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What is Understanding CPI and Cost of Living about?
Chapter 2 discusses the measurement of the cost of living, focusing on the Consumer Price Index (CPI) and its calculation methods. It highlights issues with the CPI, such as substitution bias, the introduction of new goods, and unmeasured quality changes, which can lead to an overstatement of inflation. The chapter also contrasts the CPI with the GDP deflator and explains the concepts of nominal and real interest rates.
- Author
- mejiminie1213
- Language
- EN