Reproduction, carried out at various levels of economic organization, is a complex, cyclically organized system, covering the processes of production, distribution, exchange and consumption of material and intangible goods.

The economy always exists within state boundaries and, therefore, its resources, opportunities, and potential are limited not only by the existing conditions for reproduction, but also by the presence of minerals, population, territory, etc. In other words, social reproduction, that is, constantly renewed production, distribution, exchange and consumption in a given country is carried out as national reproduction.

The System of National Accounts (SNA) uses a grouping of economic units according to institutional sectors. A sector is a set of institutional units (i.e., economic entities that may own assets, incur liabilities, engage in economic activities and transactions with other units on their own behalf) that are homogeneous in terms of their functions and sources of funding. The following sectors are distinguished in the Russian SNA national economy:

– non-financial enterprises (enterprises for the production of goods, except for financial services);

– financial institutions;

- state institutions;

– non-profit organizations serving households;

- households.

The names of the institutional sectors do not fully comply with the international standard. Upon completion of work on the introduction of the classifier of institutional sectors of the economy into statistical practice, this discrepancy will be eliminated.

The interconnections of sectors of the domestic economy with other countries are reflected in the accounts of the "rest of the world", which unites all institutional units-residents in the part in which they interact with residents of the national economy.

Residents are enterprises, organizations and households involved in economic activity in the economic territory of the country for a long period (at least a year).

A unit is considered institutional if it maintains a complete set of accounts and is a legal entity, i.e. can independently make decisions, manage its material and financial resources, assume obligations and carry out economic activities and transactions with other units.

If a unit does not have both characteristics of an institutional unit, then on the basis of the following principles:

- households are considered institutional because they do not maintain a complete set of accounts, but always manage their resources independently;

- units that do not maintain a complete set of accounts are those institutional units where their accounts are part of;

– units that maintain a complete set of accounts but are not legal persons are among the institutional units that control them.

Various indicators are used to measure the national product: gross national product (GNP), gross domestic product (GDP), national income (ND), net national product (NNP).

GDP - measures the value of the final product produced in the territory of a given country for a certain period.

GNP - the market value of final goods and services produced by factors of production owned by a given country, including in the territory of other countries for a certain period of time (year).

There are three ways to measure GDP (GNP):

1. Production - summing up the value added of all producers of goods and services in a given country. Value added is the value created in the production process, not including the cost of consumed raw materials and materials.

2. Distributive (by income) - the use of income streams of funds. Income is received by the owners of the factors of production. There are two types of income: labor and property (entrepreneurial). The main part of labor income is wages. Entrepreneurial income includes: rent (P), income from own (private) enterprise (Ds), corporate profits (Pc), including corporate income tax (CIT), net income (NPK), dividends (D); interest on deposits (%). This calculation method takes into account two components that are not related to payments: depreciation (A) - depreciation of capital and indirect taxes (Kn = customs duties, sales taxes, VAT).

In the analysis of the movement of income, the following phases are distinguished: income generation, primary distribution, redistribution, the formation of final (disposable) income, the use of disposable income to finance final consumption and savings. Thus, the net national product (NNP) is the actual volume of final products produced in a year, that is, GNP, excluding the depreciation of production factors:

NNP=GNP-A.

National income (NI) is the total income earned by the owners of factors of production (wages, interest on capital, rent):

ND \u003d NNP-Kn.

The incomes earned by the owner of each factor of production are always greater than those actually received, since the national income on the way to each owner of the factor of production undergoes changes - subtractions and additions. After making these amendments to the ND, another macroeconomic indicator is formed - personal income (PI):

LD \u003d ND-NPk-NPK-contributions on social insurance + T,

where ND is the national income;

NPK - corporate income tax;

NPC - net (retained) profit of corporations;

T - transfers (pensions, scholarships, allowances);

However, this amount is not fully used by the citizens of the country. Like the profits of entrepreneurs, personal incomes of citizens are subject to taxes, the most important of which is income (individual) tax (IN). And only after paying it, the remaining part of personal income is at the disposal of individuals - personal disposable income (personal income - PD):

PD \u003d ND - NPk - PKK - contributions to social. fear. + T - IN,

where IN - individual (income) taxes.

3. Final consumption (in terms of expenditures) - the sum of expenditures of all economic agents, i.e. aggregate demand for national product

GNP \u003d C + Ig + G + Xn,

where C is personal consumption expenditures, including household expenditures on durable and current consumption goods;

Ig - gross investment, including production capital investment in fixed assets production assets, in housing construction. Gross investment is the sum of net investment (In) that increases the stock of capital in the economy and depreciation (A);

G - public procurement of goods and services for the construction and maintenance of budgetary organizations;

Xn - net export of goods and services abroad, calculated as the difference between exports (Ex) and imports (Im).

Stages of development and structure of the system of national accounts

Lecture 2. The system of national accounting

The System of National Accounts (SNA) is a complex system of interrelated indicators, with the help of which it is possible to analyze the main aspects and phases of the economic process, all operations of economic entities that they enter into, all types of financial and non-financial assets. The ordering of this information on the accounts makes it possible to provide a description of the processes of production of goods and services, the distribution and redistribution of income, their use for consumption and savings, as well as the accumulation of capital, operations with financial assets, etc.

The main task of the SNA is to provide an interconnected description of the economic process at the macro level in the unity of its main aspects, to systematize and summarize the most important indicators so that the state makes decisions on the formation of economic policy on their basis, entrepreneurs can assess the general state of the macroeconomic environment, in where they function and make decisions, scientific institutions used SNA indicators to analyze macroeconomic problems, develop economic models for describing and forecasting the economic process.

The modern system of national accounting is an international standard for assessing the main economic indicators of a country.

Its components are macrodynamic indicators:

Gross national product;

Gross domestic product;

net national product;

Personal income;

disposable income.

SNA principles

1. Balancing income and expenses using the double entry method.

2. Valuation of all goods and services.

3. Separate accounting on special accounts of financial and redistributive flows.

The SNA is based on the theory of factors of production, according to which not only labor, but also land and entrepreneurial activity take part in the production of a product. Therefore, the SNA covers all aspects of the economy - tangible and intangible production, financial flows and the movement of resources.

The central place in the SNA is occupied by the indicator “gross national product (GNP), which in natural form is represented by the totality of final goods and services produced in society in a year, and in monetary form reflects their total market value.

As the basic unit of accounting in the SNA, the concept of an institutional unit is used, which is understood as an economic unit that has a unity of behavior, independence in decision-making in the area of ​​its core activity. It maintains a full set of financial statements and is a legal entity.

The national economy acts as a set of all national units - residents, which include economic units that operate in a given territory for more than a year. The number of residents includes territorial enclaves - embassies, scientific and military bases located in other countries.

Non-residents (extraterritorial enclaves) are foreign diplomatic and other official representations located in the country, as well as international organizations, their branches and representative offices.

Various aspects of economic activity in the aggregate of resident institutional units are presented in the form of institutional sectors. Usually, the SIS distinguishes four categories of internal sectors and one external.

The first group consists of non-financial enterprises that perform the function of producing material goods and services of a non-financial nature, mainly at the expense of resources from sales proceeds.

Households make up the second sector. The main function of these resident units is consumption. The main resources of households are formed from wages, income from property, inheritance, transfers from other sectors.

The third sector is the sector of public institutions, and according to the terminology of the UN SIS, the sector of public service producers, includes institutional units that provide services that are not sold for money, for which there is no market. They perform the function of producing non-commodity services, as well as the redistribution of national income and national wealth.

The main resources of this sector consist of taxes, social payments received from other units directly or indirectly (for example, in the form of public subsidies).

The fourth sector - the sector of financial institutions, covers institutional units that carry out financial transactions. The main resources of their activities are formed from funds formed as a result of accepting financial obligations (cash deposits and interest, shares, bonds, long-term state funds, and others).

In addition to internal sectors, the SNA has one external sector - the “rest of the world” or abroad sector. This includes resident units that operate outside the country.

National accounts are built for each sector and are divided into two types according to their content: flow accounts, where the results of transactions of economic agents are recorded, and property accounts, which are balance sheets. The assets of the property account reflect material goods owned by a separate economic unit and loans issued by it. And in the liability of this account, the promissory notes of this unit are entered. The balance between an asset and a liability is the net worth of the property or wealth.

Institutional units

The basis of accounting in the CNS is "institutional unit" (an economic agent that carries out business operations). This economic agent (firm), owning goods and assets, has the ability to make transactions and all sorts of transactions with other agents.

Residents - these are institutional units that constantly conduct their operations on the territory of the country; it does not matter whether the resident representing the firm is a citizen of the host country or not, as well as the ownership of its assets. Residents include:

• o persons permanently residing in a given country;
• o migrant workers living in the country for more than one year;
• o government bodies, including their foreign representations;
• o Firms that do business permanently in a given country, despite the fact that they may be wholly or partly owned by capital of foreign origin.

