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Search, Evaluate, and Read Evidence","\u002Fen\u002Facademic-writing\u002F02-reading-and-literature-matrix","en\u002Facademic-writing\u002F02-reading-and-literature-matrix",{"title":27,"path":28,"stem":29},"3. From Sources to Synthesis and Argument","\u002Fen\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs","en\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs",{"title":31,"path":32,"stem":33},"4. Literature Review and a Defensible Gap","\u002Fen\u002Facademic-writing\u002F04-writing-the-literature-review","en\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":35,"path":36,"stem":37},"5. Research Design, Evidence, and Core Sections","\u002Fen\u002Facademic-writing\u002F05-core-sections-and-evidence","en\u002Facademic-writing\u002F05-core-sections-and-evidence",{"title":39,"path":40,"stem":41},"6. Citation, Paraphrasing, Integrity, and AI","\u002Fen\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity","en\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity",{"title":43,"path":44,"stem":45},"7. Revision, Review, and Submission","\u002Fen\u002Facademic-writing\u002F07-revision-style-and-submission","en\u002Facademic-writing\u002F07-revision-style-and-submission",{"title":47,"path":48,"stem":49},"8. Research Workbook","\u002Fen\u002Facademic-writing\u002F08-literature-review-checklist-and-template","en\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":51,"path":52,"stem":53},"9. Research Workflow and Tools","\u002Fen\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management","en\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management",{"title":55,"path":56,"stem":57},"10. Worked Project — From Question to Defensible Conclusion","\u002Fen\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain","en\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain",{"title":59,"path":60,"stem":61,"children":62,"page":249},"Accounting","\u002Fen\u002Faccounting","en\u002Faccounting",[63,69,87,93,193],{"title":64,"path":65,"stem":66,"children":67},"Accounting — From Evidence to Decisions","\u002Fen\u002Faccounting\u002F00-index","en\u002Faccounting\u002F00-index",[68],{"title":64,"path":65,"stem":66},{"title":70,"path":71,"stem":72,"children":73},"Accounting Appendix","\u002Fen\u002Faccounting\u002Fappendix","en\u002Faccounting\u002Fappendix\u002Findex",[74,75,79,83],{"title":70,"path":71,"stem":72},{"title":76,"path":77,"stem":78},"Worked Examples and Error Diagnosis","\u002Fen\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls","en\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls",{"title":80,"path":81,"stem":82},"Accounting Glossary","\u002Fen\u002Faccounting\u002Fappendix\u002F26-glossary","en\u002Faccounting\u002Fappendix\u002F26-glossary",{"title":84,"path":85,"stem":86},"Reading and Evidence Map","\u002Fen\u002Faccounting\u002Fappendix\u002F27-reading-map","en\u002Faccounting\u002Fappendix\u002F27-reading-map",{"title":88,"path":89,"stem":90,"children":91},"Northstar Record-to-Decision Capstone","\u002Fen\u002Faccounting\u002Fcapstone","en\u002Faccounting\u002Fcapstone\u002Findex",[92],{"title":88,"path":89,"stem":90},{"title":94,"path":95,"stem":96,"children":97},"Financial Accounting","\u002Fen\u002Faccounting\u002Ffinancial-accounting","en\u002Faccounting\u002Ffinancial-accounting\u002Findex",[98,99,117,131,165,179],{"title":94,"path":95,"stem":96},{"title":100,"path":101,"stem":102,"children":103},"1. Foundations","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002Findex",[104,105,109,113],{"title":100,"path":101,"stem":102},{"title":106,"path":107,"stem":108},"Objectives and Qualitative Characteristics","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics",{"title":110,"path":111,"stem":112},"Equation and Elements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements",{"title":114,"path":115,"stem":116},"Accrual Basis, Estimates and Periods","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles",{"title":118,"path":119,"stem":120,"children":121},"2. Recording Transactions","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002Findex",[122,123,127],{"title":118,"path":119,"stem":120},{"title":124,"path":125,"stem":126},"Double-Entry and Debit\u002FCredit","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr",{"title":128,"path":129,"stem":130},"Accounting Cycle","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle",{"title":132,"path":133,"stem":134,"children":135},"3. Measurement and Adjustments","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002Findex",[136,137,141,145,149,153,157,161],{"title":132,"path":133,"stem":134},{"title":138,"path":139,"stem":140},"Revenue Recognition","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition",{"title":142,"path":143,"stem":144},"Inventory","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory",{"title":146,"path":147,"stem":148},"Receivables and Expected Credit Losses","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables",{"title":150,"path":151,"stem":152},"Property, Plant and Equipment","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe",{"title":154,"path":155,"stem":156},"Intangible Assets","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles",{"title":158,"path":159,"stem":160},"Leases","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases",{"title":162,"path":163,"stem":164},"Current and Deferred Income Tax","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax",{"title":166,"path":167,"stem":168,"children":169},"4. Reporting and Cash","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002Findex",[170,171,175],{"title":166,"path":167,"stem":168},{"title":172,"path":173,"stem":174},"Linked Financial Statements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements",{"title":176,"path":177,"stem":178},"Cash, Reconciliation and Internal Control","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control",{"title":180,"path":181,"stem":182,"children":183},"5. Analysis and Comparison","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002Findex",[184,185,189],{"title":180,"path":181,"stem":182},{"title":186,"path":187,"stem":188},"Ratio Analysis","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis",{"title":190,"path":191,"stem":192},"IFRS versus US GAAP","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap",{"title":194,"path":195,"stem":196,"children":197},"Management Accounting","\u002Fen\u002Faccounting\u002Fmanagement-accounting","en\u002Faccounting\u002Fmanagement-accounting\u002Findex",[198,199,217,235],{"title":194,"path":195,"stem":196},{"title":200,"path":201,"stem":202,"children":203},"1. Cost Foundations","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002Findex",[204,205,209,213],{"title":200,"path":201,"stem":202},{"title":206,"path":207,"stem":208},"Cost Concepts and Behaviour","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts",{"title":210,"path":211,"stem":212},"Costing Systems","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems",{"title":214,"path":215,"stem":216},"Variable and Absorption Costing","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption",{"title":218,"path":219,"stem":220,"children":221},"2. Planning and Control","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002Findex",[222,223,227,231],{"title":218,"path":219,"stem":220},{"title":224,"path":225,"stem":226},"Cost–Volume–Profit Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis",{"title":228,"path":229,"stem":230},"Budgeting and Variance Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances",{"title":232,"path":233,"stem":234},"Performance Measurement","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement",{"title":236,"path":237,"stem":238,"children":239},"3. Decisions and