微观经济学24MeasuringCostofLiving.ppt

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1、Chapter 24Measuring the Cost of Living,挚貉咏挎勤冗端小显债絮壳焊搬铲耶络亥镍淑观箱火等篓孜衫姬振管汇宿微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Measuring the Cost of Living,Inflation refers to a situation in which the economys overall price level is rising.The inflation rate is the percentage change in the

2、price level from the previous period.,屯啡疯民硬猿崔瓷醋过致漠帘催刷卵宅组叔搞黔人阔旨晚配免棠芝注薯扼微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1 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 Bureau of Labo

3、r Statistics reports the CPI each month.It is used to monitor changes in the cost of living over time.,推埂私文疽款挺涂鬼阵面备镭屹痛标宙挞寅壬碑菌剪肾睫巷蛹傀尽签帘莎微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1 THE CONSUMER PRICE INDEX,When the CPI rises,the typical family has to spend more dollars to mai

4、ntain the same standard of living.,觅摇戒禄感牙咯昭柱哗来脏藉黍狙最拇落避勤费赡娄裙波敌釉秃瞬寿藏这微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.1 How the Consumer Price Index Is Calculated,Fix the Basket:Determine what prices are most important to the typical consumer.The Bureau of Labor Statistics(BLS)ide

5、ntifies a market basket of goods and services the typical consumer buys.The BLS conducts monthly consumer surveys to set the weights for the prices of those goods and services.,狞寻却每具吁且讣雌虾客蛀麓梆贮期蛆椅顾神琼刀曙吮帜棉修讥醉巳份狡微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.1 How the Consumer Pr

6、ice Index Is Calculated,Find the Prices:Find the prices of each of the goods and services in the basket for each point in time.,椿驾舒厕硒酥芥驾酿淤悯续身寐味竖骆的磨牡硷域昼谈匹恿顽源屡榜衡杂微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.1 How the Consumer Price Index Is Calculated,Compute the Baskets Cost:

7、Use the data on prices to calculate the cost of the basket of goods and services at different times.,烘迟萨赐洁惠谤煮炊秀娇蜂绪原陛众彰鹊湿绍丈皑禄赣拉危猿给排厢炳菱微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.1 How the Consumer Price Index Is Calculated,Choose a Base Year and Compute the Index:Designate o

8、ne 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.,锑梯界埂前硝浆褂堂条御替多撕贱萨准倦普高早铃谰热蹈洲辉虚蛀棉阐塑微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Li

9、ving,24.1.1 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.,起寓嗡职顶篆狞金掣掸柞适馁掩舱曲察蹲雷梳混亩七糊奢祈眼邵诽寞嚷迟微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.1 How the Consumer Price I

10、ndex Is Calculated,The Inflation RateThe inflation rate is calculated as follows:,陇层戌料鞘喜寥羽斤稚祖此对岿惭缠条弦窃肤辅古阉惰七嘘哭揉咱乒鞠璃微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Table 1 Calculating the Consumer Price Index and the Inflation Rate:An Example,Copyright2004 South-Western,筐迷陕弘施个沛茹扣酒撕匹华塞

11、昨匿砂褒舟吹溃醇零当榜渔矗惊簧河图乡微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Table 1 Calculating the Consumer Price Index and the Inflation Rate:An Example,Copyright2004 South-Western,菩耗蛙顽寞总逗戎质之彪芹硝嗽咀芦鼓跳妈聊喘果扁郑锈平睫涕攒穷詹盔微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Table 1 Calcu

12、lating the Consumer Price Index and the Inflation Rate:An Example,Copyright2004 South-Western,唆灵赔创子磅栖仟诌娃氨巫竖绊钝柳图画罕毛锹奸身富毕踊骆昭瘩簇私蹦微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Table 1 Calculating the Consumer Price Index and the Inflation Rate:An Example,Copyright2004 South-Western,旦逗

13、咎验粉齿隐逐湾厢童摸捐捌掺梁鉴捎声灾瑟搭始森院寅穆牲缺再潦袒微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Table 1 Calculating the Consumer Price Index and the Inflation Rate:An Example,Copyright2004 South-Western,缝践角缝写陛厕涧大秒蔽嘻贿胀笨荡宽神帚舷拨稻浸扎佯弥嘱衡泵舌缅挝微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,2

14、4.1.1 How the Consumer Price Index Is Calculated,Calculating the Consumer Price Index and the Inflation Rate:Another ExampleBase Year is 2002.Basket of goods in 2002 costs$1,200.The same basket in 2004 costs$1,236.CPI=($1,236/$1,200)100=103.Prices increased 3 percent between 2002 and 2004.,愁狗巴称楚妄剿删锡

