级宏观课件2宏观经济的衡量.ppt

* * * * * * * * * * DISCLAIMER: The material on this slide is not supported with test bank or study guide questions. The sawtooth pattern of the real minimum wage series arises because the nominal minimum wage is raised, then remains constant until it’s raised again. During the time between minimum wage hikes, inflation erodes the purchasing power of the minimum wage. The long-run trend in the real minimum wage: Rising during the 1960s, then begins a long, slow fall from the 1970s to the mid-2000s. A series of increases in the late 2000s lift the real minimum wage. But, as of December 2010, the real minimum wage is still lower than it was in the 1960s to the early 1980s. Source of minimum wage data: /whd/minwage/chart.htm Source of CPI data: , retrieved from FRED To express the minimum wage (from time t) in December 2010 dollars, multiply the minimum wage (from time t) in current dollars by the ratio of the CPI in December 2010 to the CPI in time t. * * * Sources: Tuition data from Table 4a of /college_pricing/ CPI data from * If prices in 1990 were as high as they were in 2010, the average private 4-year college would have cost $15,586, the average public 4-year school would have cost $3,184, and the average public 2-year college would have cost $1,512. The category with the largest increase is public 4-year colleges and universities. Sources: /college_pricing/ * * * * This graph replicates Figure 3 from this chapter. The nominal interest rate is the rate on a three-month Treasury Bill. The real interest rate is this rate minus the inflation rate as measured by the percentage change in the CPI. Notice that the nominal and real interest rates often do not move together, due to variation in the inflation rate. Sources: CPI – Bureau of Labor Statistics Treasury bill rate – Board of Governors of the Federal Reserve System. I obtained both from the Federal Reserve Bank of St. Louis “Fred” database: /fred2/ * * * * * Notes: 1. T