消費(fèi)者物價(jià)指數(shù)

1、 2007 Thomson South-WesternMeasuring the Cost of LivingConsumer Price Index (CPI）： 消費(fèi)者物價(jià)指數(shù) shows the cost of a basket of goods and services bought by a typical family relative to the cost of the same basket in the base year. used to monitor changes in the cost of living over time. When the CPI rises

2、, the typical family has to spend more dollars to maintain the same standard of living.FYI: What Is in the CPIs Basket?17%Transportation15%Food and beveragesMedical care6%Recreation6%Apparel4%Other goodsand services4%42%Housing6%Education and communicationHow to calculate CPIThe CPI is calculated as

3、 follows:Inflation RateThe Inflation Rate（）： 通貨膨脹率物價(jià)上漲率When 0：deflation (通貨緊縮)Table 24.1 Calculating CPI & Inflation Rate: An ExampleTable 24.1 Calculating CPI & Inflation Rate: An ExampleProblems in Measuring the Cost of LivingCPI：not a perfect measure of cost of living：(1) Substitution bias(2) Int

4、roduction of new goods(3) Unmeasured quality changescause the CPI to overstate the true cost of living.Ch23: The GDP DeflatorThe GDP deflator is calculated as follows:The GDP Deflator vs. CPI Economists and policymakers monitor both the GDP deflator and CPI to gauge how quickly prices are rising.two

5、 important differences to diverge:produced domestically vs. bought by consumerscurrently produced vs. a fixed basket Taiwan: 2 measures of inflationTaiwan data：Other Price IndexThe index for different regions/sectors within the country.The Producer Price Index（生產(chǎn)者物價(jià)指數(shù)）, which measures the cost of a

6、basket of goods and services bought by firms rather than consumers. Correcting Economic Variables for the Effects of InflationPrice indexes are used to correct for the effects of inflation when comparing dollar figures from different times.Dollar Figures from Different TimesTo convert (inflate) Ruth

7、s wages in 1931 to dollars in 2001:Indexation（指數(shù)化）When some dollar amount is automatically corrected for inflation by law or contract, the amount is said to be indexed for inflation.Indexation for wageIndexation for interest rate機(jī)動(dòng)調(diào)整Real and Nominal Interest RatesInterest represents a payment in the

8、 future for a transfer of money in the past.Nominal interest rate （R，名目利率）: the interest rate usually reported. It is the interest rate that a bank pays.Real interest rate （r，實(shí)質(zhì)利率）: nominal interest rate corrected for the effects of inflation.Real and Nominal Interest RatesYou lend out $100 for one

9、year. P=$1/candyNominal interest rate was 10%. During the year inflation was 6%.Present $100/$1= 100 units of candies$100*(1+10%)/$1*(1+6%)=103.7 units of candiesReal return= 3.7 units, real rate of return= 3.7% Real interest rate （real rate of return）近似= Nominal interest rate Inflation rate= 10% - 6% = 4% ( r=R-)Taiwan: R and Taiwan data： and RTaiwan data: rR , r, and expectation r =R-So r 0 if RR if 0契約訂定名目利率R= re + e (e: expected，預(yù)期的) 實(shí)現(xiàn)的（realized）或?qū)嶋H的(actual) r =R- re + e -，So r re if e re if e Ch 24: SummaryHow to calculate CPI