看向世界SpotWorld: Macroeconomic Simple Note Chapter 4

Chapter 4
Consumer price index (CPI) 消费者物价指数	It was an indicator of macroeconomic that use to reflect the changes in the price level of goods and services purchase by households. 它是用来反映家庭购买的商品和服务价格水平变化的宏观经济指标。
Step in calculating CPI	Fix the baskets. Find out the total amount of demand in each year. Find the prices. Calculate total demand times price of each product and find the total amount of price. Choosing a base year Choose the year that you want to compare with the current year. Compute the basket’s price with base year. Formula: CPI= (new cost / base cost) * 1000 Compute the inflation rate. Formula: Inflation rate= ((new CPI / old CPI) / old CPI)) *100
Limitation of CPI	Substitution bias The fluctuation of the price of different product and services Use the fixed basket, not enough flexible. Do not consider new goods Do not consider quality changes. Do not consider external factor such as seasonal changes
Different between CPI and GDP	Consumer price index Include imported consumer goods. Without capital goods Use fixed basket. Gross Domestic Product Without imported consumer goods Include capital goods. Currently, consider product goods and services.

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