巴德 宏观经济学原理（英文版·第8版）Chapter 7.pptxVIP

Which movie really wasthe biggest box office hit? 7When you have completed your study of this chapter, you will be able to1 Explain what the Consumer Price Index (CPI) is and how it is calculated.2 Explain the limitations of the CPI and describe other measures of the price level.3 Adjust money values for inflation and calculate real wage rates and real interest rates.CHAPTER CHECKLISTThe CPI and the Cost of Living 7.1 THE CONSUMER PRICE INDEXConsumer Price Index (CPI) is a measure of the average of the prices paid by urban consumers for a fixed market basket of consumer goods and services.The BLS calculates the CPI every month.We can use these numbers to compare what a fixed basket of goods costs this month with what it cost in some previous month. 7.1 THE CONSUMER PRICE INDEXReading the CPI NumbersThe CPI is defined to equal 100 for a period called the reference base period.Reference base period is a period for which the CPI is defined to equal 100. Currently, the reference base period is 1982?1984. 7.1 THE CONSUMER PRICE INDEXIn May 2016, the CPI was 240.2. The average of the prices paid by urban consumers for a fixed market basket of consumer goods and services was 140.2 percent higher in May 2016 than it was on the average during 1982?1984.In April 2016, the CPI was 239.3The average of the prices paid by urban consumers for a fixed market basket of consumer goods and services increased by 0.9 percentage points in May 2016. 7.1 THE CONSUMER PRICE INDEXConstructing the CPIThree stages:Selecting the CPI basketConducting the monthly price surveyCalculating the CPI 7.1 THE CONSUMER PRICE INDEXThe CPI Market BasketThe relative importance of the items in the CPI basket is the same as in the budget of an average urban household.The CPI is calculated each month, but the CPI basket is not updated each month.The CPI basket is based on information obtained from the Consumer Expenditure Survey, which is conducted frequently. 7.1 THE CONSUMER PRICE INDEXFigure 7.