Non-residents - these are institutional units permanently located outside the country; branches or subsidiaries of residents are also considered to be such if they are permanently located and conduct their operations on the territory of a foreign state.

CNS distinguishes two main types of institutional units - individuals (households) and legal entities enterprises ). Within the SNA, all institutional units are grouped into five groups that represent the main sectors of economic activity:

• 1) non-financial corporations - institutional units engaged in the production of goods for the market and non-financial services (firms). Non-financial corporation - the main institutional unit of the real sector;
• 2) households (house-holds) - all individuals who operate in the national economy. These are families, the main consumers of goods and services;
• 3) non-profit institutions - legal entities that provide non-market services to households and are based on the voluntary participation of individuals. Non-profit institutions - an institutional unit of the real sector;
• 4) government agencies (government agencies) - are also engaged in the production of non-market goods and services for individual or collective consumption and the redistribution of income. Government institutions - ministries, departments, including government funds (social security areas), play an important role as institutional units of the public sector of the economy;
• 5) financial corporations (financial corporations) are institutional units (banks, financial companies) that carry out financial intermediation or ancillary financial services. The financial corporation is the main institutional unit of the money sector.

Statistical yearbooks (Year Book) published by governments, as a rule, reflect the presented structure of economic indicators, including macroeconomic indicators (GDP, NI, etc.).

Types of macroeconomic accounts

Cash accounts, unlike NI and GDP, are stock accounts. They usually reflect the following types:

• 1) flows (flows), which characterize the results of the activities of an institutional unit (for a certain period of time). Flows are carried out through transactions, they can also be financial and non-financial;
• 2) reserves (stocks), which fix the residual value of the corresponding indicator.

Within the framework of the SNA, macroeconomic accounts are compiled. They, in turn, are divided into three groups:

• 1) current accounts reflect the value of the volume of production of goods and services, the creation of income, its distribution, redistribution and use for consumption or savings;
• 2) savings accounts reflect the acquisition and sale of financial and non-financial assets and liabilities by institutional units;
• 3) balance sheets show the value of assets and liabilities at the beginning and at the end of the reporting period.

Foreign economic operations

Foreign economic transactions are, in the most general form, transactions of participants in operations, economic agents (institutional units), which fix the ownership (full, partial) of tangible or financial assets or involve the provision of certain services on the basis of mutual obligations. Such operations are called internal if they are committed in a specific country; international - if they are committed by organizations (institutional units) of a number of countries.

Thus, the system of national accounts makes it possible to solve the following tasks:

• 1) control the "economic pulse" of the country; SNA allows you to measure the volume of production at a particular point in time and reveal the reasons why production is at this level;
• 2) comparing the levels of national income over a certain period of time, one can trace a long-term trend that determines the nature of economic development: growth, stable reproduction, stagnation (stagnation) or recession;
• 3) the information contained in national accounts serves as the basis for the formation and implementation of public policy aimed at improving the functioning of the economy, achieving the main tasks of the government. National accounts make it possible to systematically monitor the economic health of a society and determine policies that contribute to the maintenance and improvement of this health (economic growth, full employment, income growth, etc.).

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1 Social reproduction. Resident and non-resident institutional units Reproduction, carried out at various levels of economic organization, is a complex, cyclically organized system, covering the processes of production, distribution, exchange and consumption of tangible and intangible goods. The economy always exists within state boundaries and, therefore, its resources, opportunities, and potential are limited not only by the existing conditions for reproduction, but also by the presence of minerals, population, territory, etc. In other words, social reproduction, that is, constantly renewed production, distribution, exchange and consumption in a given country is carried out as national reproduction. The System of National Accounts (SNA) uses a grouping of economic units according to institutional sectors. A sector is a set of institutional units (i.e., economic entities that may own assets, incur liabilities, engage in economic activities and transactions with other units on their own behalf) that are homogeneous in terms of their functions and sources of funding. The Russian SNA distinguishes the following sectors of the national economy: non-financial enterprises (enterprises producing goods, except for financial services); financial institutions; state institutions; non-profit organizations serving households; households. The names of the institutional sectors do not fully comply with the international standard. Upon completion of work on the introduction of the classifier of institutional sectors of the economy into statistical practice, this discrepancy will be eliminated. The interconnections of sectors of the domestic economy with other countries are reflected in the accounts of the "rest of the world", which unites all institutional units-residents in the part in which they interact with residents of the national economy. Residents are enterprises, organizations and households involved in economic activities in the economic territory of the country for a long period (at least a year). A unit is considered institutional if it maintains a complete set of accounts and is a legal entity, i.e. can independently make decisions, manage its material and financial resources, assume obligations and carry out economic activities and transactions with other units. If a unit does not have both characteristics of an institutional unit, then on the basis of the following principles: households are considered institutional because they do not maintain a complete set of accounts, but always manage their own resources; units that do not maintain a complete set of accounts are among those institutional

2 units, where their accounts are an integral part; units that maintain a complete set of accounts but are not legal persons are among the institutional units that control them. 24. GDP (production, distribution and consumption), personal disposable income Various indicators are used to measure the national product: gross national product (GNP), gross domestic product (GDP), national income (NI), net national product (NNP). GDP measures the value of the final product produced in the territory of a given country for a certain period. GNP is the market value of final goods and services produced by factors of production owned by a given country, including in the territory of other countries for a certain period of time (year). There are three ways to measure GDP (GNP): 1. Production summation of the value added of all producers of goods and services in a given country. Value added is the value created during the production process, not including the cost of consumed raw materials and materials. 2. Distributive (by income) use of income streams of funds. Income is received by the owners of the factors of production. There are two types of income: labor and property (entrepreneurial). The main part of labor income is wages. Entrepreneurial income includes: rent (P), income from own (private) enterprise (Ds), corporate profits (Pc), including corporate income tax (CIT), net income (NPK), dividends (D); interest on deposits (%). This calculation method takes into account two components that are not related to payments: depreciation (A) depreciation of capital and indirect taxes (Kn = customs duties, sales taxes, VAT). In the analysis of the movement of income, the following phases are distinguished: income generation, primary distribution, redistribution, the formation of final (disposable) income, the use of disposable income to finance final consumption and savings. So, the net national product (NNP) is the actual volume of final products produced in a year, that is, GNP excluding the depreciation of production factors: NNP = GNP-A. National income (NI) is the total income earned by the owners of factors of production (wages, interest on capital, rent):

3 ND=CHNP-Kn. The incomes earned by the owner of each factor of production are always greater than those actually received, since the national income on the way to each owner of the factor of production undergoes changes of subtraction and addition. After making these amendments to the ND, another macroeconomic indicator personal income (LD) is formed: LD = ND-NPK-NPK-contributions on social insurance + t, where ND is national income; NPK corporate income tax; NPC net (retained) profit of corporations; T transfers (pensions, scholarships, allowances); However, this amount is not fully used by the citizens of the country. Like the profits of entrepreneurs, personal incomes of citizens are subject to taxes, the most important of which is income (individual) tax (IN). And only after paying it, the remaining part of personal income goes to the disposal of individuals personal disposable income (personal income of PD): PD = ND NPk PPK - contributions to social. fear. + T IN, where IN is individual (income) taxes. 3. Final consumption (by expenditures) the sum of expenditures of all economic agents, i.e. aggregate demand for the national product GNP = C + I g + G + X n, where C is personal consumption spending, including household spending on durable and current consumption goods; I g gross investment, including industrial capital investments in fixed production assets, in housing construction. Gross investment is the sum of net investment (I n) that increases the stock of capital in the economy and depreciation (A); G public procurement of goods and services for the construction and maintenance of budgetary organizations; X n net export of goods and services abroad, calculated as the difference between exports (E x) and imports (I m). 25. National wealth. Sectoral and sectoral structures of the national economy National wealth is the totality of resources and other property of the country, which creates the possibility of producing goods, providing services and ensuring people's lives. It includes: 1) non-reproducible property: agricultural and non-agricultural land; minerals; historical and artistic monuments, works; 2) reproducible property: production assets (main and current

