Inflation, Real GDP, and Business Cycles... Coverage Differences among the GDP Price Index,Consumer Price Index, and Producer Price Index... Department of Labor, Table 1, ‘‘Consumer Pric
Trang 1Where’s the Beef? Inflation, Real GDP, and Business Cycles
Trang 2Price Changes
Trang 3Coverage Differences among the GDP Price Index,
Consumer Price Index, and Producer Price Index
Trang 4Source: U.S Department of Labor, Table 1, ‘‘Consumer Price Index for All Urban Consumers (CPI-U): U.S City
Average, by Expenditure Category and Commodity and Service Group,’’ http://www.bls.gov/
news.release/cpi.t01.htm (accessed October 27, 2006).
Trang 5England: Consumer Price Index, 1985–2005
Trang 7Examples of Countries with Very High Inflation Rates, 1973–1991
Source: International Monetary Fund, The World Economic Outlook Database, http://www.imf.org/external/
pubs/ft/weo/2000/02/data/pcpi_a.csv (accessed January 14, 2006).
Bolded figures are annual inflation rates over 1,000% per year.
Trang 9Real versus Nominal GDP
Trang 11Calculating Real GDP Using Nominal GDP and
Price Index
Trang 13Recessions and Expansions During the Business Cycle
Trang 15Leading Indicators Worldwide, May 30, 2006
Source: The Conference Board, http://www.conference-board.org (accessed May 30, 2006).
Trang 16Indicators
Trang 17U.S Recessions and Movements in U.S Real GDP:
1947 (I) To 2006 (II)
Source: Data from Federal Reserve Bank of St Louis, Economic Data—FRED,
http://research.stlouisfed.org/fred2/series/GDPC1/downloaddata (accessed September 6, 2006).
Trang 19Differences in Business Cycles: 1947–1982 versus 1982–2006