Investment","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002Findex",[240,241,245],{"title":236,"path":237,"stem":238},{"title":242,"path":243,"stem":244},"Short-Term Decisions","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions",{"title":246,"path":247,"stem":248},"Capital Budgeting","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting",false,{"title":251,"path":252,"stem":253,"children":254,"page":249},"Business Analytics","\u002Fen\u002Fbusiness-analytics","en\u002Fbusiness-analytics",[255,261,279,305,335,365,383,400],{"title":256,"path":257,"stem":258,"children":259},"Business Analytics — From Data to Defensible Action","\u002Fen\u002Fbusiness-analytics\u002F00-index","en\u002Fbusiness-analytics\u002F00-index",[260],{"title":256,"path":257,"stem":258},{"title":262,"path":263,"stem":264,"children":265},"0. Decision and Data Foundations","\u002Fen\u002Fbusiness-analytics\u002F00-intro","en\u002Fbusiness-analytics\u002F00-intro\u002Findex",[266,267,271,275],{"title":262,"path":263,"stem":264},{"title":268,"path":269,"stem":270},"Decision Framing","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing","en\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing",{"title":272,"path":273,"stem":274},"Data Contracts","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts","en\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts",{"title":276,"path":277,"stem":278},"Reproducible Analytics Workflow","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow","en\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow",{"title":280,"path":281,"stem":282,"children":283},"1. Descriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive","en\u002Fbusiness-analytics\u002F01-descriptive\u002Findex",[284,285,289,293,297,301],{"title":280,"path":281,"stem":282},{"title":286,"path":287,"stem":288},"Distributions and Exploratory Data Analysis","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda","en\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda",{"title":290,"path":291,"stem":292},"KPIs and Denominators","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators","en\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators",{"title":294,"path":295,"stem":296},"Segments, Cohorts and Funnels","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels","en\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels",{"title":298,"path":299,"stem":300},"Visual Evidence and Data Stories","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story","en\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story",{"title":302,"path":303,"stem":304},"Experiments and Causal Boundaries","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary","en\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary",{"title":306,"path":307,"stem":308,"children":309},"2. Predictive Analytics","\u002Fen\u002Fbusiness-analytics\u002F02-predictive","en\u002Fbusiness-analytics\u002F02-predictive\u002Findex",[310,311,315,319,323,327,331],{"title":306,"path":307,"stem":308},{"title":312,"path":313,"stem":314},"Validation, Baselines and Leakage","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage","en\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage",{"title":316,"path":317,"stem":318},"Regression and Forecasting","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting","en\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting",{"title":320,"path":321,"stem":322},"Classification and Calibration","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration","en\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration",{"title":324,"path":325,"stem":326},"Trees and Ensembles","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles","en\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles",{"title":328,"path":329,"stem":330},"Decision Metrics and Thresholds","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds","en\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds",{"title":332,"path":333,"stem":334},"Explainability, Monitoring and Drift","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift","en\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift",{"title":336,"path":337,"stem":338,"children":339},"3. Prescriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive","en\u002Fbusiness-analytics\u002F03-prescriptive\u002Findex",[340,341,345,349,353,357,361],{"title":336,"path":337,"stem":338},{"title":342,"path":343,"stem":344},"Decision-Making under Uncertainty","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty",{"title":346,"path":347,"stem":348},"Linear Optimisation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization",{"title":350,"path":351,"stem":352},"Inventory and Allocation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation",{"title":354,"path":355,"stem":356},"Queueing and Simulation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation",{"title":358,"path":359,"stem":360},"Pricing and Revenue Management","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation",{"title":362,"path":363,"stem":364},"Causal Targeting and Policy Learning","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting",{"title":366,"path":367,"stem":368,"children":369},"4. Deployment and Governance","\u002Fen\u002Fbusiness-analytics\u002F04-deployment","en\u002Fbusiness-analytics\u002F04-deployment\u002Findex",[370,371,375,379],{"title":366,"path":367,"stem":368},{"title":372,"path":373,"stem":374},"Data Products and Monitoring","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring","en\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring",{"title":376,"path":377,"stem":378},"Governance, Fairness and Privacy","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy","en\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy",{"title":380,"path":381,"stem":382},"Adoption and Business Value","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value","en\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value",{"title":384,"path":385,"stem":386,"children":387},"Appendix and Revision Tools","\u002Fen\u002Fbusiness-analytics\u002Fappendix","en\u002Fbusiness-analytics\u002Fappendix\u002Findex",[388,389,393,397],{"title":384,"path":385,"stem":386},{"title":390,"path":391,"stem":392},"Formula and Decision Map","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map","en\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map",{"title":394,"path":395,"stem":396},"Worked Examples and Pitfalls","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls","en\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls",{"title":84,"path":398,"stem":399},"\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map","en\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map",{"title":401,"path":402,"stem":403,"children":404},"Capstone — The Evening Delivery Promise","\u002Fen\u002Fbusiness-analytics\u002Fcapstone","en\u002Fbusiness-analytics\u002Fcapstone\u002Findex",[405],{"title":401,"path":402,"stem":403},{"title":407,"path":408,"stem":409,"children":410,"page":249},"Financial Economic Time Series","\u002Fen\u002Ffinancial-economic-time-series","en\u002Ffinancial-economic-time-series",[411,417,423,429,435,441,447,453,459,465,471],{"title":412,"path":413,"stem":414,"children":415},"Financial and Economic Time Series — Course Guide","\u002Fen\u002Ffinancial-economic-time-series\u002F00-intro","en\u002Ffinancial-economic-time-series\u002F00-intro\u002Findex",[416],{"title":412,"path":413,"stem":414},{"title":418,"path":419,"stem":420,"children":421},"Three Versions of Time Series","\u002Fen\u002Ffinancial-economic-time-series\u002F01-bridge","en\u002Ffinancial-economic-time-series\u002F01-bridge\u002Findex",[422],{"title":418,"path":419,"stem":420},{"title":424,"path":425,"stem":426,"children":427},"Data, Clocks, and