4 capital); non-productive assets (property and stocks of households and non-profit organizations); 3) intangible property: intellectual property (patents, trademarks, copyrights, etc.); human capital (products of the service sector, embodied in the knowledge, professional skills and health of the population, as well as in the effective institutional structure of society); 4) the balance of property obligations and claims in relation to foreign countries. In theoretical terms, the main features of the indicator of national wealth (NW) are that it: takes into account all the economic benefits available in the country as of a certain date, and not created over a certain period; a significant part is made up of natural goods (land, minerals, etc.) that are not the result of human economic activity. Despite the "non-man-made" nature of these riches, their value is related to the level of economic development, and this relationship is very complex; only with the help of the indicator of national wealth is an attempt made to comprehensively take into account intangible property. Despite the theoretical attractiveness of the NB indicator, its full-fledged actual calculation is not carried out in any country in the world. The fact is that both the valuation of irreproducible property and the valuation of intangible property involve very significant difficulties. In this regard, real estimates of NB usually take into account only those of its components, the value of which can be determined on the basis of economic practice. The structure of Russian national wealth looks like this: fixed capital accounts for 90-95% of national wealth; the rest of the NB is accounted for in approximately equal shares by working capital and household goods. In practice, the contradiction between the difficulty of calculating the NB and its theoretical importance for assessing the key parameters of the national economy is resolved using complex analysis current indicators of the system of national accounts of the SNA and NB components available for evaluation. The construction of the SNA in international practice is based on the idea of ​​the national economy as a system with a certain structure, with a certain influence of connecting links and elements. According to the SNA, the national economy can be structurally represented: by areas of activity and industries; as a set of institutional units by sector. Grouping the economy by areas of activity and industries. Production frontiers are defined in the SNA as all activities of resident units of the national economy (including the activities of foreign and mixed enterprises that have a center of economic interests in Russia and operate in it on a permanent basis) for the production of goods and services. Thus, the national economy is divided into two areas: the production of goods and the production of services. The classification of areas of activity by industry is determined by the All-Russian Classification of Economic Activities (OKVED). A branch of the economy can be defined as a set of qualitatively homogeneous groups of economic

5 units characterized by special conditions of production in the system of social division of labor and playing a specific role in the reproduction process. Industries that produce goods include: industry, agriculture and forestry, construction, and other activities for the production of goods. The rest of the industries are classified as industries providing services (market and non-market). Grouping the economy by sectors. According to the SNA, a sector is a set of institutional units that are homogeneous in terms of functions performed and sources of funding. The Russian SNA distinguishes the following sectors of the national economy: non-financial enterprises (enterprises producing goods, except for financial services); financial institutions; state institutions; non-profit organizations serving households; households; foreign economic relations ("the rest of the world"). The grouping of institutional units by sectors and their functions is presented in Table Institutional sectors of the economy and their functions Credit and insurance institutions Services State institutions Non-market services for collective use Non-commercial Non-market services for organizations, certain groups serving households Households "Rest of the World" Production of goods and services by the population in resident households and their consumption Foreign economic relations State budgetary institutions in the field of general management , finance, regulation and planning of the economy, research activities, protection environment, defense, etc. Public organizations: parties, trade unions, societies, etc. Subsistence farms: farms, artisans and others without forming a legal entity Foreign economic units section of the modern SNA, a tool for studying intersectoral relations.

6 IOB SNA details many accounts of the SNA, including the accounts of production, generation and distribution of primary income, the use of income account, and the capital account. Due to the fact that the intersectoral balance of production and distribution of products (in Western terminology, the "Input-output" table) most fully and consistently implements the provisions modern theory reproduction and relies on an appropriate economic and mathematical model, it has enhanced analytical capabilities in the study of economic processes. Based intersectoral balance a systematic analysis of the relationships between industries is carried out, the main economic proportions are identified, structural shifts and pricing features in the economy are studied, and the economic efficiency of production is studied. In the most aggregated SNA MOB scheme, there are three main parts, or quadrants (Table 26.1). General SNA MOB scheme ) each industry between all industries; by columns costs for the production of products (works, services). Thus, the "chess table" characterizes not only the relationship of industries, but also reflects intermediate consumption. In quadrant II, rows correspond to industries that consume products (works, services), columns represent categories of end use: final consumption (final consumption expenditures of households, units of state and municipal government and non-profit organizations serving households); gross capital formation (gross fixed capital formation, change in inventories, net acquisition of valuables); net exports of goods and services (exports minus imports). Quadrant III presents the cost structure of GDP. The lines reflect the main cost components of gross value added (compensation of employees, gross profit, gross mixed income, taxes and subsidies related to production), as well as taxes and subsidies on products. Thus, if we consider the data of the IRB vertically, then the columns reflect the cost structure of the gross output of individual industries, including intermediate consumption (quadrant I) and gross value added (quadrant III). Horizontally, i.e. line by line, the natural-material composition of the gross output used for intermediate consumption (quadrant I) and final use (quadrant II) is tracked. The basis of the mathematical model of the MOB is the system linear equations reflecting the quantitative expression of economic ties.

7 MOB SNA is a tool for deep implementation of the SNA into statistical practice, stabilizing the system of statistical observation updated in the transition to a market economy, integrating various sources of information support for building a system of macroeconomic indicators, classification and grouping. There are two options for compiling the SNA MOB: in the form of a single table (the structure of which also allows, in principle, to calculate indicators coordinated with previous developments of the MOB in the concept of balance National economy) or in the form of two tables of the SNA IOB as the main table and a separate input-output balance table in the concept of the balance of the national economy (BNH IOB). In the latter case, it is the BNC MOB that methodologically should be consistent with the previous MOB constructions in domestic statistics. It should be noted that the IRD is widely used not only for analytical purposes, but also for solving purely statistical problems, in particular, to check the balance of the entire system of statistical data covering various aspects of economic processes, to better harmonize production, distribution methods and final use in GDP calculations. , for calculating deflator indices when recalculating individual components of GDP from current to constant prices, etc. For the first time in domestic statistics, the IRD according to the SNA concept was compiled for 1995. The most important differences between the Russian MOB and the foreign statistical practice of compiling intersectoral balances are as follows: the use of buyer prices, that is, with the inclusion of a trade and transport margin twice: a) as part of the price of consumed products - in quadrants I and II; b) as a trade and transport margin (for products of the respective industries), added in the process of moving products from the producer to the consumer (in quadrant I). imperfection in the formation of an information database for compiling the "Cost-output" table. One-time surveys are combined. Continuous surveys across a wide range of industries are combined with non-continuous, expert assessments and recalculations. The use of foreign practice in the technology of data collection for the input-output balance will be possible in the process of organizing periodic and strictly regulated economic censuses. 27. Equilibrium of aggregate demand and aggregate supply (AD-AS model) Before proceeding to the consideration of the AD-AS macroeconomic equilibrium model, let us formulate the concepts of aggregate demand and aggregate supply, taking into account the factors that determine them. Aggregate demand shows the real amount of national production that consumers, businesses and the government are willing to buy at any possible price level. The aggregate demand curve indicates an inverse, or negative, relationship between the price level and the real volume of national production (Fig. 27.1).

8 The nature of the aggregate demand curve (AD) is determined by three factors: the interest rate effect; wealth effect, or real cash balances; effect of import purchases. The interest rate effect shows that when the price level rises, so do interest rates, and higher interest rates lead to a reduction in consumer spending and investment. This, in turn, causes a reduction in demand for the real volume of the national product. The effect of wealth, or real cash balances, is expressed in the fact that at a higher price level, the real value or purchasing power of material assets (money in time accounts, bonds with a fixed monetary value) decreases and, consequently, the population becomes poorer and will reduce their spending. Conversely, when the price level decreases, the real value of material assets increases and expenditures increase. The effect of import purchases suggests that with an increase in the price level compared to prices abroad, the effect of import purchases leads to a decrease in aggregate demand for domestic goods (services). Conversely, a decrease in the price level contributes to a reduction in imports and thus an increase in net exports in aggregate demand. It is necessary to distinguish between changes in aggregate demand caused by changes in the price level and those caused by changes in non-price factors of aggregate demand. The latter include changes in consumer, investment, government spending, and net exports. Aggregate supply reflects the size of the created national product and the change in prices generated by the given scale of reproduction. The shape of the aggregate supply curve (AS) at the same time fixes the change in the level of unit costs in the production of one or another GNP value, depends on the priorities and “crisis points” of economic growth, on the level of production, below which the rapid collapse of the economic system occurs. The AS curve shows the real amount of national output that will be produced at different price levels. It consists of three segments: 1) horizontal (or Keynesian), when the national product changes and the price level remains constant; 2) vertical (or classical), when the national product remains constant at the level of "full employment", and the price level can change; 3) intermediate, when both the real volume of national production and the price level change. Figure Aggregate demand (AD) and aggregate supply (AS) curve

9 The aggregate supply curve may shift upwards or downwards under the influence of changes in non-price factors (prices for domestic and imported resources, labor productivity, legal norms, government regulation methods). The volume of real national product (the value of the product at constant prices) and the rate of inflation, which ensure equality between aggregate demand and supply, is usually called the "state of general macroeconomic equilibrium" of the economy. The intersection of the AD and AS curves determines the macroeconomic equilibrium: the equilibrium price level and the equilibrium volume of national production are established. The consequences of an increase in aggregate demand depend on where on the aggregate supply curve it occurs. An increase in aggregate demand in the Keynesian segment leads to an increase in the real volume of the national product, but does not affect the price level, since the economy, emerging from the crisis, uses the available capacities (Fig. 27.2, a). An increase in aggregate demand in the intermediate period leads to an increase in both the real volume of GNP and the price level (Fig. 27.2, b), since. the economy is approaching full employment (Q FE). In the classical segment, an increase in aggregate demand leads to an increase in the price level, and the real volume of GNP cannot go beyond its level “at full employment” - resources have been exhausted (Fig. 27.2, c). a b c Fig Types of macroeconomic equilibrium: a on the intermediate segment AS; b on the Keynesian segment AS; in the classical segment of AS 28. Inflation and unemployment Inflation of demand and inflation of supply. Phillips curve. W. Okun's law. Unemployment rate Inflation excess money in circulation, leading to their depreciation and rising prices for goods and services. Depreciation is manifested in relation to gold, goods, foreign currencies. Inflation means an increase in the general price level as measured by a price index (I p)

