曼昆宏观经济学课件 PPT 24

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1、CHAPTER24MeasuringtheCostofLivingEcoPRINnCIPoLEmSOFicsN.GregoryMankiwPremiumPowerPointSlidesbyRonCronovich©2009South-Western,apartofCengageLearning,allrightsreservedInthischapter,lookfortheanswerstothesequestions:§WhatistheConsumerPriceIndex(CPI)?Howisitcalculated?What’situsedfor

2、?§WhataretheproblemswiththeCPI?Howseriousarethey?§HowdoestheCPIdifferfromtheGDPdeflator?§HowcanweusetheCPItocomparedollaramountsfromdifferentyears?Whywouldwewanttodothis,anyway?§Howcanwecorrectinterestratesforinflation?1TheConsumerPriceIndex(CPI)§measures§thebasisofMEASURINGTHECO

3、STOFLIVING21HowtheCPIIsCalculated1.TheBureauofLaborStatistics(BLS)surveysconsumerstodeterminewhat’sinthetypicalconsumer’s“shoppingbasket.”2.TheBLScollectsdataonthepricesofallthegoodsinthebasket.3.Usethepricestocomputethetotalcostofthebasket.MEASURINGTHECOSTOFLIVING3HowtheCPIIsCal

4、culated4.Chooseabaseyearandcomputetheindex.TheCPIinanyyearequals5.Computetheinflationrate.ThepercentagechangeintheCPIfromtheprecedingperiod.MEASURINGTHECOSTOFLIVING4EXAMPLEbasket:{4pizzas,10lattes}priceofpriceofyearcostofbasketpizzalatte2007$10$2.002008$11$2.502009$12$3.00Compute

5、CPIineachyearusing2007baseyear:2007:2008:2009:MEASURINGTHECOSTOFLIVING52ACTIVELEARNING1CalculatetheCPIpricepriceofCPIbasket:ofbeefchicken{10lbsbeef,2004$4$420lbschicken}2005$5$5TheCPIbasketcost$120in2004,thebaseyear.2006$9$6A.ComputetheCPIin2005.B.WhatwastheCPIinflationratefrom20

6、05-2006?6ACTIVELEARNING1Answers7What’sintheCPI’sBasket?4%3%Housing6%Transportation6%Food&Beverages6%43%MedicalcareRecreationEducationand15%communicationApparel17%OtherMEASURINGTHECOSTOFLIVING93ACTIVELEARNING2SubstitutionbiasCPIbasket:costofCPI{10#beef,beefchickenbasket20#chicken}

7、2004$4$4$1202004-5:2005$5$5$150Households2006$9$6$210boughtCPIbasket.2006:Householdsbought{5lbsbeef,25lbschicken}.A.Computecostofthe2006householdbasket.B.Compute%increaseincostofhouseholdbasketover2005-6,comparetoCPIinflationrate.10ACTIVELEARNING2Answers11ProblemswiththeCPI:Subst

8、itutionBias§Overtime,somepricesrisefaste