Transformations","\u002Fen\u002Ffinancial-economic-time-series\u002F02-data-transformations","en\u002Ffinancial-economic-time-series\u002F02-data-transformations\u002Findex",[428],{"title":424,"path":425,"stem":426},{"title":430,"path":431,"stem":432,"children":433},"Predictive Regressions and Persistent Predictors","\u002Fen\u002Ffinancial-economic-time-series\u002F03-predictive-regressions","en\u002Ffinancial-economic-time-series\u002F03-predictive-regressions\u002Findex",[434],{"title":430,"path":431,"stem":432},{"title":436,"path":437,"stem":438,"children":439},"Volatility, Tails, and Financial Risk","\u002Fen\u002Ffinancial-economic-time-series\u002F04-volatility-risk","en\u002Ffinancial-economic-time-series\u002F04-volatility-risk\u002Findex",[440],{"title":436,"path":437,"stem":438},{"title":442,"path":443,"stem":444,"children":445},"Unit Roots, Cointegration, and Error Correction","\u002Fen\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration","en\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration\u002Findex",[446],{"title":442,"path":443,"stem":444},{"title":448,"path":449,"stem":450,"children":451},"VAR, Structural Identification, and Local Projections","\u002Fen\u002Ffinancial-economic-time-series\u002F06-var-identification","en\u002Ffinancial-economic-time-series\u002F06-var-identification\u002Findex",[452],{"title":448,"path":449,"stem":450},{"title":454,"path":455,"stem":456,"children":457},"State Space, Mixed Frequency, and Nowcasting","\u002Fen\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting","en\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting\u002Findex",[458],{"title":454,"path":455,"stem":456},{"title":460,"path":461,"stem":462,"children":463},"Forecast Evaluation for Decisions","\u002Fen\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation","en\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation\u002Findex",[464],{"title":460,"path":461,"stem":462},{"title":466,"path":467,"stem":468,"children":469},"Integrated R Laboratory","\u002Fen\u002Ffinancial-economic-time-series\u002F09-r-laboratory","en\u002Ffinancial-economic-time-series\u002F09-r-laboratory\u002Findex",[470],{"title":466,"path":467,"stem":468},{"title":472,"path":473,"stem":474,"children":475},"Capstones, Data, and Reading Ladder","\u002Fen\u002Ffinancial-economic-time-series\u002F10-capstone-readings","en\u002Ffinancial-economic-time-series\u002F10-capstone-readings\u002Findex",[476],{"title":472,"path":473,"stem":474},{"title":478,"path":479,"stem":480,"children":481,"page":249},"Intro To Economics","\u002Fen\u002Fintro-to-economics","en\u002Fintro-to-economics",[482,486,490,494,498,502,506,510,514,518,522,526,530],{"title":483,"path":484,"stem":485},"Introduction to Economics — Decisions, Markets, and the Macroeconomy","\u002Fen\u002Fintro-to-economics\u002F00-intro","en\u002Fintro-to-economics\u002F00-intro",{"title":487,"path":488,"stem":489},"Chapter 1 — Choice, Opportunity Cost, and Trade","\u002Fen\u002Fintro-to-economics\u002F01-foundations","en\u002Fintro-to-economics\u002F01-foundations",{"title":491,"path":492,"stem":493},"Chapter 2 — Demand, Supply, Equilibrium, and Welfare","\u002Fen\u002Fintro-to-economics\u002F02-demand-and-supply","en\u002Fintro-to-economics\u002F02-demand-and-supply",{"title":495,"path":496,"stem":497},"Chapter 3 — Elasticity, Revenue, and Tax Incidence","\u002Fen\u002Fintro-to-economics\u002F03-elasticity","en\u002Fintro-to-economics\u002F03-elasticity",{"title":499,"path":500,"stem":501},"Chapter 4 — Firms, Market Power, and Market Failure","\u002Fen\u002Fintro-to-economics\u002F04-market-structures","en\u002Fintro-to-economics\u002F04-market-structures",{"title":503,"path":504,"stem":505},"Chapter 5 — GDP, Income, Wealth, and Welfare","\u002Fen\u002Fintro-to-economics\u002F05-gdp-and-wealth","en\u002Fintro-to-economics\u002F05-gdp-and-wealth",{"title":507,"path":508,"stem":509},"Chapter 6 — Inflation, Purchasing Power, and Labour Markets","\u002Fen\u002Fintro-to-economics\u002F06-inflation-and-unemployment","en\u002Fintro-to-economics\u002F06-inflation-and-unemployment",{"title":511,"path":512,"stem":513},"Chapter 7 — Productivity, Technology, and Economic Growth","\u002Fen\u002Fintro-to-economics\u002F07-economic-growth","en\u002Fintro-to-economics\u002F07-economic-growth",{"title":515,"path":516,"stem":517},"Chapter 8 — Money, Credit, and Banking","\u002Fen\u002Fintro-to-economics\u002F08-money-and-banking","en\u002Fintro-to-economics\u002F08-money-and-banking",{"title":519,"path":520,"stem":521},"Chapter 9 — Business Cycles, AD–AS, and Monetary Policy","\u002Fen\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as","en\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as",{"title":523,"path":524,"stem":525},"Chapter 10 — Fiscal Policy, Distribution, and Public Debt","\u002Fen\u002Fintro-to-economics\u002F10-fiscal-policy","en\u002Fintro-to-economics\u002F10-fiscal-policy",{"title":527,"path":528,"stem":529},"Chapter 11 — Trade, Capital Flows, and Exchange Rates","\u002Fen\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates","en\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates",{"title":531,"path":532,"stem":533},"Chapter 12 — Integrated Economic Analysis Studio","\u002Fen\u002Fintro-to-economics\u002F12-review-and-case-studies","en\u002Fintro-to-economics\u002F12-review-and-case-studies",{"title":535,"path":536,"stem":537,"children":538,"page":249},"Microeconometrics","\u002Fen\u002Fmicroeconometrics","en\u002Fmicroeconometrics",[539,557,563,581,603,629,651,673,691,709],{"title":540,"path":541,"stem":542,"children":543},"0. Causal Questions and Designs","\u002Fen\u002Fmicroeconometrics\u002F00-foundations","en\u002Fmicroeconometrics\u002F00-foundations\u002Findex",[544,545,549,553],{"title":540,"path":541,"stem":542},{"title":546,"path":547,"stem":548},"Causal Questions and Estimands","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands","en\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands",{"title":550,"path":551,"stem":552},"Potential Outcomes and Experiments","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments","en\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments",{"title":554,"path":555,"stem":556},"Causal Diagrams and Controls","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls","en\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls",{"title":558,"path":559,"stem":560,"children":561},"Microeconometrics — Designing Credible Counterfactuals","\u002Fen\u002Fmicroeconometrics\u002F00-index","en\u002Fmicroeconometrics\u002F00-index",[562],{"title":558,"path":559,"stem":560},{"title":564,"path":565,"stem":566,"children":567},"1. Regression and Inference","\u002Fen\u002Fmicroeconometrics\u002F01-regression","en\u002Fmicroeconometrics\u002F01-regression\u002Findex",[568,569,573,577],{"title":564,"path":565,"stem":566},{"title":570,"path":571,"stem":572},"OLS as a Projection","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection","en\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection",{"title":574,"path":575,"stem":576},"FWL, Selection and Controls","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls","en\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls",{"title":578,"path":579,"stem":580},"Inference and Clustering","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering","en\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering",{"title":582,"path":583,"stem":584,"children":585},"2. Instruments and Panel Data","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002Findex",[586,587,591,595,599],{"title":582,"path":583,"stem":584},{"title":588,"path":589,"stem":590},"Instrumental Variables","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification",{"title":592,"path":593,"stem":594},"Weak