10 where Р 0 is the price level in the base year (some previous year); Р 1 price level in the current year. Inflation, disorganizing market processes, "explodes" both production and consumption, increases social tension in society. According to the nature of the flow, open and suppressed inflation are distinguished. The first is inherent in the countries of a market economy, the second is an economy with administrative control over prices and incomes. Strict control does not allow inflation to manifest itself in rising prices (outwardly they are stable), which leads to a shortage of goods. In terms of inflation, moderate inflation is distinguished (price growth is less than 10% per year); galloping (price growth from 10 to 200% per year); hyperinflation (price growth of more than 200% per year); superinflation (price growth of more than 50% per month). In world practice, two types of inflation are known: supply and demand. Demand-pull inflation arises as a consequence of excess aggregate spending (AD 1 -> AD 2) (for example, due to wage growth) in conditions close to full employment (Q f.e). The growth of AD stimulates not so much the volume of production as the rise in prices (P 1 -> P 2) (Fig. 28.1, a). Supply inflation (costs) arises as a result of an increase in average costs per unit of output (rising prices for raw materials, resources), which leads to a reduction in aggregate supply (AS 1 -> AS 2) (Fig. 28.1, b). In this case, prices rise (P 1 -> P 2), and the volume of production is reduced (Q 1 -> Q 2). Figure Demand inflation (a) and supply inflation (b) Statistics show that there is an inverse relationship between inflation and employment. This dependence was determined in 1958 by the English economist A. Phillips. In accordance with his concept, inflation in a certain period of time reduces unemployment (short period).

11 Fig A. Phillips Curve So, for example, if the government considers the unemployment rate as very high, then in order to increase employment, it pursues a policy that stimulates AD. The need to meet the increased demand leads to the expansion of production and the creation of new jobs, unemployment is reduced to the level of U 2 (Fig. 28.2). In this case, the price increases to P 2, i.e. inflation increases. If the government pursues an anti-inflationary policy, prices fall to P 3, and unemployment to U 3. If inflation continues for more than long time(over 5 years), it can grow despite the high unemployment rate. Unemployment temporary unemployment of the economically active population. According to the definition of the International Labor Organization (ILO), an unemployed person is a person who can work, but, having no job, is actively looking for one. The main types of unemployment are frictional, structural and cyclical. Frictional unemployment is associated with the movement of people from one job to another (due to a change of residence, advanced training). Structural unemployment arises in connection with the introduction of the achievements of scientific and technological progress into production (the withering away of some professions glass blower, typist, the emergence of new IBM operators). These two types of unemployment are always present. Structural and frictional unemployment form a natural unemployment rate of 6-7% (at Q f.e. 1) (Fig. 28.1). Cyclical unemployment is associated with economic cycles and is a deviation of the actual unemployment rate (at Q 1) from the natural one (at Q f.e. 1). It is associated with insufficient aggregate demand for goods and services (AD) (Fig. 28.3).

12 Figure Actual and potential GNP Unemployment due to equipment downtime leads to significant economic losses in goods and services. As a result, a certain part of GDP is not produced. The relationship between GDP losses and unemployment is determined by W. Okun's law: every 1% increase in unemployment in excess of its natural level leads to a 2.5% lag in GDP. The unemployment rate is defined as the ratio of the number of unemployed (N w / r) and the labor force (N r / s), which is made up of employed and unemployed 29. Models of savings, consumption, investment saving. The dynamics of investment is determined primarily by the dynamics of interest rates, which is reflected in the corresponding functions of consumption, savings and investment. one. The simplest function consumption looks like. where C is consumer spending; С 0 autonomous consumption, the value of which does not depend on the size of the current disposable income (life in debt); MPC marginal propensity to consume; Y income; tax deductions; disposable income (income after taxes). The marginal propensity to consume is the proportion of the increase in spending on consumer goods in any change in disposable income,

13 , where the increase in consumer spending, the increase in disposable income. The change in MPC is graphically reflected in the change in the tangent of the slope of the straight line of consumption C (Fig. 29.1). For example, if MPC was 25% of income growth () straight line C 1, then as a result of an increase in the propensity to consume (MPC = 50%) straight line C 2, the total income of society as a whole will increase from Y 1 to Y The savings function has the form where S the amount of savings in the private sector; -C 0 autonomous consumption; MPS marginal propensity to save; Y income; T tax deductions. The change in MPS is graphically reflected in the change in the tangent of the slope of the savings straight line (Fig. 29.2). If MPC increases (straight line C 1 in Fig. 29.1), then MPS,

14 is reduced (straight line S 2 in Fig), which naturally leads to an increase in the income of society as a whole. The marginal propensity to save is the share of the increase in savings in any change in disposable income: where the increase in savings, the increase in disposable income. Since disposable income is the sum of consumption C and savings S (), then the increase in income causes a certain increase in consumption and savings, therefore MPC + MPS is an increase in income. 3. Autonomous investment function where I is investment spending; I 0 economic factors(mineral reserves, etc.); R real interest rate; d is the empirical coefficient of investment sensitivity to the dynamics of the interest rate. Factors that determine the dynamics of investments: the expected rate of net profit; real interest rate; the level of taxation; changes in production technology; cash fixed capital; economic expectations; dynamics of total income. With the growth of aggregate income, autonomous investments are supplemented by stimulated ones, the value of which increases with the growth of GDP. The positive dependence of investment on income can be represented as a function, where Y is the total income,

15 MPI marginal propensity to invest, which means an increase in investment costs with a change in income and is calculated by the formula; Fig Investment function The more of the increase in income is invested, the greater will be the income of society (Fig. 29.3). The main factors of investment instability are: long service life of equipment; irregularity of innovations; volatility of economic expectations; cyclical fluctuations in GDP. The discrepancy between investment and saving plans causes fluctuations in the actual volume of production around the potential level, as well as a discrepancy between the actual unemployment rate and the natural one. These fluctuations are facilitated by low downward elasticity of wages and prices (i.e. if prices fall, then wages do not, as this threatens to lose skilled workers). 30. Macroeconomic equilibrium in the "Keynesian cross" model The equilibrium level Y e can fluctuate in accordance with the change in the value of any component of total expenditures: Y e =C+I+G+X n. An increase in any component of autonomous spending causes a slightly larger increase in total income DY due to the multiplier effect. Autonomous spending multiplier is the ratio of the change in equilibrium GDP to the change in any component of autonomous spending

16 , where m is the autonomous spending multiplier; DY change in equilibrium GDP; DA is the change in autonomous expenditures, independent of the dynamics of Y. The multiplier shows how many times the total growth (decrease) in total income exceeds the initial increase (decrease) in autonomous expenditures. This means that relatively small changes in C, I, G, or X n can cause large changes in employment and output levels (Figure 30.1). Fig. Equilibrium NNP in the income-expenditure model Thus, the multiplier is a factor of economic instability that amplifies fluctuations in business activity caused by a change in autonomous spending. The problem becomes more complicated under conditions of stimulated investment, since in each subsequent cycle of production, not only higher consumer spending, but also growing investment spending is financed from the increased total income Y. There is a supermultiplier effect. The recessionary gap is the amount by which aggregate demand (aggregate spending) must rise to raise equilibrium GDP to the non-inflationary level of full employment. If the actual equilibrium output Y e is below the potential Y f.e. (Fig. 30.2), this means that aggregate demand is not efficient, as it has a depressive effect on the economy.

