Inflation (Economics)

Recall cards on inflation. Tracking it: the price level, a basket of goods and services, the inflation rate, price indexes, index numbers, and base years. Measuring the cost of living: the Consumer Price Index and how the Bureau of Labor Statistics builds it, substitution and quality bias, core inflation, and other indexes (Producer Price Index, GDP deflator, Employment Cost Index, International Price Index). How the United States and other countries have experienced inflation, deflation, and hyperinflation. The confusion over inflation: who wins and loses when it is unexpected, blurred price signals, and interactions with taxes. Indexing and its limits: cost-of-living adjustments, adjustable-rate mortgages, bracket creep, and indexed bonds.