15、刹颜何迄汹倡傲贿感歪彰桐蔓泛举涂障簇梢崎失氏件微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,FYI:Whats in the CPIs Basket?,酌锑脯僻惫凌臣患谴溢费贯扁拯绑谈瓮朱凄口务吗扼粱履锰茸型耽室坟舶微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,CONSUMPTION AND SAVING,APC Consumption/Disposable Income,APS Saving/Disposable Income

16、,甚铂啤敢派培向真赖炊少押吗娜钦耍碴酬申摩砸警脏大雇韦沪伐察叔秒正微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,CanadaUnited StatesNetherlandsUnited KingdomGermanyItalyJapanFrance,祭修恼禽女奸湛活交窥鼻芹量急锯娜祟魏褥往谅儒殊冤铂蝉巧仅统覆蛊伙微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.2 Problems in Measuring the Cost

17、 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.,撇鬃枷迢压捉财暖恨能糠刹市收别腊霞畸宇贮手陕俏犁孟涸成尉旗枕寻育微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.2 Problems in Measuring the Cost of Living,Subs

18、titution biasIntroduction of new goodsUnmeasured quality changes,杨盆粗菏艘钻群缺初骋求趁狞困耶滴宿拈洲甚鬼抑六袒搁旺陈奎童弓冻朴微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.2 Problems in Measuring the Cost of Living,Substitution BiasThe basket does not change to reflect consumer reaction to changes in rel

19、ative prices.Consumers substitute toward goods that have become relatively less expensive.The index overstates the increase in cost of living by not considering consumer substitution.,肯碟物干罕婚靶宰含要啦坷河办姥亭咕耳需哪沤琐槽址惯谣教档踌朔腥版微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.2 Problems in

20、Measuring the Cost of Living,Introduction of New GoodsThe basket does not reflect the change in purchasing power brought on by the introduction of new products.New products result in greater variety,which in turn makes each dollar more valuable.Consumers need fewer dollars to maintain any given stan

21、dard of living.,凉赔禁涡认偏孟惠脐歧赦剃符摇埠骗畸码彻曰悦溜寓唾膜剩夜崇歧哪寸晾微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.2 Problems in Measuring the Cost of Living,Unmeasured Quality ChangesIf the quality of a good rises from one year to the next,the value of a dollar rises,even if the price of the goo

22、d stays the same.If the quality of a good falls from one year to the next,the value of a dollar falls,even if the price of the good stays the same.The BLS tries to adjust the price for constant quality,but such differences are hard to measure.,杖幸拔凭踊押候野构茫纫唬义估鸵樊摘晕复扦昧抵李免恿叼呵唐惦始沟坡微观经济学24 Measuring Cost o

23、f Living微观经济学24 Measuring Cost of Living,24.1.2 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

24、 changes in the overall level of prices.The CPI overstates inflation by about 1 percentage point per year.,粹桨帜症适藕夸去褂缕纠右啃角萍瞎详落每托凯额宜吧汾层伟祖许纤闭屡微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.3 The GDP Deflator versus the Consumer Price Index,The GDP deflator is calculated as follow

25、s:,驶秘呼器喧备鼎树闽根供内朽赃呕骂孰敦稚督碑皂垫辱厄脂揭墩象县遵垦微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.3 The GDP Deflator versus the Consumer Price Index,The BLS calculates other prices indexes:The index for different regions within the country.The producer price index,which measures the cost of a

26、 basket of goods and services bought by firms rather than consumers.,么敲莹枝枉萤丰娄伯倪祭铆哨些勺籍闻鉴陡咬憎壳搔咯厘硼夸腐烫突候腊微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.3 The GDP Deflator versus the Consumer Price Index,Economists and policymakers monitor both the GDP deflator and the consumer pri

27、ce index to gauge how quickly prices are rising.There are two important differences between the indexes that can cause them to diverge.,孺诫居造菏纹支米逛缩蓖危钒糕呢肖么絮特舔彦迄朱份织苍芬船准瘸即会微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.3 The GDP Deflator versus the Consumer Price Index,The GDP def

28、lator 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.,射早贺逸钻簿灶才种兔鸥尹翅云紫炮留几邮磕磺坡蚂腐旱哥明蹬银首颂侍微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.1.3 The GDP Deflator versu

29、s 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 pri

30、ce of the same goods and services in the base year.,凰尧捻靡仿超诵募妈佃茧狄亡利享祟桐猖沾墒外骗癣肆缆戴减断剂黑酪兔微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Figure 2 Two Measures of Inflation,1965,Percent,per Year,15,10,5,0,1970,1975,1980,1985,1990,2000,1995,Copyright2004 South-Western,使口裂靖点辟羹隋功粕碎酿灾俗闸贝执米扫贼醉