17 Figure Recessionary Gap To overcome the recessionary gap and ensure full employment of resources, it is necessary to stimulate aggregate demand and "move" the equilibrium from point A to point B. The increment in total income DY is: DY = recessionary gap value * autonomous spending multiplier value. The inflationary gap is the amount by which aggregate demand (aggregate spending) must fall to bring equilibrium GDP down to the non-inflationary level of full employment (Figure 30.3). Fig. Inflationary gap Overcoming the inflationary gap involves curbing aggregate demand and "moving" the equilibrium from point A to point B (full employment of resources). In this case, the reduction in the equilibrium total income DY will be DY=the value of the inflationary gap, the value of the autonomous spending multiplier. One of the main tasks of the government's fiscal policy is to create a system of built-in stabilizers for the economy, which would make it possible to weaken the effect of

18 multiplication by a relative decrease in the marginal propensity to consume (MPC) and, accordingly, an increase in the marginal propensity to save (MPS), since the multiplier =. The government spending multiplier works similarly, where m G is the government spending multiplier (Figure 30.1). The main factor determining the value of the multiplier is the MRS. Similarly, tax cuts T will also have a multiplicative effect on the equilibrium level of income. If tax deductions are reduced by, then disposable income increases by an amount (Fig. 30.4). Fig Effect of taxes on macroeconomic equilibrium Consumer spending increases by an amount that increases output Y 1 to Y 2 by an amount where is the tax multiplier. If government spending and autonomous tax deductions increase by the same amount, then the equilibrium output also increases. In this case, one speaks of a balanced budget multiplier, which is always equal to or less than one. 31. Fiscal policy: goals, tools. Laffer curve Fiscal policy is the most important element of the state's economic policy. It includes measures taken by the state aimed at creating a state fund of funds necessary to ensure the normal functioning of society. In a market economy, the state budget performs important macroeconomic functions: ensuring the creation of public goods; creation of a material base for managing market processes with the help of the state

19 funds fund; formation of the basis for solving the problems of increasing the welfare of the population, for solving social issues. The state budget is built on the ratio of income and expenditure. Theoretically, the most optimal is the budget, which assumes a zero balance. However, if the economy is developing, then it must solve increasingly large tasks and there will not be enough funds for their implementation. The budget deficit is the excess of spending over income. A budget surplus is the excess of revenues over expenditures. The reasons for the budget deficit: the decline in production, the release of "empty" money, significant social programs, the increasing role of the state in various spheres of life, the expansion of its economic and social functions. Ways to cover the budget deficit: government loans, tighter taxation, seigniorage money production. Currently, seigniorage does not mean printing money, as this contributes to inflation, but is realized through the creation of reserves by commercial banks. The primary task of the public sector is the stabilization of the economy, which is implemented, as a rule, by means of fiscal policy, i.e. through the manipulation of government spending (G) and taxation (T) in order to increase production, employment and reduce inflation. Discretionary fiscal policy is the conscious regulation by the state of the level of taxation and government spending in order to influence the real volume of national production, employment, inflation. With discretionary fiscal policy, in order to stimulate aggregate demand (AD), during a recession, a government budget deficit is purposefully created due to an increase in G or a decrease in T. During an upswing, a budget surplus is created. Government spending has an impact on AD and has a multiplier effect GNP = k g G, where k g = 1/1-MPC is the government spending multiplier. The action of taxes, like G, has a multiplier effect where k t = MPC/MPS is the tax multiplier. GNP \u003d - k t T, k g > k t, since, for example, with a decrease in T, consumption increases only partially (part of disposable income goes to increase savings), while each unit of growth G has a direct impact on the value of GNP. Non-discretionary fiscal policy involves the use of automatic stabilizers, which, without frequent intervention, respond to changes in the macroeconomic situation. The main built-in stabilizers include

20 change in tax revenues in different periods of the economic cycle. At the same time, tax rates are valid for a long time without changing their value. Therefore, during the recovery period, tax revenues automatically increase, which reduces the purchasing power of the population and curbs economic growth. Built-in stabilizers also include unemployment benefits; social payments; programs to support the poor. In system financial relations An important role, from the point of view of replenishing the revenue side of the budgets of various levels and the possibility of influencing the national economy, is played by taxes. Taxes are obligatory payments levied by the state from legal entities and individuals on the basis of special tax legislation. Principles of taxation: combination of direct and indirect taxes; universality of taxation; equal tension of the tax burden for all subjects of tax legal relations; single taxation; use of the system of tax incentives; striving for stability of tax conditions; prohibition of retroactive effect of tax laws. Subjects of the tax must pay taxes in proportion to the benefits they receive from the state, i.e. those who have received the greatest benefit pay the taxes necessary to fund the creation of that benefit. Legal entities and individuals must pay taxes in direct proportion to the amount of income received. With a high income tax rate (more than 50%), the business activity of firms and the population is sharply reduced. Curve Laffer (fig. 31.1) reflects dependence of receipts in the budget of the sums of taxes from income tax rates. The essence of the “Laffer effect” is as follows: if the economy is located to the right of point A, then reducing the level of taxation to the optimal level (r a) in the short term will lead to a temporary reduction in tax revenues to the budget, and in the long term to their increase, since incentives for labor will increase. and entrepreneurial activity (exit from the "shadow economy"). The object of tax is income or property on which the tax is charged.

21 Figure Laffer curve Tax rate is the amount of tax deductions per unit of the object of tax. There are fixed rates (set in absolute terms per unit of deposit, regardless of the amount of income); proportional (in the same percentage of the object of tax, without taking into account the differentiation of its value); progressive (increasing rates as income grows); regressive (lowering the rate as income rises). Direct taxes are paid by tax subjects directly and in direct proportion to solvency (income tax, land tax, etc.). Indirect taxes are levied through a price surcharge and are taxes on consumers (excises, VAT, customs duties). Net tax revenues to the budget the difference between the amount of total tax revenues to the budget and the amount of transfers paid by the government Money turnover(M. Friedman), seigniorage. Quantity theory of money. The classic dichotomy Money is a commodity that functions as a medium of exchange, a unit of account, and a store of value. Money is the most important macroeconomic category that makes it possible to analyze inflationary processes, cyclical fluctuations, the mechanism for achieving equilibrium in the economy, the consistency of commodity and money markets, etc. The most characteristic feature of money is their high liquidity. For measuring money supply monetary aggregates are used: M 0 cash; M 1 M 0 + settlement, current and other accounts, deposits in commercial banks, demand deposits; M 2 M 1 + term deposits; M 3 M 2 + certificates of deposit and government bonds.

22 At present, the most popular is the quantity theory of money, which arose in the late 17th and early 18th centuries. Its most important provisions are reduced to substantiating the dependence of the amount of money in circulation on the level of prices for goods and services. On the basis of the quantitative theory of money, monetarism arose. Having borrowed its central idea from the quantitative theory, the monetarists gave it dynamism and used it to substantiate latest methods statistical analysis and transformed the equation of exchange where M is the amount of money in circulation; V velocity of circulation of money; P price level; Y real output. The money demand function has the form where y is the nominal return on assets; r expected real interest rate; h is the expected rate of inflation. MV = PY, MD = f(y, r, h), The money supply (MS) is the actual money supply in the market. To ensure economic stability, it is important to constantly monitor the amount of money put into circulation. In the case of money emission, for example, when monetizing a budget deficit, seigniorage often arises in the state's income from printing money. Seigniorage occurs when the rate of money supply exceeds the rate of growth of real GNP, which leads to an increase in the average price level. As a result, all economic agents pay a kind of inflationary tax, and part of their income is redistributed in favor of the state through increased prices. The theory of liquidity preference Keynesian theory of the demand for money identifies 3 motives that encourage people to keep some of their money in the form of cash: the transaction motive is the need for cash for current transactions; precautionary motive keeping cash in case of unforeseen expenses; the speculative motive of holding cash for future gains. Demand factors for money (L D): income level; the speed of circulation of money; interest rate. The money demand function uses the nominal interest rate. This is the rate charged by banks for lending transactions. The real rate reflects the real purchasing power of the income received in the form of interest. The money supply (L S) includes cash (C) outside the banking system and deposits (D) that economic agents can use for transactions if necessary.

23 Fig. Short-term equilibrium in the money market The supply of money is controlled by the Central Bank and is fixed at a level. The price level is also stable. Then the real money supply will be fixed at the level / (Fig. 32.1). The demand for money is viewed as a decreasing function of the rate of interest for a given level of income. At the point of equilibrium, the demand for money is equal to their supply. A floating interest rate keeps the money market in balance. 33. Banking system. The process by which banks create money. Bank multiplier The credit system of developed countries consists of central, commercial banks and specialized credit and financial institutions. The Central Bank plays an important role in this system. main task which is the management of emission, credit and settlement activities. Main functions: development and implementation of monetary policy, issue and withdrawal of money from circulation (central banks are endowed with a monopoly right to issue banknotes); storage of the country's gold and foreign exchange reserves; execution of credit and settlement operations of the government; provision of various services to commercial banks (storage of required reserves, provision of loans). The special position of central banks in the credit system is manifested in the fact that they do not have the goal of maximizing profits and do not compete in business with commercial banks, do not serve the population, enterprises do all this. commercial banks. Commercial banks are the backbone of the credit system. They can be general and specialized. The first do everything Bank operations(from 100 to 300 species). The latter can serve a specific industry, business area, a group of customers, or perform a small number of operations. These banks include: investment specializing in the accumulation Money for long periods and provision of long-term loans; mortgage