Instruments and LATE","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late",{"title":596,"path":597,"stem":598},"Panel Fixed Effects","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects",{"title":600,"path":601,"stem":602},"Dynamic Panels and Limits","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel",{"title":604,"path":605,"stem":606,"children":607},"3. Policy Evaluation Designs","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs","en\u002Fmicroeconometrics\u002F03-policy-designs\u002Findex",[608,609,613,617,621,625],{"title":604,"path":605,"stem":606},{"title":610,"path":611,"stem":612},"Difference-in-Differences","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core",{"title":614,"path":615,"stem":616},"Staggered DID and Event Studies","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies",{"title":618,"path":619,"stem":620},"Regression Discontinuity","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd",{"title":622,"path":623,"stem":624},"Matching, Weighting and Overlap","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting",{"title":626,"path":627,"stem":628},"Synthetic Control","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control",{"title":630,"path":631,"stem":632,"children":633},"Module 4 — Choice and Limited Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002Findex",[634,635,639,643,647],{"title":630,"path":631,"stem":632},{"title":636,"path":637,"stem":638},"Binary Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice",{"title":640,"path":641,"stem":642},"Multinomial and Ordered Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice",{"title":644,"path":645,"stem":646},"Count Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes",{"title":648,"path":649,"stem":650},"Censoring, Truncation and Selection","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection",{"title":652,"path":653,"stem":654,"children":655},"Module 5 — Modern Causal Analysis","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal","en\u002Fmicroeconometrics\u002F05-modern-causal\u002Findex",[656,657,661,665,669],{"title":652,"path":653,"stem":654},{"title":658,"path":659,"stem":660},"Double Machine Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml",{"title":662,"path":663,"stem":664},"Heterogeneity and Policy Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy",{"title":666,"path":667,"stem":668},"Sensitivity and Partial Identification","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id",{"title":670,"path":671,"stem":672},"External Validity and Transport","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity",{"title":674,"path":675,"stem":676,"children":677},"Module 6 — From Data to Auditable Evidence","\u002Fen\u002Fmicroeconometrics\u002F06-workflow","en\u002Fmicroeconometrics\u002F06-workflow\u002Findex",[678,679,683,687],{"title":674,"path":675,"stem":676},{"title":680,"path":681,"stem":682},"Data Provenance","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance","en\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance",{"title":684,"path":685,"stem":686},"Reproducibility and Reporting","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting","en\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting",{"title":688,"path":689,"stem":690},"Paper and Evidence Audit","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit","en\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit",{"title":692,"path":693,"stem":694,"children":695},"Appendix — Revision and Evidence Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix","en\u002Fmicroeconometrics\u002Fappendix\u002Findex",[696,697,701,705],{"title":692,"path":693,"stem":694},{"title":698,"path":699,"stem":700},"Formula and Design Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map","en\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map",{"title":702,"path":703,"stem":704},"Ten Worked Microeconometric Pitfalls","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls","en\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls",{"title":706,"path":707,"stem":708},"Reading and Software Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map","en\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map",{"title":710,"path":711,"stem":712,"children":713},"Capstone — Should Northbridge Expand Pathways?","\u002Fen\u002Fmicroeconometrics\u002Fcapstone","en\u002Fmicroeconometrics\u002Fcapstone\u002Findex",[714],{"title":710,"path":711,"stem":712},{"title":716,"path":717,"stem":718,"children":719,"page":249},"Microeconomics","\u002Fen\u002Fmicroeconomics","en\u002Fmicroeconomics",[720,726,732,738,744,750,756,762,768,774,780,786,792],{"title":721,"path":722,"stem":723,"children":724},"Advanced Microeconomics — Course Guide","\u002Fen\u002Fmicroeconomics\u002F00-intro","en\u002Fmicroeconomics\u002F00-intro\u002Findex",[725],{"title":721,"path":722,"stem":723},{"title":727,"path":728,"stem":729,"children":730},"Module 1 — Choice, Duality, and Revealed Preference","\u002Fen\u002Fmicroeconomics\u002F01-fundations","en\u002Fmicroeconomics\u002F01-fundations\u002Findex",[731],{"title":727,"path":728,"stem":729},{"title":733,"path":734,"stem":735,"children":736},"Module 2 — Comparative Statics and Welfare Measurement","\u002Fen\u002Fmicroeconomics\u002F02-comparative-statics","en\u002Fmicroeconomics\u002F02-comparative-statics\u002Findex",[737],{"title":733,"path":734,"stem":735},{"title":739,"path":740,"stem":741,"children":742},"Module 3 — Choice under Risk and Insurance","\u002Fen\u002Fmicroeconomics\u002F03-uncertainty","en\u002Fmicroeconomics\u002F03-uncertainty\u002Findex",[743],{"title":739,"path":740,"stem":741},{"title":745,"path":746,"stem":747,"children":748},"Module 4 — General Equilibrium and Welfare","\u002Fen\u002Fmicroeconomics\u002F04-general-equilibrium","en\u002Fmicroeconomics\u002F04-general-equilibrium\u002Findex",[749],{"title":745,"path":746,"stem":747},{"title":751,"path":752,"stem":753,"children":754},"Module 5 — Static, Dynamic, and Repeated Games","\u002Fen\u002Fmicroeconomics\u002F05-game-theory","en\u002Fmicroeconomics\u002F05-game-theory\u002Findex",[755],{"title":751,"path":752,"stem":753},{"title":757,"path":758,"stem":759,"children":760},"Module 6 — Oligopoly, Entry, and Algorithmic Pricing","\u002Fen\u002Fmicroeconomics\u002F06-oligopoly","en\u002Fmicroeconomics\u002F06-oligopoly\u002Findex",[761],{"title":757,"path":758,"stem":759},{"title":763,"path":764,"stem":765,"children":766},"Module 7 — Information Economics and Contracts","\u002Fen\u002Fmicroeconomics\u002F07-information-economics","en\u002Fmicroeconomics\u002F07-information-economics\u002Findex",[767],{"title":763,"path":764,"stem":765},{"title":769,"path":770,"stem":771,"children":772},"Module 8 — Mechanism Design and Auctions","\u002Fen\u002Fmicroeconomics\u002F08-mechanism-design","en\u002Fmicroeconomics\u002F08-mechanism-design\u002Findex",[773],{"title":769,"path":770,"stem":771},{"title":775,"path":776,"stem":777,"children":778},"Module 9 — Behavioural and Experimental Microeconomics","\u002Fen\u002Fmicroeconomics\u002F09-behavioural-economics","en\u002Fmicroeconomics\u002F09-behavioural-economics\u002Findex",[779],{"title":775,"path":776,"stem":777},{"title":781,"path":782,"stem":783,"children":784},"Module 10 — Externalities, Public Goods, and Collective Action","\u002Fen\u002Fmicroeconomics\u002F10-externalities-public-goods","en\u002Fmicroeconomics\u002F10-externalities-public-goods\u002Findex",[785],{"title":781,"path":782,"stem":783},{"title":787,"path":788,"stem":789,"children":790},"Module 11 — Matching and Market Design","\u002Fen\u002Fmicroeconomics\u002F11-market-design","en\u002Fmicroeconomics\u002F11-market-design\u002Findex",[791],{"title":787,"path":788,"stem":789},{"title":793,"path":794,"stem":795,"children":796},"Module 