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Chapter 23b-1.ppt
1.
Measuring the Cost
of Living Chapter 23
2.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Measuring the Cost of Living Inflation refers to a situation in which the economy’s overall price level is rising. The inflation rate is the percentage change in the price level from the previous period.
3.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. 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. The Bangladesh Bureau of Statistics(BBS) reports the CPI each month. It is used to monitor changes in the cost of living over time.
4.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. The Consumer Price Index When the CPI rises, the typical family has to spend more dollars to maintain the same standard of living.
5.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. How the Consumer Price Index Is Calculated Fix the Basket: Determine what prices are most important to the typical consumer. The Bangladesh Bureau of Statistics(BBS identifies a market basket of goods and services the typical consumer buys. The BBS conducts monthly consumer surveys to set the weights for the prices of those goods and services.
6.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. How the Consumer Price Index Is Calculated Find the Prices: Find the prices of each of the goods and services in the basket for each point in time.
7.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. How the Consumer Price Index Is Calculated Compute the Basket’s Cost: Use the data on prices to calculate the cost of the basket of goods and services at different times.
8.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. How the Consumer Price Index Is Calculated Choose a Base Year and Compute the Index: Designate one year as the base year, making it the benchmark against which other years are compared. Compute the index by dividing the price of the basket in one year by the price in the base year and multiplying by 100.
9.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. How the Consumer Price Index Is Calculated Compute the inflation rate: The inflation rate is the percentage change in the price index from the preceding period.
10.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. The Inflation Rate 100 1 Year in CPI 1 Year in CPI - 2 Year in CPI Year2 in Rate Inflation The inflation rate is calculated as follows:
11.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Calculating the Consumer Price Index and the Inflation Rate: An Example Step 1:Survey Consumers to Determine a Fixed Basket of Goods (Base Year: 2001) 4 hot dogs, 2 hamburgers
12.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Calculating the Consumer Price Index and the Inflation Rate: An Example Year Price of Hot dogs Price of Hamburgers 2001 $1 $2 2002 $2 $3 2003 $3 $4 Step 2: Find the Price of Each Good in Each Year
13.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Calculating the Consumer Price Index and the Inflation Rate: An Example 2001 ($1 per hot dog x 4 hot dogs) + ($2 per hamburger x 2 hamburgers) = $8 2002 ($2 per hot dog x 4 hot dogs) + ($3 per hamburger x 2 hamburgers) = $14 2003 ($3 per hot dog x 4 hot dogs) + ($4 per hamburger x 2 hamburgers) = $20 Step 3: Compute the Cost of the Basket of Goods in Each Year (Base Year: 2001)
14.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. CPI Formula CPIc= (COGSc/COGSb)*100 CPI2001=(8/8)*100=100 CPI2002=(14/8)*100=175 CPI2003=(20/8)*100=250
15.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Calculating the Consumer Price Index and the Inflation Rate: An Example Step 4: Choose One Year as the Base Year (2001) and Compute the Consumer Price Index in Each Year 2001 ($8/$8) x 100 = 100 2002 ($14/$8) x 100 = 175 2003 ($20/$8) x 100 = 250
16.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Calculating the Consumer Price Index and the Inflation Rate: An Example 2002 (175-100)/100 x 100 = 75% 2003 (250-175)175 x 100 = 43% Step 5: Use the Consumer Price Index to Compute the Inflation Rate from Previous Year
17.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. GDP Deflator 100 GDP Real GDP Nominal = deflator GDP The GDP deflator is calculated as follows:
18.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Housing Food/Beverages Transportation Medical Care Apparel Recreation Other Education and communication What’s in the CPI’s Basket? 40% 16% 17% 6% 5% 6% 5% 5%
19.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Problems in Measuring The Cost of Living The CPI is an accurate measure of the selected goods that make up the typical bundle, but it is not a perfect measure of the cost of living.
20.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Problems in Measuring The Cost of Living Substitution bias Introduction of new goods
21.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Substitution Bias The basket does not change to reflect consumer reaction to changes in relative prices. Consumers substitute toward goods that have become relatively less expensive. The index overstates/understtates the increase in cost of living by not considering consumer substitution?
22.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Introduction of New Goods The basket does not reflect the change in purchasing brought on by the introduction of new products.
23.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Problems in Measuring the Cost of Living The substitution bias, introduction of new goods, and unmeasured quality changes cause the CPI to overstate the true cost of living. The issue is important because many government programs use the CPI to adjust for changes in the overall level of prices. The CPI overstates inflation by about 1 percentage point per year.
24.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. The GDP Deflator versus the Consumer Price Index Economists and policymakers monitor both the GDP deflator and the consumer price index to gauge how quickly prices are rising. There are two important differences between the indexes that can cause them to diverge.
25.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. The GDP Deflator versus the Consumer Price Index The GDP deflator reflects the prices of all goods and services produced domestically, whereas... …the consumer price index reflects the prices of all goods and services bought by consumers.
26.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. The GDP Deflator versus the Consumer Price Index The consumer price index compares the price of a fixed basket of goods and services to the price of the basket in the base year (only occasionally does the BLS change the basket)... …whereas the GDP deflator compares the price of currently produced goods and services to the price of the same goods and services in the base year.
27.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. 1965 Percent per Year 15 10 5 0 1970 1975 1980 1985 1990 1995 2000 CPI Two Measures of Inflation GDP deflator
28.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Real and Nominal Interest Rates The nominal interest rate is the interest rate not corrected for inflation. It is the interest rate that a bank pays. The real interest rate is the nominal interest rate that is corrected for inflation. Real interest rate = (Nominal interest rate – Inflation rate)
29.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Real and Nominal Interest Rates Nominal interest rate was 15%. During the year inflation was 10%. Real interest rate = Nominal interest rate – Inflation = 15% - 10% = 5%
30.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Nominal Income VS Real Income CPI2001=100 CPI2002=175 Salary 2001=Tk. 30000 Salary 2002=Tk. 50000
31.
Harcourt, Inc. items
and derived items copyright © 2001 by Harcourt, Inc. Comparing Standard of Living Real Incomex=(Salaryx/CPIx) *100 Real Income 2001= (30000/100)*100=30000 Real Income 2002= (50000/175)*100=28572
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