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Consumer Price Index
Brian Graf,
Jennifer Ribarsky,
and
P. Bhanumati
Brian Graf,
Jennifer Ribarsky,
and
P. Bhanumati
This course will help you learn the basics of compiling timely, high-quality CPIs based on the 2020 CPI Manual. The consumer price index has become a key statistic for purposes of economic policymaking, especially monetary policy. The CPI is often specified in legislation and in a wide variety of contracts as the appropriate measure for adjusting payments (such as wages, rents, interest, social security, other benefits, and pensions) for the effects of inflation. Changes in the CPI have substantial and wide-ranging financial implications for governments, businesses, and households.
Register for this course and see more details by visiting:
OpenCourser.com/course/e81ti9/consumer
What's inside
Learning objectives
- Identify key uses of cpi data and explain key consumer price index concepts and definitions and how these are applied in practice.
- Identify and explain differences between the different index calculation formulas.
- Define and explain the different levels of sampling in a cpi and how these sampling methods are applied in practice.
- Identify and explain the different methods for the treatment of missing prices and describe how these are applied in practice.
- Introduce new cpi weights and link old and new indexes to create a continuous time series of data.
- Identify key uses of cpi data and explain key consumer price index concepts and definitions and how these are applied in practice.
- Identify and explain differences between the different index calculation formulas.
- Define and explain the different levels of sampling in a cpi and how these sampling methods are applied in practice.
- Identify and explain the different methods for the treatment of missing prices and describe how these are applied in practice.
- Introduce new cpi weights and link old and new indexes to create a continuous time series of data.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Suitable for learners new to compiling consumer price indexes (CPIs) and for those wanting to broaden their understanding of CPI methods
Instructors Brian Graf, Jennifer Ribarsky, and P. Bhanumati are recognized for their work in CPI methodology
Offers a comprehensive understanding of the 2020 CPI Manual
Provides practical guidance on calculating various index formulas, including arithmetic means and geometric means
Useful for professionals involved in economic policymaking, especially monetary policy
Requires learners to have prior knowledge in statistics and economics
Save this course
Save Consumer Price Index to your list so you can find it easily later:
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Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Consumer Price Index with these
activities:
Volunteer at a local food bank or soup kitchen
Show steps
Volunteering at a local food bank or soup kitchen will give you a firsthand look at the impact of inflation on individuals and families.
Show steps
-
Contact your local food bank or soup kitchen to learn about volunteer opportunities.
-
Sign up for a volunteer shift.
-
Show up on time and be prepared to work hard.
Read 'The Economics of Inflation' by Ben Bernanke
Show steps
Reading 'The Economics of Inflation' will provide you with a deeper understanding of the economic factors that drive inflation and how the CPI is used to measure it.
Show steps
-
Read the book carefully, paying attention to the key concepts and arguments.
-
Take notes on the main points.
-
Discuss the book with your classmates or colleagues.
Review the 2020 CPI Manual
Show steps
Reviewing the 2020 CPI Manual will provide you with a solid foundation for understanding the concepts and definitions used in the course.
Show steps
-
Read through the manual carefully, paying attention to the definitions and concepts.
-
Take notes on the key points.
-
Complete the practice exercises at the end of each chapter.
Three other activities
Expand to see all activities and additional details
Show all six activities
Start a project to track your own personal inflation rate
Show steps
Starting a project to track your own personal inflation rate will help you understand how inflation affects your own life.
Show steps
-
Choose a basket of goods and services that you purchase regularly.
-
Track the prices of these items over time.
-
Calculate your own personal inflation rate.
-
Track your results and see how they compare to the official CPI.
Participate in a peer study group
Show steps
Participating in a peer study group will allow you to discuss the course material with other students and learn from their perspectives.
Show steps
-
Find a group of classmates who are also taking the course.
-
Meet regularly to discuss the course material.
-
Help each other with homework and assignments.
Create a presentation on the CPI
Show steps
Creating a presentation on the CPI will help students synthesize their knowledge of the topic and develop their communication skills.
Show steps
-
Choose a topic for your presentation
-
Research your topic
-
Create a PowerPoint presentation
-
Practice your presentation
-
Deliver your presentation
Volunteer at a local food bank or soup kitchen
Show steps
Volunteering at a local food bank or soup kitchen will give you a firsthand look at the impact of inflation on individuals and families.
Show steps
Show steps
Show steps
- Contact your local food bank or soup kitchen to learn about volunteer opportunities.
- Sign up for a volunteer shift.
- Show up on time and be prepared to work hard.
Read 'The Economics of Inflation' by Ben Bernanke
Show steps
Reading 'The Economics of Inflation' will provide you with a deeper understanding of the economic factors that drive inflation and how the CPI is used to measure it.
