealth (stocks, bonds,...)
o Estimated income in future (inherit)
o Social factors (psychology, living custom,...)
YD: disposable income
𝐶 ngang : consumption volume does not depend on income (minimum
consumption or autonomous consumption)
MPC: marginal propensity to consume (0<MPC<1)
5) Investment
The spending on capital equipment, inventories, and structures, including new
housing.
Some factors affect I:
o Demands for goods created by new investment: D -> I
o Investment costs: i => I
o Investors’ expectation (VD: whether growth rate is high or low)
Investment Function: I = 𝐼 ngang
6) The equilibrium output in the simple economy
Expenditure multiplier reflects changes in yield when autonomous expenditure
changes in 1 unit.
VD: mua 1 ly trà sữa 20k hiệu ứng lan truyền Y > 20k