24 carry out credit operations to attract and place funds on a long-term basis secured by real estate. Specialized financial institutions include savings institutions, Insurance companies, pension funds, investment, leasing companies. By lending, banks are able to create new money. Each commercial bank has statutory required reserves, the amount of which is determined by the central bank. It specifies what percentage of its assets a commercial bank should have either in the form of deposits with the central bank or in the form of cash on hand. This percentage is the reserve ratio. The rest of the money the bank can use to increase the money. Suppose a person has invested $1,000 in a bank, then the bank's balance sheet will be as follows: Asset FR (Actual*Reserves) $ Liabilities Deposits+$1000 Obligatory. reserves (R)+100$ Excess. reserves (E)+$900 Actual reserves (FR) of bank A are $1,000 The required reserve ratio (R) is set at 10% for all banks. Therefore, excess reserves (E) are 90% (i.e. E=FR-R). So Bank A has created $900 of extra money. If the actor used the $900 loan he received to buy raw materials, then his suppliers would transfer the money received to their account at Bank B, whose balance sheet would look like this: Asset FR+900$ Liabilities Deposits+900$ R+90$ E+810$ Thus, bank B has created additional money of 810$. Theoretically, with a reserve ratio of 10%, each $1 invested in the bank will lead to the creation of $10, i.e., there is a multiplication:,

25 where m is the bank multiplier, which shows how many new bank dollars the banking system creates when one additional dollar of deposit enters it. If R=10%=0.1 then. Given t, we can calculate maximum amount money (M), which was created by the banking system $. This process will continue until the entire amount of the deposit is used as required reserves. 34. Monetary policy: goals and tools. Politics of expensive and cheap money Monetary policy is part of the overall macroeconomic policy that affects the monetary factors of instability. Monetary policy is a set of measures taken by the government in the monetary sphere in order to regulate the economy. Objectives of monetary policy: 1) sustainable growth rates of national production; 2) stable prices; 3) high level of employment of the population; 4) equilibrium of the balance of payments. The monetary policy is carried out by the Central Bank of the country. At the first stage, the Central Bank influences the money supply, the level of interest rates, and the volume of loans. In the second, changes in these factors are transferred to the sphere of production, contributing to the achievement of final goals. The effectiveness of monetary policy depends on the choice of instruments (methods) of monetary regulation. The main general instruments of monetary policy are: 1) changing the discount rate; 2) change in the norm of obligatory reserve; 3) open market operations. Changing the discount rate is the oldest method of monetary regulation, which is based on the right of the Central Bank to provide loans to commercial banks at a certain percentage, which it can change, thereby regulating the money supply in the country.

26 When the discount rate (r) is lowered, the demand of commercial banks for loans (D m) increases, which they can use for lending, thereby increasing the money supply. An increase in the money supply (S m) leads to a decrease in the loan interest rate (%) (at which commercial ones provide loans to entrepreneurs, the population). Credit becomes cheaper, which stimulates the development of production (Y) (policy of cheap money) When the discount rate increases, the reverse process occurs. It leads to a reduction in the demand for Central Bank loans, which slows down the growth rate (or reduces) the money supply and raises the lending rate. Entrepreneurs take less expensive loans, which means less money is invested in the development of production (policy of expensive money). Changing the required reserve ratio (the part of a deposit in a commercial bank that is necessary to guarantee the payment of money to depositors in the event of bankruptcy) allows the Central Bank to regulate the money supply. This is due to the fact that the required reserve ratio (R) affects the amount of excess reserves (E) (Deposit \u003d R + E, i.e. the more R, the less E), which means the ability of commercial banks to create new money by lending . If the Central Bank has increased the reserve ratio, then commercial banks increase the required reserves and reduce the issuance of loans (E) (policy of dear money). Conversely, a decrease in the reserve ratio turns part of the required reserves into excess and thereby increases the ability of commercial banks to create money by lending (cheap money policy). It should be borne in mind that an increase or decrease in the required reserve ratio changes the bank multiplier. Open market operations buying or selling government securities to Central Banks. To use this tool, it is necessary to have a developed securities market in the country. By buying and selling securities, the Central Bank affects bank reserves, the interest rate, and, consequently, the money supply. To increase the money supply, he begins to buy securities from commercial banks and the public, which allows commercial banks to increase reserves, as well as to issue loans and increase the money supply (cheap money policy).

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GLOSSARY ON THE COURSE "MACROECONOMICS"

INTRODUCTION

« Macroeconomics» - This is a branch of economic theory that is designed to find out how the economic system as a whole functions. The prefix "macro-", meaning "large", shows that the level of macroeconomic analysis refers either to the economy as a whole, or to such major subdivisions (aggregates) as the government, private sector, etc. Macroeconomics as a science is called upon to develop recommendations for the effective development of the national economy and the increase of national wealth.

An aggregate is a collection of specific economic units that are treated as if they constituted one unit. By studying aggregates, macroeconomics seeks to draw a general picture (general scheme) of the structure of the economy and the relationships between its large-scale divisions.

Absolute advantage- the ability of a country to produce goods at a lower cost than others.

Abstraction- a method of scientific research, excluding from the analysis everything accidental, single and being in the object of the essential, constant.

Prepaid expense- the amount of money paid on account of future payments for work performed, acquired material values, services rendered.

advice- a message about a change in the state of mutual settlements sent by one counterparty to another, including a notification sent by the bank to the client about the receipt of transfers to his account, the opening of a letter of credit, etc.

Automatic stabilizers- an economic mechanism that automatically responds to changes in the economy, softens the reaction of the GNP level to changes in aggregate demand without the need to take any steps from the state.

Autarky- the policy of voluntary or forced isolation of the country from the world market, the economic isolation of the state. The main means of autarky are the establishment of high restrictive duties on imported goods, the creation of conditions that hinder the development of economic and trade ties with other countries.

Topic 1. National economy: goals and results. System

National accounts and its indicators.

Features of the subject and methods of macroeconomics. Goals, objectives and functions of the course. Public reproduction, resident and

non-resident institutional units

National economy (national economic system)- this is the economic system of the country, reflecting the whole complex of factors (internal and external, economic and non-economic) of its development and functioning and containing the peculiarities of the implementation of general economic laws due to them.

national wealth is a set of material and non-material benefits created by the labors of previous and current generations and involved in the process of reproduction of natural resources that a given society has at a given point in time. National wealth includes two parts: a) public (created) wealth; b) natural (non-reproducible by labor) wealth - natural resources (land, water, water resources) not involved in social reproduction, which constitute the potential wealth of society.

Macroeconomics - this is a branch of science about the economy as a whole, about the problems of economic growth and employment, about the possibilities and operation of the economic mechanism, about the functions of the state and economic policy. It examines the size and structure of the gross product, the functioning and efficiency of the economy as a whole. Her focus is on the development of problems of organizing economic regulation, managing inflation, conserving natural resources, and maintaining optimal production rates.

The Cognitive Function of Macroeconomics– study, analysis and explanation of economic processes and phenomena.

The practical function of macroeconomics- development of recommendations for the implementation of the economic policy of the state.

The predictive function of macroeconomics– identifying and assessing the prospects for economic development and the economic situation.

The ideological function of macroeconomics- the formation of a certain worldview on various economic issues affecting the interests of the whole society.

Positive macroeconomics- aims to build an economic model, an explanation of economic phenomena, free from subjective judgments.

Regulatory macroeconomics- is a set of subjective judgments about how the economy should function.

General Methods macroeconomic research: analysis, synthesis, induction, deduction, historical approach, etc.

Special Methods macroeconomics: a) the method of macroeconomic aggregation, those. combining economic phenomena, processes into a single whole (for example, aggregated concepts are: GNP, GDP, NNP, ND, LD, RD); b) the method of economic and mathematical modeling.

Economic model is a formalized description of various economic phenomena and processes in order to identify the main relationships between them.

Exogenous type of macroeconomic model variables- these are variables introduced into the model from the outside (government spending, tax rate, the amount of money supply, the amounts of which are regulated by the state).

Endogenous type of macroeconomic model variables are variables that arise inside the model in the process of solving the proposed problem, i.e. the result of its decision (for example, the volume of employment and output; levels of inflation and unemployment, levels of planned spending, etc.).

Model representation methods: mathematical; graphic; in the form of accounting records, in tabular and matrix form, etc.

Types of functional dependencies, used in building models :

-definitional, reflecting the content of the phenomenon or its structure (for example, aggregate demand AD);

- behavioral, showing the preferences of economic entities (for example, the consumption function);

- technological, characterizing the relationship between the volume and factors of production (for example, the production function);

- institutional, expressing institutionally established dependencies (for example, the amount of tax revenues from the income stream of an economic entity).

Groups of economic expectations associated with the time factor: 1. waiting ex post- assessment by economic subjects of the acquired experience, actual assessments, assessments of the past; 2. waiting ex ante– predictive estimates of economic entities.

Expectation Formation Concepts:

· the concept of adaptive expectations, according to which economic agents adjust their expectations, taking into account the mistakes made in the past;

· the concept of rational expectations. This approach, according to which, the forecasts of economic entities for the future are formed as the optimal result of processing all the information at their disposal, including the current economic policy of the government;

· concept of statistical expectations, according to which economic agents expect in the future what they encountered in the past.