Show steps
Show steps
Show steps
- Read the book carefully, paying attention to the key concepts and arguments.
- Take notes on the main points.
- Discuss the book with your classmates or colleagues.
Review the 2020 CPI Manual
Show steps
Reviewing the 2020 CPI Manual will provide you with a solid foundation for understanding the concepts and definitions used in the course.
Show steps
Show steps
Show steps
- Read through the manual carefully, paying attention to the definitions and concepts.
- Take notes on the key points.
- Complete the practice exercises at the end of each chapter.
Three other activities
Expand to see all activities and additional details
Show all six activities
Start a project to track your own personal inflation rate
Show steps
Starting a project to track your own personal inflation rate will help you understand how inflation affects your own life.
Show steps
Show steps
Show steps
- Choose a basket of goods and services that you purchase regularly.
- Track the prices of these items over time.
- Calculate your own personal inflation rate.
- Track your results and see how they compare to the official CPI.
Participate in a peer study group
Show steps
Participating in a peer study group will allow you to discuss the course material with other students and learn from their perspectives.
Show steps
Show steps
Show steps
- Find a group of classmates who are also taking the course.
- Meet regularly to discuss the course material.
- Help each other with homework and assignments.
Create a presentation on the CPI
Show steps
Creating a presentation on the CPI will help students synthesize their knowledge of the topic and develop their communication skills.
Show steps
Show steps
Show steps
- Choose a topic for your presentation
- Research your topic
- Create a PowerPoint presentation
- Practice your presentation
- Deliver your presentation
Career center
Learners who complete Consumer Price Index will develop knowledge and skills
that may be useful to these careers:
Economist
Economist
Economists study how economies work and make recommendations on how to improve them. They analyze data, develop theories, and make predictions about the future of the economy. The Consumer Price Index (CPI) is a key economic indicator that measures changes in the prices of goods and services purchased by consumers. Economists rely on the CPI to understand inflation and make recommendations on monetary policy. This course will help you develop the skills you need to compile timely, high-quality CPIs and understand how they are used in economic policymaking.
Financial Analyst
Financial Analyst
Financial analysts analyze financial data to make recommendations on investments. They use financial models to forecast the performance of stocks, bonds, and other investments. The CPI is a key input into financial models. By understanding how the CPI is calculated and how it affects the economy, financial analysts can make more informed recommendations on investments.
Statistician
Statistician
Statisticians collect, analyze, and interpret data. They use statistical methods to design surveys, experiments, and other studies. The CPI is a large and complex dataset. Statisticians are needed to ensure that the CPI is accurate and reliable. This course will help you develop the skills you need to collect, analyze, and interpret data from the CPI and other sources.
Market Research Analyst
Market Research Analyst
Market research analysts study consumer behavior and trends. They collect and analyze data on consumer spending, preferences, and attitudes. The CPI is a key source of data for market research analysts. By understanding how the CPI is calculated and how it affects consumer behavior, market research analysts can make more informed recommendations on marketing campaigns and product development.
Actuary
Actuary
Actuaries use mathematical and statistical methods to assess risk and uncertainty. They work in a variety of fields, including insurance, finance, and healthcare. The CPI is a key risk factor for actuaries. By understanding how the CPI is calculated and how it affects the economy, actuaries can develop more accurate models and make better decisions about risk.
Data Scientist
Data Scientist
Data scientists use data to solve problems and make decisions. They work in a variety of fields, including technology, finance, and healthcare. The CPI is a large and complex dataset. Data scientists can use their skills to analyze the CPI and identify trends and patterns that can be used to make better decisions.
Business Analyst
Business Analyst
Business analysts help businesses improve their performance by analyzing data and making recommendations. They work in a variety of industries, including retail, manufacturing, and healthcare. The CPI is a key economic indicator that can be used to make informed decisions about business strategy. This course will help you develop the skills you need to analyze the CPI and make recommendations on business strategy.
Policy Analyst
Policy Analyst
Policy analysts develop and evaluate policies for government agencies. They analyze data, conduct research, and make recommendations on policies that affect a wide range of issues, including economic development, healthcare, and education. The CPI is a key economic indicator that can be used to inform policy decisions. This course will help you develop the skills you need to analyze the CPI and make recommendations on policy.
Journalist
Journalist
Journalists gather, analyze, and report on news and current events. They work for a variety of media outlets, including newspapers, magazines, and television. The CPI is a key economic indicator that can be used to inform news stories about the economy and its impact on consumers. This course will help you develop the skills you need to analyze the CPI and write informed news stories about the economy.