12 — Integrated Microeconomic Design Studio","\u002Fen\u002Fmicroeconomics\u002F12-review","en\u002Fmicroeconomics\u002F12-review\u002Findex",[797],{"title":793,"path":794,"stem":795},{"title":799,"path":800,"stem":801,"children":802},"Playground","\u002Fen\u002Fplayground","en\u002Fplayground\u002Findex",[803,804,808,812,816,820],{"title":799,"path":800,"stem":801},{"title":805,"path":806,"stem":807},"Typst Plugin Playground","\u002Fen\u002Fplayground\u002F01-typstex","en\u002Fplayground\u002F01-typstex",{"title":809,"path":810,"stem":811},"Citation Plugin Test","\u002Fen\u002Fplayground\u002F02-citation","en\u002Fplayground\u002F02-citation",{"title":813,"path":814,"stem":815},"Pyodide Playground","\u002Fen\u002Fplayground\u002F03-pyodide","en\u002Fplayground\u002F03-pyodide",{"title":817,"path":818,"stem":819},"WebR Playground","\u002Fen\u002Fplayground\u002F04-webr","en\u002Fplayground\u002F04-webr",{"title":821,"path":822,"stem":823},"Chart.js 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文献综述的构建与写作","\u002Fzh\u002Facademic-writing\u002F04-writing-the-literature-review","zh\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":1056,"path":1057,"stem":1058},"8. 文献综述清单与模板","\u002Fzh\u002Facademic-writing\u002F08-literature-review-checklist-and-template","zh\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":1060,"path":1061,"stem":1062},"10. 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question",[1798,1799,1800],"p",{},"Do changes in prices and employment indicate stronger demand, constrained supply, changing expectations, or a measurement effect?",[1793,1802,1804],{"id":1803},"learning-outcomes","Learning outcomes",[1798,1806,1807],{},"You will be able to:",[1809,1810,1811,1815,1818,1821],"ul",{},[1812,1813,1814],"li",{},"calculate and interpret an inflation rate;",[1812,1816,1817],{},"convert nominal changes into approximate and exact real changes;",[1812,1819,1820],{},"calculate unemployment and participation rates;",[1812,1822,1823],{},"distinguish price, wage, demand, supply, and labour-matching mechanisms.",[1793,1825,1827],{"id":1826},"_1-price-level-and-inflation-are-different","1. Price level and inflation are different",[1798,1829,1830],{},"An index compares the cost of a defined basket with a reference period.",[1832,1833,1836],"span",{"className":1834},[1835],"katex-display",[1832,1837,1840,1937],{"className":1838},[1839],"katex",[1832,1841,1844],{"className":1842},[1843],"katex-mathml",[1845,1846,1849],"math",{"xmlns":1847,"display":1848},"http:\u002F\u002Fwww.w3.org\u002F1998\u002FMath\u002FMathML","block",[1850,1851,1852,1932],"semantics",{},[1853,1854,1855,1865,1869,1926,1929],"mrow",{},[1856,1857,1858,1862],"msub",{},[1859,1860,1861],"mi",{},"π",[1859,1863,1864],{},"t",[1866,1867,1868],"mo",{},"=",[1870,1871,1872,1908],"mfrac",{},[1853,1873,1874,1877,1880,1887,1890,1892,1894],{},[1859,1875,1876],{},"C",[1859,1878,1879],{},"P",[1856,1881,1882,1885],{},[1859,1883,1884],{},"I",[1859,1886,1864],{},[1866,1888,1889],{},"−",[1859,1891,1876],{},[1859,1893,1879],{},[1856,1895,1896,1898],{},[1859,1897,1884],{},[1853,1899,1900,1902,1904],{},[1859,1901,1864],{},[1866,1903,1889],{},[1905,1906,1907],"mn",{},"1",[1853,1909,1910,1912,1914],{},[1859,1911,1876],{},[1859,1913,1879],{},[1856,1915,1916,1918],{},[1859,1917,1884],{},[1853,1919,1920,1922,1924],{},[1859,1921,1864],{},[1866,1923,1889],{},[1905,1925,1907],{},[1866,1927,1928],{},"×",[1905,1930,1931],{},"100.",[1933,1934,1936],"annotation",{"encoding":1935},"application\u002Fx-tex","\\pi_t=\\frac{CPI_t-CPI_{t-1}}{CPI_{t-1}}\\times100.",[1832,1938,1942,2022,2278],{"className":1939,"ariaHidden":1941},[1940],"katex-html","true",[1832,1943,1946,1951,2010,2015,2019],{"className":1944},[1945],"base",[1832,1947],{"className":1948,"style":1950},[1949],"strut","height:0.5806em;vertical-align:-0.15em;",[1832,1952,1955,1960],{"className":1953},[1954],"mord",[1832,1956,1861],{"className":1957,"style":1959},[1954,1958],"mathnormal","margin-right:0.0359em;",[1832,1961,1964],{"className":1962},[1963],"msupsub",[1832,1965,1969,2001],{"className":1966},[1967,1968],"vlist-t","vlist-t2",[1832,1970,1973,1996],{"className":1971},[1972],"vlist-r",[1832,1974,1978],{"className":1975,"style":1977},[1976],"vlist","height:0.2806em;",[1832,1979,1981,1986],{"style":1980},"top:-2.55em;margin-left:-0.0359em;margin-right:0.05em;",[1832,1982],{"className":1983,"style":1985},[1984],"pstrut","height:2.7em;",[1832,1987,1993],{"className":1988},[1989,1990,1991,1992],"sizing","reset-size6","size3","mtight",[1832,1994,1864],{"className":1995},[1954,1958,1992],[1832,1997,2000],{"className":1998},[1999],"vlist-s","​",[1832,2002,2004],{"className":2003},[1972],[1832,2005,2008],{"className":2006,"style":2007},[1976],"height:0.15em;",[1832,2009],{},[1832,2011],{"className":2012,"style":2014},[2013],"mspace","margin-right:0.2778em;",[1832,2016,1868],{"className":2017},[2018],"mrel",[1832,2020],{"className":2021,"style":2014},[2013],[1832,2023,2025,2029,2269,2272,2275],{"className":2024},[1945],[1832,2026],{"className":2027,"style":2028},[1949],"height:2.2547em;vertical-align:-0.8943em;",[1832,2030,2032,2037,2265],{"className":2031},[1954],[1832,2033],{"className":2034},[2035,2036],"mopen","nulldelimiter",[1832,2038,2040],{"className":2039},[1870],[1832,2041,2043,2256],{"className":2042},[1967,1968],[1832,2044,2046,2253],{"className":2045},[1972],[1832,2047,2050,2122,2133],{"className":2048,"style":2049},[1976],"height:1.3603em;",[1832,2051,2053,2057],{"style":2052},"top:-2.314em;",[1832,2054],{"className":2055,"style":2056},[1984],"height:3em;",[1832,2058,2060,2064,2068],{"className":2059},[1954],[1832,2061,1876],{"className":2062,"style":2063},[1954,1958],"margin-right:0.0715em;",[1832,2065,1879],{"className":2066,"style":2067},[1954,1958],"margin-right:0.1389em;",[1832,2069,2071,2075],{"className":2070},[1954],[1832,2072,1884],{"className":2073,"style":2074},[1954,1958],"margin-right:0.0785em;",[1832,2076,2078],{"className":2077},[1963],[1832,2079,2081,2113],{"className":2080},[1967,1968],[1832,2082,2084,2110],{"className":2083},[1972],[1832,2085,2088],{"className":2086,"style":2087},[1976],"height:0.3011em;",[1832,2089,2091,2094],{"style":2090},"top:-2.55em;margin-left:-0.0785em;margin-right:0.05em;",[1832,2092],{"className":2093,"style":1985},[1984],[1832,2095,2097],{"className":2096},[1989,1990,1991,1992],[1832,2098,2100,2103,2107],{"className":2099},[1954,1992],[1832,2101,1864],{"className":2102},[1954,1958,1992],[1832,2104,1889],{"className":2105},[2106,1992],"mbin",[1832,2108,1907],{"className":2109},[1954,1992],[1832,2111,2000],{"className":2112},[1999],[1832,2114,2116],{"className":2115},[1972],[1832,2117,2120],{"className":2118,"style":2119},[1976],"height:0.2083em;",[1832,2121],{},[1832,2123,2125,2128],{"style":2124},"top:-3.23em;",[1832,2126],{"className":2127,"style":2056},[1984],[1832,2129],{"className":2130,"style":2132},[2131],"frac-line","border-bottom-width:0.04em;",[1832,2134,2136,2139],{"style":2135},"top:-3.677em;",[1832,2137],{"className":2138,"style":2056},[1984],[1832,2140,2142,2145,2148,2188,2192,2195,2198,2201,2204],{"className":2141},[1954],[1832,2143,1876],{"className":2144,"style":2063},[1954,1958],[1832,2146,1879],{"className":2147,"style":2067},[1954,1958],[1832,2149,2151,2154],{"className":2150},[1954],[1832,2152,1884],{"className":2153,"style":2074},[1954,1958],[1832,2155,2157],{"className":2156},[1963],[1832,2158,2160,2180],{"className":2159},[1967,1968],[1832,2161,2163,2177],{"className":2162},[1972],[1832,2164,2166],{"className":2165,"style":1977},[1976],[1832,2167,2168,2171],{"style":2090},[1832,2169],{"className":2170,"style":1985},[1984],[1832,2172,2174],{"className":2173},[1989,1990,1991,1992],[1832,2175,1864],{"