23115 Lecture Notes - Lecture 11: Gdp Deflator, Weighted Arithmetic Mean, Aggregate Supply

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20 Jul 2018
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In each later period (i. e. current period), conduct a survey to determine the current prices of the same goods and services bought in the base year. Note: the basket stays fixed: calculate the index as the ratio of current expenditure on the fixed basket to the base year expenditure on this same basket, cpi basket. 13: to find the cpi, step 1: choose the base year (2014), and survey consumers in the that year to determine the fixed basket of goods. Example: from blackberry to iphone. (ch# 28) unemployment and inflation: Types and causes of unemployment: frictional unemployment (uf) Caused by search times needed for (a) workers to find jobs, and (b) firms to find workers. Wo(cid:396)ke(cid:396)s ha(cid:448)e (cid:396)ight skills a(cid:374)d (cid:396)ight lo(cid:272)atio(cid:374)s, the(cid:455) just ha(cid:448)e(cid:374)(cid:859)t fou(cid:374)d o(cid:396) (cid:272)hose(cid:374) jo(cid:271)s: structural unemployment (us ) Technological progress and large demand swings cause changes in the structure of the economy. Co(cid:374)t(cid:396)a(cid:272)ti(cid:374)g se(cid:272)to(cid:396) jo(cid:271)s lost u(cid:374)e(cid:373)plo(cid:455)ed people.

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