曼昆經(jīng)濟學原理(宏觀經(jīng)濟學分冊)英文原版ppt課件--資料下載頁
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【正文】 usually reported and not corrected for inflation. ? It is the interest rate that a bank pays. ? The real interest rate is the interest rate that is corrected for the effects of inflation. 169。 2022 Thomson SouthWestern 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% 169。 2022 Thomson SouthWestern Figure 3 Real and Nominal Interest Rates 1965 Interest Rates (percent per year) 15% Real interest rate 10 5 0 5 1970 1975 1980 1985 1990 1995 2022 2022 Nominal interest rate Summary 169。 2022 Thomson SouthWestern ? 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 the inflation rate. Summary 169。 2022 Thomson SouthWestern ? 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 quality. ? Because of measurement problems, the CPI overstates annual inflation by about 1 percentage point. Summary 169。 2022 Thomson SouthWestern ? The GDP deflator differs from the CPI because it includes goods and services produced rather 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 position of GDP changes. Summary 169。 2022 Thomson SouthWestern ? Dollar figures from different points in time do not represent a valid parison 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.
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