className":2176},[1954,1958,1992],[1832,2178,2000],{"className":2179},[1999],[1832,2181,2183],{"className":2182},[1972],[1832,2184,2186],{"className":2185,"style":2007},[1976],[1832,2187],{},[1832,2189],{"className":2190,"style":2191},[2013],"margin-right:0.2222em;",[1832,2193,1889],{"className":2194},[2106],[1832,2196],{"className":2197,"style":2191},[2013],[1832,2199,1876],{"className":2200,"style":2063},[1954,1958],[1832,2202,1879],{"className":2203,"style":2067},[1954,1958],[1832,2205,2207,2210],{"className":2206},[1954],[1832,2208,1884],{"className":2209,"style":2074},[1954,1958],[1832,2211,2213],{"className":2212},[1963],[1832,2214,2216,2245],{"className":2215},[1967,1968],[1832,2217,2219,2242],{"className":2218},[1972],[1832,2220,2222],{"className":2221,"style":2087},[1976],[1832,2223,2224,2227],{"style":2090},[1832,2225],{"className":2226,"style":1985},[1984],[1832,2228,2230],{"className":2229},[1989,1990,1991,1992],[1832,2231,2233,2236,2239],{"className":2232},[1954,1992],[1832,2234,1864],{"className":2235},[1954,1958,1992],[1832,2237,1889],{"className":2238},[2106,1992],[1832,2240,1907],{"className":2241},[1954,1992],[1832,2243,2000],{"className":2244},[1999],[1832,2246,2248],{"className":2247},[1972],[1832,2249,2251],{"className":2250,"style":2119},[1976],[1832,2252],{},[1832,2254,2000],{"className":2255},[1999],[1832,2257,2259],{"className":2258},[1972],[1832,2260,2263],{"className":2261,"style":2262},[1976],"height:0.8943em;",[1832,2264],{},[1832,2266],{"className":2267},[2268,2036],"mclose",[1832,2270],{"className":2271,"style":2191},[2013],[1832,2273,1928],{"className":2274},[2106],[1832,2276],{"className":2277,"style":2191},[2013],[1832,2279,2281,2285],{"className":2280},[1945],[1832,2282],{"className":2283,"style":2284},[1949],"height:0.6444em;",[1832,2286,1931],{"className":2287},[1954],[1798,2289,2290],{},"If CPI rises from 120 to 126, inflation is 5%.",[2292,2293,2294,2307],"table",{},[2295,2296,2297],"thead",{},[2298,2299,2300,2304],"tr",{},[2301,2302,2303],"th",{},"Term",[2301,2305,2306],{},"Meaning",[2308,2309,2310,2319,2327],"tbody",{},[2298,2311,2312,2316],{},[2313,2314,2315],"td",{},"inflation",[2313,2317,2318],{},"price level rises",[2298,2320,2321,2324],{},[2313,2322,2323],{},"disinflation",[2313,2325,2326],{},"price level still rises, but more slowly",[2298,2328,2329,2332],{},[2313,2330,2331],{},"deflation",[2313,2333,2334],{},"price level falls",[1798,2336,2337],{},"Inflation falling from 8% to 3% does not mean prices returned to their earlier level.",[1793,2339,2341],{"id":2340},"_2-a-price-index-is-an-estimate","2. A price index is an estimate",[1798,2343,2344],{},"A consumer index must decide:",[1809,2346,2347,2350,2353,2356,2359],{},[1812,2348,2349],{},"which households and purchases are represented;",[1812,2351,2352],{},"basket weights and update frequency;",[1812,2354,2355],{},"how substitution is handled;",[1812,2357,2358],{},"how quality change and new products are priced;",[1812,2360,2361],{},"treatment of housing and regional variation.",[1798,2363,2364],{},"Your personal inflation can differ from the headline rate if your expenditure weights differ. That does not make either calculation fraudulent; it means they answer different aggregation questions.",[1793,2366,2368],{"id":2367},"_3-nominal-and-real-values","3. Nominal and real values",[1798,2370,2371],{},"Approximation:",[1832,2373,2375],{"className":2374},[1835],[1832,2376,2378,2444],{"className":2377},[1839],[1832,2379,2381],{"className":2380},[1843],[1845,2382,2383],{"xmlns":1847,"display":1848},[1850,2384,2385,2441],{},[1853,2386,2387,2406,2409,2433,2435,2437],{},[1856,2388,2389,2392],{},[1859,2390,2391],{},"g",[1853,2393,2394,2397,2400,2403],{},[1859,2395,2396],{},"r",[1859,2398,2399],{},"e",[1859,2401,2402],{},"a",[1859,2404,2405],{},"l",[1866,2407,2408],{},"≈",[1856,2410,2411,2413],{},[1859,2412,2391],{},[1853,2414,2415,2418,2421,2424,2427,2429,2431],{},[1859,2416,2417],{},"n",[1859,2419,2420],{},"o",[1859,2422,2423],{},"m",[1859,2425,2426],{},"i",[1859,2428,2417],{},[1859,2430,2402],{},[1859,2432,2405],{},[1866,2434,1889],{},[1859,2436,1861],{},[1859,2438,2440],{"mathvariant":2439},"normal",".",[1933,2442,2443],{"encoding":1935},"g_{real}\\approx g_{nominal}-\\pi.",[1832,2445,2447,2518,2587],{"className":2446,"ariaHidden":1941},[1940],[1832,2448,2450,2454,2509,2512,2515],{"className":2449},[1945],[1832,2451],{"className":2452,"style":2453},[1949],"height:0.6776em;vertical-align:-0.1944em;",[1832,2455,2457,2460],{"className":2456},[1954],[1832,2458,2391],{"className":2459,"style":1959},[1954,1958],[1832,2461,2463],{"className":2462},[1963],[1832,2464,2466,2501],{"className":2465},[1967,1968],[1832,2467,2469,2498],{"className":2468},[1972],[1832,2470,2473],{"className":2471,"style":2472},[1976],"height:0.3361em;",[1832,2474,2475,2478],{"style":1980},[1832,2476],{"className":2477,"style":1985},[1984],[1832,2479,2481],{"className":2480},[1989,1990,1991,1992],[1832,2482,2484,2488,2491,2494],{"className":2483},[1954,1992],[1832,2485,2396],{"className":2486,"style":2487},[1954,1958,1992],"margin-right:0.0278em;",[1832,2489,2399],{"className":2490},[1954,1958,1992],[1832,2492,2402],{"className":2493},[1954,1958,1992],[1832,2495,2405],{"className":2496,"style":2497},[1954,1958,1992],"margin-right:0.0197em;",[1832,2499,2000],{"className":2500},[1999],[1832,2502,2504],{"className":2503},[1972],[1832,2505,2507],{"className":2506,"style":2007},[1976],[1832,2508],{},[1832,2510],{"className":2511,"style":2014},[2013],[1832,2513,2408],{"className":2514},[2018],[1832,2516],{"className":2517,"style":2014},[2013],[1832,2519,2521,2525,2578,2581,2584],{"className":2520},[1945],[1832,2522],{"className":2523,"style":2524},[1949],"height:0.7778em;vertical-align:-0.1944em;",[1832,2526,2528,2531],{"className":2527},[1954],[1832,2529,2391],{"className":2530,"style":1959},[1954,1958],[1832,2532,2534],{"className":2533},[1963],[1832,2535,2537,2570],{"className":2536},[1967,1968],[1832,2538,2540,2567],{"className":2539},[1972],[1832,2541,2543],{"className":2542,"style":2472},[1976],[1832,2544,2545,2548],{"style":1980},[1832,2546],{"className":2547,"style":1985},[1984],[1832,2549,2551],{"className":2550},[1989,1990,1991,1992],[1832,2552,2554,2557,2560,2564],{"className":2553},[1954,1992],[1832,2555,2417],{"className":2556},[1954,1958,1992],[1832,2558,2420],{"className":2559},[1954,1958,1992],[1832,2561,2563],{"className":2562},[1954,1958,1992],"mina",[1832,2565,2405],{"className":2566,"style":2497},[1954,1958,1992],[1832,2568,2000],{"className":2569},[1999],[1832,2571,2573],{"className":2572},[1972],[1832,2574,2576],{"className":2575,"style":2007},[1976],[1832,2577],{},[1832,2579],{"className":2580,"style":2191},[2013],[1832,2582,1889],{"className":2583},[2106],[1832,2585],{"className":2586,"style":2191},[2013],[1832,2588,2590,2594,2597],{"className":2589},[1945],[1832,2591],{"className":2592,"style":2593},[1949],"height:0.4306em;",[1832,2595,1861],{"className":2596,"style":1959},[1954,1958],[1832,2598,2440],{"className":2599},[1954],[1798,2601,2602],{},"Exact