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Macroeconomics – Inflation

Inflation is a global phenomenon that impacts everyone. For example, one of its consequences is that central banks (whose primary objective is generally to control inflation) increase the cost of borrowing in order to curb inflation. This makes mortgage holders and other borrowers more nervous, as repayments become more problematic in a higher interest rate environment.

 

This course deals with the phenomenon of inflation. It looks at the definition of inflation and various methods of measuring inflation. It provides information on important consumer price indexes world wide, and examines the causes of inflation and theories that explain the causes. The course also looks at the various costs to the economy associated with inflation.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Define and measure inflation

    Describe the theories of the causes of inflation

    Identify the costs of inflation

  • COURSE OUTLINE

    Topic 1: Basics of Inflation

    Definition of Inflation

    Terms Associated with Inflation

    Measuring inflation

    Consumer Price Index

    Consumer Price Index- Example

    Key Consumer Price Indexes

    Topic 2: Causes of Inflation

    Causes of Inflation

    o Monetarist Theory

    o Non-Keynesian Theory

    Demand-Pull Inflation

    Cost-Push Inflation

    Sustained (Built-In) Inflation

    Conclusions – Sustained Inflation

    Topic 3: Cost of Inflation

    Cost of Inflation

    Problem of Unanticipated Inflation

    Costs of Unanticipated Inflation

    o Obstruction of the Efficient Working of the Market

    o Redistribution of Wealth

    o Restricted Economic Growth

    o Reduced International Competitiveness

    o Decline in Real Income

    Commitment to Low Inflation

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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