Teacher
Teacher
Teachers educate students at all levels, from kindergarten to graduate school. They develop lesson plans, teach classes, and assess student learning. The CPI is a key economic indicator that can be used to teach students about the economy and its impact on consumers. This course will help you develop the skills you need to teach the CPI and other economic concepts to students.
Consultant
Consultant
Consultants provide advice and expertise to businesses and organizations. They work in a variety of fields, including management, finance, and technology. The CPI is a key economic indicator that can be used to inform consulting projects. This course will help you develop the skills you need to analyze the CPI and make recommendations to clients.
Researcher
Researcher
Researchers conduct research to advance knowledge in a variety of fields, including science, medicine, and the social sciences. The CPI is a key economic indicator that can be used to inform research projects. This course will help you develop the skills you need to analyze the CPI and conduct research on the economy.
Sales Representative
Sales Representative
Sales representatives sell products and services to businesses and consumers. They work in a variety of industries, including technology, retail, and healthcare. The CPI is a key economic indicator that can be used to inform sales strategies. This course will help you develop the skills you need to analyze the CPI and make recommendations on sales strategies.
Marketing Manager
Marketing Manager
Marketing managers develop and execute marketing campaigns to promote products and services. They work in a variety of industries, including technology, retail, and healthcare. The CPI is a key economic indicator that can be used to inform marketing campaigns. This course will help you develop the skills you need to analyze the CPI and make recommendations on marketing campaigns.
Operations Manager
Operations Manager
Operations managers oversee the day-to-day operations of a business. They work in a variety of industries, including manufacturing, retail, and healthcare. The CPI is a key economic indicator that can be used to inform operations decisions. This course will help you develop the skills you need to analyze the CPI and make recommendations on operations decisions.
For more career information including salaries, visit:
OpenCourser.com/course/e81ti9/consumer
Reading list
We've selected 11 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Consumer Price Index.
Is the official manual published by the International Monetary Fund on compiling CPIs. This book provides a detailed and comprehensive overview of the theory and practice of compiling CPIs, including the different index calculation formulas, sampling methods, and methods for the treatment of missing prices.
Save
Provides a comprehensive overview of econometrics, including the different statistical methods that are used to analyze economic data. This book is useful for understanding the statistical methods that are used to compile CPIs.
Save
Provides a comprehensive overview of time series analysis, including the different statistical methods that are used to analyze time series data. This book is useful for understanding the statistical methods that are used to analyze CPI data.
Save
Provides a comprehensive overview of applied economic forecasting, including the different forecasting methods that are used to forecast economic data. This book is useful for understanding the forecasting methods that are used to forecast CPI data.
Provides a comprehensive overview of the practice of statistics in the life sciences, including the different statistical methods that are used to analyze life sciences data. This book is useful for understanding the statistical methods that are used to compile CPIs.
Provides a comprehensive overview of econometrics, including the different statistical methods that are used to analyze economic data. This book is useful for understanding the statistical methods that are used to compile CPIs.
Save
Provides a comprehensive overview of statistics, including the different statistical methods that are used to analyze data. This book is useful for understanding the statistical methods that are used to compile CPIs.
Provides a comprehensive overview of statistics for the behavioral sciences, including the different statistical methods that are used to analyze behavioral sciences data. This book is useful for understanding the statistical methods that are used to compile CPIs.
Provides a comprehensive overview of the analysis of time series data, including the different statistical methods that are used to analyze time series data. This book is useful for understanding the statistical methods that are used to analyze CPI data.
Provides a comprehensive overview of forecasting economic time series, including the different forecasting methods that are used to forecast economic time series data. This book is useful for understanding the forecasting methods that are used to forecast CPI data.
Save
Provides a comprehensive overview of econometric analysis, including the different statistical methods that are used to analyze economic data. This book is useful for understanding the statistical methods that are used to compile CPIs.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/e81ti9/consumer
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Effort
4 to 5 hours per week for 5 weeks
Level
Intermediate
Via
edX
Institution
The International Monetary Fund
Instructors
Brian Graf
Jennifer Ribarsky
P. Bhanumati
Session
May 1, 2024
- April 15, 2025
Language
English
Transcript
English
Good to know
Suitable for learners new to compiling consumer price indexes (CPIs) and for those wanting to broaden their understanding of CPI methods
Instructors Brian Graf, Jennifer Ribarsky, and P. Bhanumati are recognized for their work in CPI methodology
Offers a comprehensive understanding of the 2020 CPI Manual
Provides practical guidance on calculating various index formulas, including arithmetic means and geometric means
Useful for professionals involved in economic policymaking, especially monetary policy
Requires learners to have prior knowledge in statistics and economics
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