Model classification criteria:

a) by degree generalizations: abstract-theoretical and concrete-economic;

b) by degree structuring: small and multi-sized;

c) in terms of the interdependence of elements: linear and non-linear;

d) by degree coverage: open - for the study of international economic relations; closed - to study a closed national economy;

e) accounting time as a factor determining phenomena and processes: statistical, in which this factor is not taken into account; dynamic, in which the time factor is taken into account.

social reproduction, whose problems are studied by macroeconomics as a science - this is the reconstruction (reproduction) of spent factors of production (natural resources, labor, means of production) through their subsequent production. At its core, reproduction is a continuous renewal and constant repetition of the production process. Thus, the reproduction of capital is the constant renewal of capital.

Simple reproduction- this is reproduction, in which there is no change in the volume of manufactured products. With this method, almost all of the produced product goes to personal consumption.

Extended reproduction is reproduction with an increase in the scale of production. It means a constant increase in the volume of output. The types of such reproduction are: extensive and intensive reproduction.

Reproduction structure: 1. reproduction of the total social product; 2. reproduction of labor force, natural resources and means of production; 3. reproduction of economic relations.

Resident(from lat. residentis - "sitting", "staying")– 1) a legal entity established in accordance with the legislation of the country, located on its territory, as well as representative offices, as well as representative offices, branches of a resident abroad; 2) individuals, citizens of the country permanently residing on its territory. Or it is a legal or natural person registered or permanently residing (staying) in this country for more than a year and having a center of its interests in it. Residents are fully subject to the regime of national taxation and legislative regulation.

According to Russian law, residents are considered:

a) individuals with permanent residence in the Russian Federation, including those temporarily outside the Russian Federation;

b) legal entities established in accordance with the legislation of the Russian Federation, located in the Russian Federation;

c) enterprises and organizations that are not legal entities, established in accordance with the legislation of the Russian Federation, located in the Russian Federation;

d) diplomatic and other official representations located outside the Russian Federation;

e) branches and representative offices of Russia located outside the Russian Federation, specified in subparagraphs "b" and "c" (clause 5 of article 1 of the Law of the Russian Federation "On currency regulation and currency control").

non-resident, a subject of the economy that does not have signs of a resident.

Features of macroeconomics(its differences from microeconomics):

a) macroeconomics operates aggregated indicators, parameters , for example, such as GNP, GDP, NNP, ND, LD, RD, level: prices in the country; inflation; employment; unemployment; the volume of savings and investments, etc.

b) the functioning of the economy as a whole has the property emergence, that is, the irreducibility of the characteristic features of the functioning of the system to the properties of its constituent elements. An example of such irreducibility is the “savings paradox”.

c) in macroeconomics, two more traditional subjects of a market economy - households and firms - are joined by two more: "state" and "abroad".

d) macroeconomics is conceptual science, which is determined by the specifics of its subject. Main concepts are: classical; Keynesian and monetary. However, there are many other concepts: the theory of rational behavior; supply theory, etc.

Macroeconomic market - this is the market , where “one aggregate buyer” (consumer) spending “single aggregate income” and “one aggregate seller” (producer) interacting “single aggregate” expenditure.

Elements of the macro market and its interrelations(see fig. 1).

Fig. 1. Scheme of relationships between economic entities

in the macroeconomic market

Groups (types) of macroeconomic markets: market of goods and services; real capital market; labor market; money market; market of fictitious capital (securities); international market.

Types of links between economic entities:

1. firms and households pay taxes to the state;

2. the state provides subsidies to firms and transfer payments to households;

3. firms turn part of their profits into investments (future supply), and households turn part of their income into savings (future demand);

4. the state uses part of the budget to finance non-market sectors of the economy (science, education, healthcare, industrial and social infrastructure, defense, the media, the state apparatus);

5. the state is in credit relations with "foreign countries".

Macroeconomic balance- this is a fundamental concept of macroeconomic theory, which means such a state of the national economy, when the equality of supply and demand is simultaneously established in all markets and not one of the economic entities is not interested in changing market operations. The movement towards macroeconomic equilibrium is the pursuit of equilibrium prices, full employment, overcoming inflation and sustainable economic growth. At the same time, it should be borne in mind that this category is only an ideal construction, but in reality it is unattainable.

Types of quantitative macroeconomic variables:stock – an indicator measured as a quantity at the moment (for example, the property of the consumer); flow- a quantity measured as a quantity per unit of time (for example, consumer income or expenses).

Disadvantages of the balance of the national economy(BNH):

re-counting;

overestimation of economic indicators;

inconsistency of BNH with world economic statistics

accounting only for the sphere material production in the creation of national income (without the service sector), since it was based on the concept of A. Smith and K. Marx about labor theory of value in the sphere of material production, within which the national income was created.

System of National Accounts(SNA) is a system of interrelated indicators of economic development at the macro level. The SNA covers all the technical operations that take place in the economy and all the resources that the country has at its disposal.

Principles of functioning of the SNS. Recognition that:

1) the gross product and national income are produced both in the sphere of material production and in the sphere of services. Only illegal activities are practically not taken into account.

2) in creating the value of goods and services, along with labor, other types of resources take part: land (natural resources); capital and entrepreneurial activity. The created profit is considered not as a result of labor alone, but as a result of the combined use of these factors.

3) SNA indicators reflect the course and results of economic processes, taking into account the interaction of various spheres and forms of economic activity, including detailed information in the field of foreign economic relations.

The essence of the SNA consists in the fact that within the framework of each allocated account, any economic transaction is presented as a two-way operation, reflected in the corresponding account both as income and as expenses.

In this sense, for each account number we have a certain component of economic equilibrium (disequilibrium). The core of the SNA is a set of indicators of the production and use of the national product.

The SNA provides a step-by-step picture of the economic processes in the country, including information on a standard set (for all sectors of the economy) of accounts, in which transactions related to the main phases of the economic process are recorded.

Phases of the economic process:

1) production and generation of income;

2) distribution and redistribution of income;

3) the formation of "disposable income" and its use for consumption and accumulation;

4) formation of sources of financing of capital expenditures;

5) investment;

6) acquisition of financial assets and acceptance of financial liabilities;

7) changes in assets not related to the normal economic process (as a result of natural disasters, catastrophes, wars).

8) formation of assets and liabilities.

Sectors of the economy are homogeneous institutional units grouped according to the functions they perform.

Types of sectors of the economy according to the SNA:

1. Non-financial corporate and quasi-corporate enterprises engaged in the production of goods and services sold on the market;

2. Financial institutions and corporations;

3. Organs government controlled;

4. Private non-profit organizations serving households;

5. Households (as consumers and as entrepreneurs);

6. The rest of the world (including foreign economic relations).

Macroeconomic indicators is a set of concepts used in the compilation of national accounts, which were created to measure the total production in the economy.

Gross National Product (GNP) and Gross Domestic Product (GDP) is the total market value of the entire final production of goods and services in the economy in one year. They represent the results of activity in two spheres of the national economy - material production and the service sector. These indicators are calculated both in current (current) prices and constant (prices of any base year).

To gross national product country refers only to a product created using factors of production owned by this country and its citizens. FROM one side, the country's gross national product also includes its part created abroad, but with the use of factors owned by this country and its citizens. FROM the other side, the gross national product of a country does not include what is produced in that country using factors belonging to other countries. Accordingly, when production is joint in nature, and the factors belong to one degree or another different countries, we have to calculate the share joint GNP attributable to the factors of a given country.

GDP indicator represents the total cost of the final product produced only inside the country, using both own and foreign factors of production, that is, the product created by abroad using the country's factors of production.

Obviously, if a firm country's citizens produce abroad the final product of the same value as foreign firms and citizens produce in this country, then the gross
national product and gross domestic product match in size. In general, as a rule, difference between indicators GNP and GDP is negligible and is within one or more percent

Differences between GNP and GDP. The difference between GNP and GDP is as follows:

GDP is a product produced only within the country and only using the resources of this country. In fact, this is the product of the country minus the products produced by domestic enterprises abroad (ie affiliates) and the product created within the country with the participation of foreign capital.

· GDP is calculated according to the so-called territorial basis. Those. it is the cost of production of material production and the service sector, regardless of the nationality of enterprises located in the territory of a given country.

· Unlike GDP, GNP is the total value of all products and services in both sectors of the national economy, regardless of the location of national enterprises.

Thus, GNP differs from GDP by the amount of the so-called net factor income (NPI) (income of employees, rental income, loan interest, corporate profits) from the use of resources of a given country abroad (returns transferred to the country from capital invested abroad, available property there, the salaries of citizens working abroad) minus the income of foreigners exported from the country.

GDP = GNP - NFD or GNP = GDP + NFD

Usually, in order to calculate GNP, the difference between profits and incomes received by enterprises and individuals of this country abroad, on the one hand, and the profits and incomes received by foreign investors and workers in this country.

If this difference (NFD) is positive, then GNP > GDP and vice versa. This difference is very small - for the developed countries of the West no more than ± 1% of GDP.

Gross National Income(GNI) is difference between GDP and magnitude wear fixed assets of production (depreciation).

