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Measuring the Cost of Living - Introduction to Macroeconomics - Lecture Slides

Slides, Introduction To Macroeconomics

Post: October 1st, 2013
Description
This course discusses the important economic theories and concepts that facilitate understanding economic events and questions. Its main focus is on analyzing the behavior of important economic aggregates such as national income, unemployment, inflation, interest rates, exchange rates and economics growth. Key points of this lecture are: Measuring the Cost of Living, Consumer Price Index, Bureau of Labor Statistics, Compute the Inflation Rates, Compute the Basket's
This course discusses the important economic theories and concepts that facilitate understanding economic events and questions. Its main focus is on analyzing the behavior of important economic aggregates such as national income, unemployment, inflation, interest rates, exchange rates and economics growth. Key points of this lecture are: Measuring the Cost of Living, Consumer Price Index, Bureau of Labor Statistics, Compute the Inflation Rates, Compute the Basket's Cost, Compute the Inflation Rate, Inflation Rate, Consumer Price Index, Substitution Bias, Introduction of New Goods
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Measuring the Cost of Living docsity.com The Cost of Living • We need all sorts of things to live • These things are typically not free • So, what’s the cost of living the way we actually live? That is, what’s the cost of buying the things we buy? docsity.com Why Do We Need to Know the Cost of Living? • To see whether our incomes are keeping up with the cost of living docsity.com The Consumer Price Index • The Consumer Price Index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. • When the CPI rises, the typical family has to spend more dollars to maintain the same standard of living. • The Bureau of Labor Statistics (BLS) reports the CPI each month. • It is used to monitor changes in the cost of living over time. docsity.com • http://research.stlouisfed.org/fred2/series/CPIAUCSL docsity.com How the CPI Is Calculated [BLS] • Fix the basket: figure out what’s in the “basket” of goods that the typica..

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