The monetary system, prices, and inflation：货币制度，价格，与通货膨胀.pptVIP

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The monetary system, prices, and inflation：货币制度，价格，与通货膨胀.ppt

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The monetary system, prices, and inflation：货币制度，价格，与通货膨胀

The monetary system, prices, and inflation The monetary system Index numbers Example: Violent Acts on TV Inflation The inflation myth Machinists Are machinists better off in 2005? Unexpected inflation redistributes real income from lenders to borrowers Sources of bias in the CPI * * Outline What is a monetary system? Index numbers The Consumer Price Index (CPI) The CPI and the Inflation Rate Adjusting the money (nominal) wage for inflation using the CPI The Costs of Inflation Is the CPI accurate? Consequences of overstating inflation The monetary systems establishes two things: The unit of value (or account) The medium of exchange In England, the pound is our unit of value. The price of bus fare, dry cleaning, soft drinks, and GDP is expressed in pounds. In the U.S., the dollar serves as the unit of value and medium of exchange. If you want to by goods and services here, you need dollars. Recall that GDP in 2004 was 11.73 trillion dollars This Note Is Legal Tender For All Debts, Public and Private Fiat Money: Anything which serves as a means of payment by government declaration You are willing to accept money not because it is “backed” by precious metals; but rather because you know it is generally acceptable in exchange An index is a series of numbers used to track a variable’s rise or fall over time. Index numbers are meaningful in a relative sense—by comparing one period’s index number with that of another period. In general, an index number is calculated as: Value of the measure in the current period Value of the measure in the base period ? 100 We select the year 1996 as our base year, or benchmark period. In that year, there were 10,433 violent acts on TV. Thus, our index for the current year would be calculated as follows Number of violent acts in the current year 10,433 ? 100 If there were 14,534 acts in 2000, then: Thus, TV violence increased by 39.3 percent between 1996 and 2000. Time prices Inflation is a sustained increasein the prices of goods