calculation:",[1832,2604,2606],{"className":2605},[1835],[1832,2607,2609,2680],{"className":2608},[1839],[1832,2610,2612],{"className":2611},[1843],[1845,2613,2614],{"xmlns":1847,"display":1848},[1850,2615,2616,2677],{},[1853,2617,2618,2620,2623,2637,2639,2675],{},[1905,2619,1907],{},[1866,2621,2622],{},"+",[1856,2624,2625,2627],{},[1859,2626,2391],{},[1853,2628,2629,2631,2633,2635],{},[1859,2630,2396],{},[1859,2632,2399],{},[1859,2634,2402],{},[1859,2636,2405],{},[1866,2638,1868],{},[1870,2640,2641,2667],{},[1853,2642,2643,2645,2647],{},[1905,2644,1907],{},[1866,2646,2622],{},[1856,2648,2649,2651],{},[1859,2650,2391],{},[1853,2652,2653,2655,2657,2659,2661,2663,2665],{},[1859,2654,2417],{},[1859,2656,2420],{},[1859,2658,2423],{},[1859,2660,2426],{},[1859,2662,2417],{},[1859,2664,2402],{},[1859,2666,2405],{},[1853,2668,2669,2671,2673],{},[1905,2670,1907],{},[1866,2672,2622],{},[1859,2674,1861],{},[1859,2676,2440],{"mathvariant":2439},[1933,2678,2679],{"encoding":1935},"1+g_{real}=\\frac{1+g_{nominal}}{1+\\pi}.",[1832,2681,2683,2702,2770],{"className":2682,"ariaHidden":1941},[1940],[1832,2684,2686,2690,2693,2696,2699],{"className":2685},[1945],[1832,2687],{"className":2688,"style":2689},[1949],"height:0.7278em;vertical-align:-0.0833em;",[1832,2691,1907],{"className":2692},[1954],[1832,2694],{"className":2695,"style":2191},[2013],[1832,2697,2622],{"className":2698},[2106],[1832,2700],{"className":2701,"style":2191},[2013],[1832,2703,2705,2709,2761,2764,2767],{"className":2704},[1945],[1832,2706],{"className":2707,"style":2708},[1949],"height:0.625em;vertical-align:-0.1944em;",[1832,2710,2712,2715],{"className":2711},[1954],[1832,2713,2391],{"className":2714,"style":1959},[1954,1958],[1832,2716,2718],{"className":2717},[1963],[1832,2719,2721,2753],{"className":2720},[1967,1968],[1832,2722,2724,2750],{"className":2723},[1972],[1832,2725,2727],{"className":2726,"style":2472},[1976],[1832,2728,2729,2732],{"style":1980},[1832,2730],{"className":2731,"style":1985},[1984],[1832,2733,2735],{"className":2734},[1989,1990,1991,1992],[1832,2736,2738,2741,2744,2747],{"className":2737},[1954,1992],[1832,2739,2396],{"className":2740,"style":2487},[1954,1958,1992],[1832,2742,2399],{"className":2743},[1954,1958,1992],[1832,2745,2402],{"className":2746},[1954,1958,1992],[1832,2748,2405],{"className":2749,"style":2497},[1954,1958,1992],[1832,2751,2000],{"className":2752},[1999],[1832,2754,2756],{"className":2755},[1972],[1832,2757,2759],{"className":2758,"style":2007},[1976],[1832,2760],{},[1832,2762],{"className":2763,"style":2014},[2013],[1832,2765,1868],{"className":2766},[2018],[1832,2768],{"className":2769,"style":2014},[2013],[1832,2771,2773,2777,2914],{"className":2772},[1945],[1832,2774],{"className":2775,"style":2776},[1949],"height:2.0908em;vertical-align:-0.7693em;",[1832,2778,2780,2783,2911],{"className":2779},[1954],[1832,2781],{"className":2782},[2035,2036],[1832,2784,2786],{"className":2785},[1870],[1832,2787,2789,2902],{"className":2788},[1967,1968],[1832,2790,2792,2899],{"className":2791},[1972],[1832,2793,2796,2819,2827],{"className":2794,"style":2795},[1976],"height:1.3214em;",[1832,2797,2798,2801],{"style":2052},[1832,2799],{"className":2800,"style":2056},[1984],[1832,2802,2804,2807,2810,2813,2816],{"className":2803},[1954],[1832,2805,1907],{"className":2806},[1954],[1832,2808],{"className":2809,"style":2191},[2013],[1832,2811,2622],{"className":2812},[2106],[1832,2814],{"className":2815,"style":2191},[2013],[1832,2817,1861],{"className":2818,"style":1959},[1954,1958],[1832,2820,2821,2824],{"style":2124},[1832,2822],{"className":2823,"style":2056},[1984],[1832,2825],{"className":2826,"style":2132},[2131],[1832,2828,2829,2832],{"style":2135},[1832,2830],{"className":2831,"style":2056},[1984],[1832,2833,2835,2838,2841,2844,2847],{"className":2834},[1954],[1832,2836,1907],{"className":2837},[1954],[1832,2839],{"className":2840,"style":2191},[2013],[1832,2842,2622],{"className":2843},[2106],[1832,2845],{"className":2846,"style":2191},[2013],[1832,2848,2850,2853],{"className":2849},[1954],[1832,2851,2391],{"className":2852,"style":1959},[1954,1958],[1832,2854,2856],{"className":2855},[1963],[1832,2857,2859,2891],{"className":2858},[1967,1968],[1832,2860,2862,2888],{"className":2861},[1972],[1832,2863,2865],{"className":2864,"style":2472},[1976],[1832,2866,2867,2870],{"style":1980},[1832,2868],{"className":2869,"style":1985},[1984],[1832,2871,2873],{"className":2872},[1989,1990,1991,1992],[1832,2874,2876,2879,2882,2885],{"className":2875},[1954,1992],[1832,2877,2417],{"className":2878},[1954,1958,1992],[1832,2880,2420],{"className":2881},[1954,1958,1992],[1832,2883,2563],{"className":2884},[1954,1958,1992],[1832,2886,2405],{"className":2887,"style":2497},[1954,1958,1992],[1832,2889,2000],{"className":2890},[1999],[1832,2892,2894],{"className":2893},[1972],[1832,2895,2897],{"className":2896,"style":2007},[1976],[1832,2898],{},[1832,2900,2000],{"className":2901},[1999],[1832,2903,2905],{"className":2904},[1972],[1832,2906,2909],{"className":2907,"style":2908},[1976],"height:0.7693em;",[1832,2910],{},[1832,2912],{"className":2913},[2268,2036],[1832,2915,2440],{"className":2916},[1954],[1798,2918,2919],{},"A nominal wage rises 5% while prices rise 8%:",[1832,2921,2923],{"className":2922},[1835],[1832,2924,2926,2978],{"className":2925},[1839],[1832,2927,2929],{"className":2928},[1843],[1845,2930,2931],{"xmlns":1847,"display":1848},[1850,2932,2933,2975],{},[1853,2934,2935,2949,2951,2959,2961,2963,2965,2967,2970,2973],{},[1856,2936,2937,2939],{},[1859,2938,2391],{},[1853,2940,2941,2943,2945,2947],{},[1859,2942,2396],{},[1859,2944,2399],{},[1859,2946,2402],{},[1859,2948,2405],{},[1866,2950,1868],{},[1870,2952,2953,2956],{},[1905,2954,2955],{},"1.05",[1905,2957,2958],{},"1.08",[1866,2960,1889],{},[1905,2962,1907],{},[1866,2964,1868],{},[1866,2966,1889],{},[1905,2968,2969],{},"2.78",[1859,2971,2972],{"mathvariant":2439},"%",[1859,2974,2440],{"mathvariant":2439},[1933,2976,2977],{"encoding":1935},"g_{real}=\\frac{1.05}{1.08}-1=-2.78\\%.",[1832,2979,2981,3048,3127,3145],{"className":2980,"ariaHidden":1941},[1940],[1832,2982,2984,2987,3039,3042,3045],{"className":2983},[1945],[1832,2985],{"className":2986,"style":2708},[1949],[1832,2988,2990,2993],{"className":2989},[1954],[1832,2991,2391],{"className":2992,"style":1959},[1954,1958],[1832,2994,2996],{"className":2995},[1963],[1832,2997,2999,3031],{"className":2998},[1967,1968],[1832,3000,3002,3028],{"className":3001},[1972],[1832,3003,3005],{"className":3004,"style":2472},[1976],[1832,3006,3007,3010],{"style":1980},[1832,3008],{"className":3009,"style":1985},[1984],[1832,3011,3013],{"className":3012},[1989,1990,1991,1992],[1832,3014,3016,3019,3022,3025],{"className":3015},[1954,1992],[1832,3017,2396],{"className":3018,"style":2487},[1954,1958,1992],[1832,3020,2399],{"className":3021},[1954,1958,1992],[1832,3023,2402],{"className":3024},[1954,1958,1992],[1832,3026,2405],{"className":3027,"style":2497},[1954,1958,1992],[1832,3029,2000],{"className":3030},[1999],[1832,3032,3034],{"className":3033},[1972],[1832,3035,3037],{"className":3036,"style":2007},[1976],[1832,3038],{},[1832,3040],{"className":3041,"style":2014},[2013],[1832,3043,1868],{"className":3044},[2018],[1832,3046],{"className":3047,"style":2014},[2013],[1832,3049,3051,3055,3118,3121,3124],{"className":3050},[1945],[1832,3052],{"className":3053,"style":3054},[1949],"height:2.0074em;vertical-align:-0.686em;",[1832,3056,3058,3061,3115],{"className":3057},[1954],[1832,3059],{"className":3060},[2035,2036],[1832,3062,3064],{"className":3063},[1870],[1832,3065,3067,3106],{"className":3066},[1967,1968],[1832,3068,3070,3103],{"className":3069},[1972],[1832,3071,3073,3084,3092],{"className":3072,"style":2795},[1976],[1832,3074,3075,3078],{"style":2052},[1832,3076],{"className":3077,"style":2056},[1984],[1832,3079,3081],{"className":3080},[1954],[1832,3082,2958],{"className":3083},[1954],[1832,3085,3086,3089],{"style":2124},[1832,3087],{"className":3088,"style":2056},[1984],[1832,3090],{"className":3091,"style":2132},[2131],[1832,3093,3094,3097],{"style":2135},[1832,3095],{"className":3096,"style":2056},[1984],[1832,3098,3100],{"className":3099},[1954],[1832,3101,2955],{"className":3102},[1954],[1832,3104,2000],{"className":3105},[1999],[1832,3107,3109],{"className":3108},[1972],[1832,3110,3113],{"className":3111,"style":3112},[1976],"height:0.686em;",[1832,3114],{},[1832,3116],{"className":3117},[2268,2036],[1832,3119],{"className":3120,"style":2191},[2013],[1832,3122,1889],{"className":3123},[2106],[1832,3125],{"className":3126,"style":2191},[2013],[1832,3128,3130,3133,3136,3139,3142],{"className":3129},[1945],[1832,3131],{"className":3132,"style":2284},[1949],[1832,3134,1907],{"className":3135},[1954],[1832,3137],{"className":3138,"style":2014},[2013],[1832,3140,1868],{"className":3141},[2018],[1832,3143],{"className":3144,"style":2014},[2013],[1832,3146,3148,3152,3155],{"className":3147},[1945],[1832,3149],{"className":3150,"style":3151},[1949],"height:0.8333em;vertical-align:-0.0833em;",[1832,3153,1889],{"className":3154},[1954],[1832,3156,3158],{"className":3157},[1954],"2.78%.",[1798,3160,3161],{},"The