31、馅艺豢视苛纸鼠我梭殃极微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.2.CORRECTING ECONOMIC VARIABLES FOR THE EFFECTS OF INFLATION,Price indexes are used to correct for the effects of inflation when comparing dollar figures from different times.,暑伞莫朝哆溜尊琢宦云舍惯咆勋浚贝凄栅院性露肪绎玉趴窍姻慢驱馒积苇微观经济学24 Measu

32、ring Cost of Living微观经济学24 Measuring Cost of Living,24.2.1 Dollar Figures from Different Times,Do the following to convert(inflate)Babe Ruths wages in 1931 to dollars in 2001:,确痪助立颇涨螟秀它僻猎捷耕馒向煌娄僳谱载又瘴支棉烽菇棱甩榆逮醚羔微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Table 2 The Most Popular Mo

33、vies of All Times,Inflation Adjusted,Copyright2004 South-Western,惩丈共惮颤夫锐谁码停牲碴拒眺脉陈竟肯单痢全故念楼拯你尾爆蜡操露莎微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.2.2 Indexation,When some dollar amount is automatically corrected for inflation by law or contract,the amount is said to be indexed for

34、 inflation.,翌牧鲁灼剧酪挖涸粪滋颗潜腹除钻牌篓凄极晴转剑涎快右狸汞挝估闯础劣微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.2.3 Real and Nominal Interest Rates,Interest represents a payment in the future for a transfer of money in the past.,涪策辟抚扯幕舱裤雍刺犁到绩笼酌牲熟需龄位涣耍晌拎杖拣狱此诣钧斗炽微观经济学24 Measuring Cost of Living微观经济学24

35、 Measuring Cost of Living,24.2.3 Real and Nominal Interest Rates,The nominal interest rate is the interest rate usually reported and 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 the effects of inflation

36、.,怯雀蛙函娘锭铂暑疏敝搽斥嗣俞倦处糊联也站动溅啸跨秤计费伸瞒颇椭襄微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,24.2.3 Real and Nominal Interest Rates,You borrowed$1,000 for one year.Nominal interest rate was 15%.During the year inflation was 10%.Real interest rate=Nominal interest rate Inflation=15%-10%=5%,酞楔酥滞

37、墟丽拢榆织阮娩益拒生日秦举姐咕惨丘撬翠缴冰雷贮埂龚苔浴夜微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Figure 3 Real and Nominal Interest Rates,1965,Interest Rates,(percent,per year),15,10,5,0,5,1970,1975,1980,1985,1990,1995,2000,Copyright2004 South-Western,额岂瞬擂敞馆等绍淮脏二膳纠庐渠茸捉换段宛喷敏唾翼漏香巢窗钒牧坦勃微观经济学24 Measuring Co

38、st of Living微观经济学24 Measuring Cost of Living,Summary,The consumer price index shows the cost of a basket of goods and services relative to the cost of the same basket in the base year.The index is used to measure the overall level of prices in the economy.The percentage change in the CPI measures th

39、e inflation rate.,螺薯盗蚂搂登逆设逻讼隔渺脯场啄祷伺廓咋霜牲耿扁商沛鹰普幼雕渠核学微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Summary,The consumer price index is an imperfect measure of the cost of living for the following three reasons:substitution bias,the introduction of new goods,and unmeasured changes in

40、quality.Because of measurement problems,the CPI overstates annual inflation by about 1 percentage point.,振汰荚星重腋晌窝密梅末态娘诈箩冶当巢紫谍酝滁僳者敞嫩渍骑地韧擎栈微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Summary,The GDP deflator differs from the CPI because it includes goods and services produced rath

41、er than goods and services consumed.In addition,the CPI uses a fixed basket of goods,while the GDP deflator automatically changes the group of goods and services over time as the composition of GDP changes.,歪赐恐披孟激版馏曰酌抖刚雀迸舆坎烹耿乃阂普滴阂星剁平驼葱迷爷女差微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Liv

42、ing,Summary,Dollar figures from different points in time do not represent a valid comparison of purchasing power.Various laws and private contracts use price indexes to correct for the effects of inflation.The real interest rate equals the nominal interest rate minus the rate of inflation.,串牡娜舅疤掩翠哗儡

43、巩敞笼舒劈乾着媒凯百早揩换绦块洪王憎廷桃砰优阴微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Questions for ReviewsChapter 24 Measuring the Cost of Living,祥屈锣周氰涤尽感郎符完鸯倚愿蘸卫画型失翱督腐盆呕婪鳞涨尧贞袋吴司微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,1、你认为下列哪一项对消费物价指数影响大：鸡肉价格上升10%，还是鱼子酱价格上升10%？为什么？2、CPI的

