India’s economy is a developing market economy with a middle income. It has the sixth-largest nominal GDP and the third-largest purchasing power parity economy in the world (PPP). According to the International Monetary Fund (IMF), India ranks 145th by nominal GDP and 122nd by nominal GDP per capita (PPP). From 1947 through 1991, consecutive administrations […]
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The Phillips curve shows that historically, inflation and unemployment have had an inverse connection. High unemployment is associated with lower inflation or even deflation, whereas low unemployment is associated with lower inflation or even deflation. This relationship makes sense from a logical standpoint. When unemployment is low, more people have extra money to spend on
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When the rate of inflation outpaces the rate of interest generated on a savings or checking account, the investor loses money. In the United States, the Consumer Price Index (CPI) is the most widely used method of calculating inflation. Many people argue that indexing Social Security payments to the Consumer Price Index (CPI) is insufficient.
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Assume Kelly, a former economist who is now an opera singer, has been asked to perform in the United Kingdom. Simultaneously, an American computer business manufactures and sells all of its computers in Germany, while a German company manufactures and sells all of its automobiles within American borders. Economists need to know what is and
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CAMBRIDGE, MASSACHUSETTS When the global financial crisis hit in 2008, Queen Elizabeth II famously remarked, “Why didn’t anyone see it coming?” when visiting the London School of Economics. The high inflation of 2021 should raise the same concern, particularly in the United States, where year-on-year increases in consumer prices reached a four-decade high of 7%
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To listen to the podcast, press play on the player above and follow along with the transcript below. In its current form, this transcript was created automatically and then edited for clarity. Between the audio and the text, there may be some discrepancies. Republican attempts to invalidate state-ordered congressional districting schemes in North Carolina and
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The highest year-over-year inflation rate recorded since the formation of the United States in 1776 was 29.78 percent in 1778. In the years since the CPI was introduced, the greatest inflation rate recorded was 19.66 percent in 1917. When was the highest inflation rate? Between 1914 and 2022, the United States’ inflation rate averaged 3.25
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In addition to updated fourth-quarter estimates, today’s announcement includes revised third-quarter 2020 wages and salaries, personal taxes, and government social insurance payments, all based on new data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and salaries are now anticipated to have climbed by $434.5 billion in the third
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While headline inflation is defined as the change in the total CPI produced by the PSA from year to year, official core inflation is defined as the change in the headline CPI after omitting specified food and energy items. What does core inflation imply? Core inflation refers to the change in the cost of goods
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It indicates the total value of all commodities and services produced inside a country’s borders over a given time period. Economists can use GDP to evaluate if a country’s economy is expanding or contracting. GDP can be used by investors to make investment decisions; a weak economy means lower earnings and stock values. What does
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