章通货膨胀价格水平学习目标金融建模chap017.pptx

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章通货膨胀价格水平学习目标金融建模chap017.pptx

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Chapter17InflationandthePriceLevel

LearningObjectivesExplainhowtheConsumerPriceIndexisconstructedanduseittocalculatetheinflationrateShowhowtheCPIisusedeliminatetheeffectsofinflationineconomicdataDiscussthetwomostimportantbiasesintheCPIDistinguishbetweeninflationandrelativepricechangestofindthetruecostofinflationUnderstandtheconnectionsamonginflation,nominalinterestrates,andrealinterestrates

KeepingupwithGrandpaPricesofgoodschangeovertimeAdjustvalues,es,orspendingforchangeinpricesConstantpurchasingpowerBaseballsalariesBabeRuthearned$80,000in1930BarryBondsearned$10.3millionin2001InflationincreasesuncertaintywhenplanningforthefutureConsidercostsofinflation

MeasuringthePriceLevelConsumerPriceIndex(CPI)isameasureofchangesinpricesCPImeasuresThecostofastandardbasketofgoodsandservicesinagivenyearRelativetothecostofthesamebasketofgoodsandservicesinthebaseyear2000isthebaseyearfortheCPIBaseyearchangesperiodically

CalculatingtheCPI2000SpendingMonthlyCostin2000Rent(2bedroomapartment) $500Hamburgers(60at$2each) 120Movietickets(10at$6each) 60Monthlyexpenditures $6802005SpendingMonthlyCostin2005Rent(2bedroomapartment) $630Hamburgers(60at$2.50each) 150Movietickets(10at$7each) 70Monthlyexpenditures $850

CalculatingtheCPICPIistheratioofthecostofthebasketofgoodsincurrentyeartothecostinthebaseyearBaseyearcost$6802005cost$850CPI=(850/680)(100)=1.25Costoflivingin2005is25%higherthanin2000CPIforthebaseyearisalways1CPIforagivenperiodisthecostoflivinginthatperiodrelativetowhatitwasinthebaseyearBEAusesCPIasapercentage–theratiotimes100

CostofLiving2000SpendingMonthlyCostin2000Rent(2bedroomapartment) $500Hamburgers(60at$2each) 120Movietickets(10at$6each) 60Sweaters(4at$30) 120Monthlyexpenditures $8