ECO 561 Wk 4 Individual: Inflation and Analyses of Monetary Policies
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ECO 561 Wk 4 Individual: Inflation and Analyses of Monetary
Policies
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.
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:
·
Choose a product or service you currently consume/use, 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.
·
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.
Cite a minimum of three scholarly,
peer-reviewed references.
Format your paper consistent with APA
guidelines.
Submit your assignment.
Resources
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