General rules GNP calculation:

a) prevention of double (repeated) counting, which is achieved exception from the GNP indicator:

Cost of intermediate products;

Unproductive transactions (purely financial transactions, transfers and sales of used goods);

b) inclusion in GNP only value added. In order to avoid double counting in the calculation of national income, care must be taken to include only added value created by each firm. That is, sales of final products are included in GNP, but sales of intermediate products are excluded from it, because. the cost of final products already includes all intermediate transactions that have taken place. Separate accounting for intermediate products would mean double counting and an overestimation of GNP.

c) GNP has two sides: expenditure and revenue, so there are two methods of calculating GNP by expenditure and income.

End products of production are goods and services that are purchased for final use and not for resale or further processing or processing.

Added value- this is the market price of the volume of output produced by the firm, minus the cost of consumed raw materials and materials purchased by it from suppliers.

Types of financial transactions, which are not included in GNP:

Ø Transfers from the state budget (social insurance payments, unemployment benefits and veterans' pensions, etc.) are provided to recipients who, in return for these payments, do not make any contribution to the creation of current output. Including them in the GNP would lead to an overestimation of this indicator for this year.

Ø Private transfer payments (monthly subsidies received by university students from home, one-time gifts from relatives) are not the result of production, but the act of transferring funds from one private person to another.

Ø Transactions with securities, i.e. purchase and sale of shares and bonds. These transactions, being paper assets, do not directly imply an increase in current production. However, some of them can indirectly push spending, leading to an increase in output.

Ways to measure market value the total volume of production (or unit of output):

The first means looking at GNP as the sum of all expenditures necessary to buy the entire volume of production on the market. This is an approach to determining GNP by production, or by expenses.Other approach involves looking at GNP in terms of income received or created in the process of the entire volume of production. GNP by receipts, on distribution or by income.

Methods for determining the value of the gross national product. GNP can be calculated three ways:

Cost accounting or end use method.

Production method or value added method;

Income calculation;

Calculation of GNP by expenditures. To measure GNP by spending, you need to sum up all the costs of creating the final product or service:

GNP \u003d decision maker + GZTI + HFVI + SE or

Y = C + Iq + G + Xn

Personal consumption spending(PDM) or (C) include household spending on durables (cars, refrigerators, etc.), everyday goods (bread, shirts, toothpaste, etc.), and services (doctors, lawyers, barbers, etc.)

Gross private domestic investment(HIV) or (Iq) include:

All final purchases of machinery and equipment by entrepreneurs;

All construction;

Inventory change (is "unconsumed product").

Public procurement of goods and services(GZTU) or (G) includes all government spending, including federal and local governments, on the final products of enterprises and on all direct purchases of resources, especially labor. However, all government transfer payments are excluded from this item of expenditure, since they do not reflect an increase in current production, being a simple transfer of government revenues.

Net export(NE) or (Xq) represents the amount by which foreign spending on domestic goods and services exceeds national spending on foreign goods and services.

Calculation of GNP by income, GNP by income = W + R + i + p + A + k. Those. it is the sum of all factor incomes (wages, rents, interest, business profits) plus depreciation and net indirect business taxes.

Depreciation (A)– annual deductions, which show the amount of capital consumed in the course of production in individual years. It is reflected in an accounting entry designed to accurately report the profits and therefore the gross income of the company in each year. The difference between gross and net investment is equal to the depreciation expense.

To accurately calculate the amount of profit and gross income in the economy, it is necessary to take into account the huge depreciation deductions in the gross income of the business sector. They represent deductions for the purchase of investment goods consumed in the process of producing the GNP of a given year. That. part of the income of the business sector cannot be used for settlements with resource providers. Part of these costs - namely, part of the cost of production - are production costs that reduce the profits of companies. Depreciation is not an addition to someone's income. The deduction for the restoration of consumed capital is the part of the GNP of a given year that should be set aside to replace in the future the machinery and equipment consumed in the production process.

Indirect business taxes (k)- another type of cost that is not related to the payment of income. They arise in connection with the collection of taxes by the state (excises, property taxes, royalties, etc.). Indirect taxes are passed on to consumers through the prices of goods and are reflected in the cost of annual production. This part of the value of national production does not appear in the form of wages, rent, interest, or profit. GNP includes net indirect taxes (kn) equal to the difference between indirect taxes and state subsidies.

Wage (W) - remuneration for the work of employees is the largest category of income. It also includes many supplements to wages: employers' contributions to social insurance and to various funds (pensions, medical care and unemployment assistance, etc.). They represent part of the cost to entrepreneurs of hiring labor and are treated as a component of the company's total payroll costs.

Rent payments (R) are incomes received by homeowners who provide the economy with property resources.

Percentage (i) refers to payments of private business cash income to providers of cash capital.

Property income falls into two types of accounts.

Ø Profits (p) corporations are used in three ways. Firstly, a certain part is received by the government in the form of taxes on corporate profits. Secondly, a part of the remaining profits of corporations is paid out to shareholders in the form of dividends. Such payments go into the hands of families and individuals who, ultimately, are the owners of all corporations. Thirdly, what remains after paying income taxes and dividends is called retained earnings corporations, which, along with deductions for the restoration of consumed capital, are invested either immediately or in the future in the creation of new factories and the purchase of equipment. This increases the real assets of the investing business.

Ø The income of the unincorporated business sector represents the net income of sole proprietorships, as well as partners and cooperatives.

Basic (great) macroeconomic identity- this equality: GNPr = GNPd.

Net national product (NNP) – is GNP adjusted

for the amount of depreciation. NNP = GNP - A. NNP measures the total annual output that the economy as a whole, including households, companies, the government, and foreigners, is able to consume without impairing the productive capacity of subsequent years.

National income (NI) is the income generated in a year and is equal to the sum of all factor incomes in society. To determine the indicator of the total volume of wages, rents, interest and profits received in the course of production of the volume of GNP of a given year, it is necessary to subtract indirect taxes on business from NNP.

ND = NNP - k

Since, from the point of view of resource providers, it is a measure of the income that they received from participating in the current production. From the point of view of companies, NI is a measure of the prices of factors of production or resources: NI reflects the market prices of economic resources that went into creating the output of a given year.

Personal income (LD) – is the actual income. That is why, moving from national income to personal income as an indicator of income actually received, we must subtract from the NI the three types of income that are earned but not received, and also add income received, but not the result of current labor activity.

That is, part of the income earned by labor - social security contributions, corporate income taxes and corporate retained earnings - does not actually go to the household. In contrast, part of household income, such as transfer payments, is not the result of labor.

Personal disposable income (PDI) – This personal income is personal income less individual taxes. Individuals and families use their income for consumption and savings. JPL \u003d LD - individual taxes (fees).

GNP exceptions. GNP does not cover (does not include): the work of housewives in their household; the work of scientists "for themselves", not embodied in the form of finished products, books, etc.; barter exchange; shadow business income; non-production transactions; financial operations.

Gross national disposable income (GNDI)- total GNP and net transfers from abroad minus transfers transferred abroad. Consequently, GNRW is allocated to final consumption and national savings.

National Accounting is a term that was proposed by the Dutch economist Van Clyffe) and which is based on the model of the national economic cycle.

National Economic Circulation Model (NCCO) is a model of an economic system that describes the flows of goods and services that are exchanged by economic entities, balanced by the flows of cash payments. In the general case, NHCO can be represented as a set of budgets of all economic entities in their interconnection. NHCO can also be presented: equation; table (matrix); diagram (scheme); account, which is used to build the national accounting system. There are the following NHKO models:

a) The circular economy model in which only two groups of economic actors participate - households and firms.

b) a model of circulation with the participation of the state, where, in addition to households and firms, the state participates.

c) a model of circulation with the participation of foreign countries, i.e. open economy model.

Balanced budget. The budget will balanced , if the total values ​​of all flows in the economy (this is a value measured as a quantity per unit of time: income, expenses, outflow or inflow of capital, etc.) will be equal for all economic entities.

Households: Y=C+T+S.

Firms: Y + Z = C + I = G + X.

Abroad: Z = X + (Z - X), where (Z-X)- trade balance.

Capital inflow- net value received through loans from foreign financial intermediaries, as well as through the sale of real or financial assets to foreign buyers.

Capital outflow is the net value of loans to foreign borrowers and funds used to purchase real or financial assets from foreign sellers.

"Leaks" – this is the income that is not used by households to buy domestically produced products, and reduce GDP. They act in the form of savings, tax payments and imports. (S+T+Z). Thus, in an open economy with government intervention, from the flow of "income and expenses" "leaks" and at the same time injecting additional funds in the form of "injections".

"Injections" – costs of financing the national product - investments, government purchases, export costs (I+G+X).

The second macroeconomic identity. This is the equality of "leaks" and "injections", which can be represented:

I + G + X = S + T + Z,

that is, the total amount of "injections" is equal to the sum of "leaks". Or:

I + (G - T) = S + (Z - X),

where S- domestic savings; (Z-X)– net imports financed by capital inflows.

budget surplus is the positive value of government savings or the excess of revenues over expenditures.

budget deficit is the negative value of government savings. Or an excess of expenses over income. This deficit can be financed by issuing money or bonds.

National economy