唯學(xué)網(wǎng)小編提醒：對于特許金融分析師考試CFA的宏觀經(jīng)濟學(xué)和微觀經(jīng)濟學(xué)讀一遍，CFA上面的經(jīng)濟基本是濃縮上面兩塊的內(nèi)容的。CFA里面的經(jīng)濟部分知識體系很多，其實經(jīng)濟在CFA金融分析師考試里面算簡單的。一級和二級的難點在會計(公司理財)方面，希望考生認真?zhèn)淇肌?/p>

四、 Investment Tools: Economics: Macroeconomic Analysis

1.A: Preliminary Reading: Taking the Nation's Economic Pulse

a: Explain the two approaches to measuring gross domestic product (GDP) and calculate GDP using each approach.

The expenditure approach is a demand-based concept measured by summing personal consumption, gross private investment, government consumption and gross investment, and net exports of goods and services.

Resource cost/income approach: The resource cost/income approach is a supply or production oriented approach and measures GDP by summing the following components employee compensation, proprietors' income, rents, corporate profits, interest income, indirect business taxes, depreciation, and net income of foreigners.

b: Distinguish between GDP and gross national product (GNP).

GNP is the total market value of all final goods and services produced by the citizens of a country no matter where they are residing. Prior to 1991 GNP was used to measure US production.

GNP and GDP are closely related concepts. GDP is a measure of the output that is produced domestically, while GNP is a measure of the output produced by the nationals of a country regardless of where they live. GNP is GDP PLUS income earned by citizens from their work and investments abroad, LESS the income earned by foreigners from their work and investments within the country.

GDP measures output within the borders of a country regardless of the citizenship of the producer. GNP measures the output of the country’s nationals regardless of where they live.

c: Explain the difference between real and nominal GDP.

An important use of GDP is to compare the level of production over time. However, when nominal GDP (GDP measured in terms of current prices) changes from one period to the next, it reflects both changes in production and price changes. Therefore, economists attempt to filter out the impact of GDP by calculating GDP measured in terms of prices from some base year. This measure is called real GDP. Changes in real GDP correspond to real or actual changes in production.

Since nominal GDP is measured with current prices and real GDP is measured relative to the price level in some base year, we need a price index to indicate the relative price change between periods.

d: Distinguish between the GDP deflator and the consumer price index.

The GDP Deflator is a general price index that corresponds to the price change exhibited by a very large market basket - all final goods and services produced. An important point to note is that the market basket of goods changes every year depending on current production. In other words, the market basket is not fixed. The GDP Deflator is useful for measuring economy-wide inflation. The current base year is 1992.

The Consumer Price Index (CPI) is different than the GDP deflator. First, a relatively small market basket (364 items) is used. Second, the market basket is fixed from year-to-year. Finally, the CPI measures consumer price changes and does not directly measure the price changes of items purchased by businesses and government.

The net result of all these differences is very small. However, the CPI tends to overstate the inflation rate because its market basket is fixed and does not consider that consumers will substitute away from goods that have risen dramatically in price . However, the CPI is useful for measuring inflation in the consumer goods sector.

e: Calculate real GDP, using nominal GDP and the GDP deflator.

Example: Nominal GDP was $2.5 billion in 1992 and $3.5 billion in 1998. If the GDP deflator was 100.0 in 1992 and 112.7 in 1998, what is the change in real GDP over the period both in dollars and in percentage terms?

Answer:

Nominal GDP in 1992 = $2.5 billion.

1998 GDP in 1992 dollars = $3.5 (100.0/112.7) = $3.1 billion.

Increase in dollars: $3.1 - 2.5 = $0.6 billion. Increase in percent: [(3.1 - 2.5) = .24 or 24%. Although nominal GDP rose by over 40% during the period, the real production of the economy only rose by 24%.

Real GDP current period = nominal GDP current period x (GDP deflator base year / GDP deflator current period)

f: Discuss the major limitations of GDP.

Limitations with using GDP as a measure of economic activity:

1. GDP does not count non-market production--specifically, homemaker services.

2. GDP does not count the underground economy--illegal activities and tax evasion.

3. GDP does not measure the value of leisure activities, the standard of living accounted for by a shorter workweek, and changing working conditions.

4. GDP does not measure the changing quality of goods and services.

5. GDP does not measure the cost of pollution and damage to the ecology.

g: Describe alternative measures of domestic output and income, including GDP, GNP, national income, personal income, and disposable income.

Gross domestic product = the total market value of all final goods produced within a country.

Gross national product = the total market value of all final goods produced by the citizens of a country.

National income = the total income payments to labor and capital during the year. It includes total earnings (domestic and foreign) of a nation’s citizens.

Personal income = the total income received by individuals. Note that transfer payments such as social security are included here.

Disposable Income = personal income - personal taxes.

1.B: Preliminary Reading: Economic Fluctuations, Unemployment, and Inflation

a: Explain the phases of the business cycle.

The business cycle is characterized by fluctuations in economic activity. Real GDP and the rate of unemployment are key variables used when determining the current phase of the cycle.

The four phases of the business cycle are:

Peak,

Contraction,

Recessionary Trough, and

Expansion. As to the length of each phase, recent experience has shown that the contractionary periods are becoming shorter, and the expansionary periods are becoming longer in duration.

A recession is defined as a period during which real GNP declines for two or more successive quarters. Both the contraction and recessionary trough comprise a recession. A depression is a prolonged and very severe recession.

b: Describe unemployment statistics and discuss the problems in measuring unemployment.

The labor force is defined as those people of working age (+16) who are either employed or seeking employment. The labor force participation rate is the number of persons 16 or older who are either employed or actively seeking employment as a percentage of the civilian population 16 or older. The rate of unemployment is the percent of people in the civilian labor force who are unemployed It is important to note that if a person is not working, he/she is not necessarily classified as unemployed. An individual must be actively seeking employment or waiting for another job to be considered unemployed. Household workers, students, and retirees are examples of individuals who have chosen to exit the labor force.