Inflation and Analyses of Monetary Policies

User Generated

NQZ0525

Economics

Description

Economics is not a strong topic for me currently in my graduate school program and I am needing some help for a following word document essay that has to include data statistics for the following topic that would go for my "mobile/wireless phone service" I would like to use:

Purpose of Assignment

This assignment will introduce students to the U.S. Department of Labor's Bureau of Labor Statistics (BLS) data and provide students with the skills to calculate inflation and interpret the Consumer Price Index (CPI). Note: The BLS is the primary source of information on inflation, but their data is re-posted in other sources, such as the St. Louis Federal Reserve FRED site, among others. (Please provide direct web link and citations within essay; also let me know exactly what is inputted in to come up with calculations).

Assignment Steps

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.

Use an internet search or the University Library to locate information on the Consumer Price Index (CPI). Internet sites you might find useful include the Bureau of Labor Statistics (BLS) and the Federal Reserve of St. Louis FRED web site although you are allowed to use other sources.

Develop a minimum 700-word analysis of inflation by including the following:

  • Introduction
  • Choose a product or service you currently consume/use (My idea is AT&T Wireless Mobile Phone Service that is my current provider), such as apparel or educational services, that is included in the CPI's "market basket." Find the annual CPI index numbers for your chosen good or service for the years 1995, 2005, 2010, and 2015. Enter those index numbers in an Excel® file and calculate the percent change (inflation rates) in those index numbers from 1995 to 2005, from 1995 to 2010, and from 1995 to 2015. (would appreciate in letting me know how this is exactly inputted and calculated if possible, posted separately from the essay). To me here, this may imply two graphs here I think when it comes to CPI and then calculating the percent change for inflation rates).
  • Analyze the trends in overall inflation over the last five years and whether your income has kept pace with inflation. How has inflation over the last five years affected you and/or your family?
  • Discuss how a business manager, such as a human resources manager, might use CPI statistics.
  • Conclusion

Cite a minimum of three scholarly, peer-reviewed references. (Please include web sites of where peer-reviewed references were cited from, also include citations within essay).

Format your paper consistent with APA guidelines.

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Explanation & Answer

Kindly find the attached

Running Head: INFLATION

1

Inflation
Student’s name
Institution

INFLATION

2
Inflation

Introduction
Inflation can be defined as the general increase in the price of commodities in the
economy of a country over a certain period. Inflation is an economic term which means that one
has to spend a lot of money to acquire a particular product or service in the economy. An
economy which experiences inflation has a reduced purchasing power from the consumers, and
this also affects the value of the currency in the foreign exchange market. There are three causes
of inflation to an economy. They include the increase in money supply in the economy, the
demand-pull inflation and the cost-push inflation.
The rate of inflation in an economy is measured by using the consumer price index. The
consumer price index (CPI) measures the rate of change in the purchasing power of country’s
currency and the rate at which inflation occurs in that particular economy. The consumer price
index’s components do not change prices at the same rates (Berlatsky, 2013). For exam...


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