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ECON 1BB3 (535)
Lecture

Using cpi.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Using cpi (consumer price index) Your father made 40000 in 1982 what is that worth today Cpi1982=61.8 cpi=116.3 =75275.00 Substitution bias: ignores consumer substitution; overstates inflation Introduction of new goods: cpi is based on a fix basket of goods and services; overstates inflation Unmeasured quality change: some prices changes reflect quality improvements; overstates inflation CPI: measure of goods and services bought by typical consumers GDP deflator: reflects prices of all goods and services produced
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