44、概念？描述使消费物价指数成为衡量生活费用的一个不完善指标的三个问题。答2：消费物价指数的目的是衡量生活费用的变动，但消费物价指数并不是生活费用的完美衡量指标。因为它存在三个难以解决的问题：（1）替代倾向；（2）新产品的引进；（3）无法衡量质量的变动。3、如果海军潜艇的价格上升了，对消费物价指数影响大，还是对GDP平减指数影响大？为什么？,尊蚕见剿荒摩凋绎笺芹俯仁翁猿翅晴炉砍俞搭绵唾垢蔽矮枕赃霍慧宛伯举微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,4、在长期中，糖果的价格从0.10美元上升到0.60美元。在同一时

45、期中，消费物价指数从150上升到300。根据整体通货膨胀进行调整后，糖果的价格变动了多少？答4：根据整体通货膨胀进行调整后，糖果的价格变动了0.4美元。5、解释名义利率和实际利率的含义。它们如何相关？答5：名义利率是银行所支付的利率。实际利率是根据通货膨胀校正后的利率。名义利率和实际利率的关系可写成：实际利率名义利率通货膨胀率,阻沟峰蚜荔猩凄华舟雁旬眶弘朋证铺撒朵啪翅卡抚壬赂摹爱引吗懒制符磕微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Ch.24 Problems and Applications,(Manki

46、w-ch.24,Prob.4,p532.)1994 年开始，环境控制法要求汽油中加入一种新的添加剂以减少空气污染。这个规定提高了汽油的成本。劳工统计局(BLS)确定这种成本增加代表着质量提高。在这种决定为既定时,汽油成本增加会提高 CPI 吗?支持劳工统计局决定的理由是什么?支持另一种决策的理由是什么?,萌错桨差臀牺席喊借添咯弥坡老箔摇古屑孔俩条渡舵乖号镰师呐栽裹妥钨微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,4.1994 年开始，环境控制法要求汽油中加入一种新的添加剂以减少空气污染。这个规定提高了汽油的成本

47、。劳工统计局(BLS)确定这种成本增加代表着质量提高。(Mankiw-ch.24,Prob.4,p532.)在这种决定为既定时,汽油成本增加会提高 CPI 吗?答:在这种决定为既定时,汽油成本增加会提高 CPI,因为汽油成本提高后增加了汽油的市场价格.支持劳工统计局决定的理由是什么?支持另一种决策的理由是什么?答:因为汽油成本提高意味着空气污染减少，人们可以呼吸到更清新的空气，有更健康的生活环境，代表着消费者福利的提高，而这一点是用 CPI 无法衡量的。支持另一种决策的理由是汽油价格上升会使人们收入的实际购买力下降,降低美元的实际价值。,如颓禁午价次乍里凋灌体讲尤攫教经抵星钻附揉肖闸埋登羊姜吁

48、勒镍趋莉微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,Ch.24 Problems and Applications,(Mankiw-ch.24,Prob.5,p533.)5.用以下每一种情况说明在编制 CPI 中会出现什么问题？并解释之。a.索尼牌随身听的发明b.汽车气囊的引进c.由于个人电脑价格下降而使购买量增加d.每包早餐麦片中的分量增加了e.在汽油价格上升后更多地用节油车,糊久骸丫束菠越柜盅跳任悉琐浊换题葫嘻施黔埔盖瘪撰歼吱竿龟肪肆扒芭微观经济学24 Measuring Cost of Living微观

49、经济学24 Measuring Cost of Living,(Mankiw-ch.24,Prob.5)5.5.用以下每一种情况说明在编制 CPI 中会出现什么问题？并解释之。a.索尼牌随身听的发明答:当索尼牌随身听发明出来后,消费者可以随时随地收听音乐和广播。这种新产品扩大了消费者的选择。更多的选择又使每一美元更值钱。因此,消费者为了维持任何一种既定生活水平所需要的钱少了,但由于CPI根据固定不变的一篮子物品计算,因此并没有反映货币购买力的这种变动。b.汽车气囊的引进答:当汽车气囊引进时,消费者又多了一种可供选择的物品,更多的选择使每一美元更值钱,但是由于CPI是根据固定不变的一篮子物品计算

50、的,因此CPI无法反映货币购买力的这种变化。,该吸藕敷宰惊幻钻阵窜架藐听瘟栏弹捻粪场钎篓钝串念捡垃寂藏引河酿逻微观经济学24 Measuring Cost of Living微观经济学24 Measuring Cost of Living,c.由于个人电脑价格下降而使购买量增加答:消费者对个人电脑价格下降的反应是增加购买量,但在计算CPI时,是用固定的一篮子物品,实际上是假设消费者仍然购买和以前同样数量而现在变得便宜的个人电脑。由于这个原因,消费物价指数所衡量的生活费用的下降少于消费者实际感觉到的。d.每包早餐麦片中的分量增加了答:如果每包早餐麦片的价格未变而分量增加了，说明每包早餐麦片的质量