same distinction applies to interest:",[1832,3163,3165],{"className":3164},[1835],[1832,3166,3168,3210],{"className":3167},[1839],[1832,3169,3171],{"className":3170},[1843],[1845,3172,3173],{"xmlns":1847,"display":1848},[1850,3174,3175,3207],{},[1853,3176,3177,3191,3193,3195,3197,3204],{},[1856,3178,3179,3181],{},[1859,3180,2396],{},[1853,3182,3183,3185,3187,3189],{},[1859,3184,2396],{},[1859,3186,2399],{},[1859,3188,2402],{},[1859,3190,2405],{},[1866,3192,2408],{},[1859,3194,2426],{},[1866,3196,1889],{},[3198,3199,3200,3202],"msup",{},[1859,3201,1861],{},[1859,3203,2399],{},[1866,3205,3206],{"separator":1941},",",[1933,3208,3209],{"encoding":1935},"r_{real}\\approx i-\\pi^e,",[1832,3211,3213,3282,3301],{"className":3212,"ariaHidden":1941},[1940],[1832,3214,3216,3220,3273,3276,3279],{"className":3215},[1945],[1832,3217],{"className":3218,"style":3219},[1949],"height:0.6331em;vertical-align:-0.15em;",[1832,3221,3223,3226],{"className":3222},[1954],[1832,3224,2396],{"className":3225,"style":2487},[1954,1958],[1832,3227,3229],{"className":3228},[1963],[1832,3230,3232,3265],{"className":3231},[1967,1968],[1832,3233,3235,3262],{"className":3234},[1972],[1832,3236,3238],{"className":3237,"style":2472},[1976],[1832,3239,3241,3244],{"style":3240},"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;",[1832,3242],{"className":3243,"style":1985},[1984],[1832,3245,3247],{"className":3246},[1989,1990,1991,1992],[1832,3248,3250,3253,3256,3259],{"className":3249},[1954,1992],[1832,3251,2396],{"className":3252,"style":2487},[1954,1958,1992],[1832,3254,2399],{"className":3255},[1954,1958,1992],[1832,3257,2402],{"className":3258},[1954,1958,1992],[1832,3260,2405],{"className":3261,"style":2497},[1954,1958,1992],[1832,3263,2000],{"className":3264},[1999],[1832,3266,3268],{"className":3267},[1972],[1832,3269,3271],{"className":3270,"style":2007},[1976],[1832,3272],{},[1832,3274],{"className":3275,"style":2014},[2013],[1832,3277,2408],{"className":3278},[2018],[1832,3280],{"className":3281,"style":2014},[2013],[1832,3283,3285,3289,3292,3295,3298],{"className":3284},[1945],[1832,3286],{"className":3287,"style":3288},[1949],"height:0.7429em;vertical-align:-0.0833em;",[1832,3290,2426],{"className":3291},[1954,1958],[1832,3293],{"className":3294,"style":2191},[2013],[1832,3296,1889],{"className":3297},[2106],[1832,3299],{"className":3300,"style":2191},[2013],[1832,3302,3304,3308,3339],{"className":3303},[1945],[1832,3305],{"className":3306,"style":3307},[1949],"height:0.9088em;vertical-align:-0.1944em;",[1832,3309,3311,3314],{"className":3310},[1954],[1832,3312,1861],{"className":3313,"style":1959},[1954,1958],[1832,3315,3317],{"className":3316},[1963],[1832,3318,3320],{"className":3319},[1967],[1832,3321,3323],{"className":3322},[1972],[1832,3324,3327],{"className":3325,"style":3326},[1976],"height:0.7144em;",[1832,3328,3330,3333],{"style":3329},"top:-3.113em;margin-right:0.05em;",[1832,3331],{"className":3332,"style":1985},[1984],[1832,3334,3336],{"className":3335},[1989,1990,1991,1992],[1832,3337,2399],{"className":3338},[1954,1958,1992],[1832,3340,3206],{"className":3341},[3342],"mpunct",[1798,3344,3345],{},"where expected inflation matters when a contract is signed. Unexpected inflation redistributes between fixed-rate borrowers and lenders.",[1793,3347,3349],{"id":3348},"_4-inflation-is-an-outcome-not-a-diagnosis","4. Inflation is an outcome, not a diagnosis",[1798,3351,3352],{},"Possible mechanisms include:",[2292,3354,3355,3368],{},[2295,3356,3357],{},[2298,3358,3359,3362,3365],{},[2301,3360,3361],{},"Mechanism",[2301,3363,3364],{},"Initial change",[2301,3366,3367],{},"Typical evidence",[2308,3369,3370,3381,3392,3403,3414],{},[2298,3371,3372,3375,3378],{},[2313,3373,3374],{},"demand pressure",[2313,3376,3377],{},"spending outruns capacity",[2313,3379,3380],{},"broad demand, vacancies, output gap",[2298,3382,3383,3386,3389],{},[2313,3384,3385],{},"supply shock",[2313,3387,3388],{},"energy\u002Finput\u002Fcapacity cost rises",[2313,3390,3391],{},"relative-price spike, output weakness",[2298,3393,3394,3397,3400],{},[2313,3395,3396],{},"expectation propagation",[2313,3398,3399],{},"wages\u002Fprices adjust to expected inflation",[2313,3401,3402],{},"contracts, surveys, persistence",[2298,3404,3405,3408,3411],{},[2313,3406,3407],{},"exchange-rate pass-through",[2313,3409,3410],{},"imported goods become dearer",[2313,3412,3413],{},"depreciation and import prices",[2298,3415,3416,3419,3422],{},[2313,3417,3418],{},"administered\u002Ftax change",[2313,3420,3421],{},"regulated price or indirect tax changes",[2313,3423,3424],{},"timing and affected categories",[1798,3426,3427],{},"One CPI number cannot identify the mechanism. Chapter 9 places these shocks in AD–AS.",[1793,3429,3431],{"id":3430},"_5-labour-market-definitions","5. Labour-market definitions",[1832,3433,3435],{"className":3434},[1835],[1832,3436,3438,3465],{"className":3437},[1839],[1832,3439,3441],{"className":3440},[1843],[1845,3442,3443],{"xmlns":1847,"display":1848},[1850,3444,3445,3462],{},[1853,3446,3447,3450,3452,3455,3457,3460],{},[1859,3448,3449],{},"L",[1866,3451,1868],{},[1859,3453,3454],{},"E",[1866,3456,2622],{},[1859,3458,3459],{},"U",[1866,3461,3206],{"separator":1941},[1933,3463,3464],{"encoding":1935},"L=E+U,",[1832,3466,3468,3487,3507],{"className":3467,"ariaHidden":1941},[1940],[1832,3469,3471,3475,3478,3481,3484],{"className":3470},[1945],[1832,3472],{"className":3473,"style":3474},[1949],"height:0.6833em;",[1832,3476,3449],{"className":3477},[1954,1958],[1832,3479],{"className":3480,"style":2014},[2013],[1832,3482,1868],{"className":3483},[2018],[1832,3485],{"className":3486,"style":2014},[2013],[1832,3488,3490,3494,3498,3501,3504],{"className":3489},[1945],[1832,3491],{"className":3492,"style":3493},[1949],"height:0.7667em;vertical-align:-0.0833em;",[1832,3495,3454],{"className":3496,"style":3497},[1954,1958],"margin-right:0.0576em;",[1832,3499],{"className":3500,"style":2191},[2013],[1832,3502,2622],{"className":3503},[2106],[1832,3505],{"className":3506,"style":2191},[2013],[1832,3508,3510,3514,3518],{"className":3509},[1945],[1832,3511],{"className":3512,"style":3513},[1949],"height:0.8778em;vertical-align:-0.1944em;",[1832,3515,3459],{"className":3516,"style":3517},[1954,1958],"margin-right:0.109em;",[1832,3519,3206],{"className":3520},[3342],[1798,3522,3523,3524,3527,3528,3530,3531,3533],{},"where labour force ",[3525,3526,3449],"code",{}," equals employed ",[3525,3529,3454],{}," plus unemployed ",[3525,3532,3459],{}," who are without work, available, and actively searching under the statistical definition.",[1832,3535,3537],{"className":3536},[1835],[1832,3538,3540,3597],{"className":3539},[1839],[1832,3541,3543],{"className":3542},[1843],[1845,3544,3545],{"xmlns":1847,"display":1848},[1850,3546,3547,3594],{},[1853,3548,3549,3552,3554,3560,3562,3565,3567,3570,3572,3575,3577,3580,3582,3590,3592],{},[1859,3550,3551],{},"u",[1866,3553,1868],{},[1870,3555,3556,3558],{},[1859,3557,3459],{},[1859,3559,3449],{},[1866,3561,1928],{},[1905,3563,3564],{},"100",[1866,3566,3206],{"separator":1941},[2013,3568],{"width":3569},"2em",[1859,3571,3449],{},[1859,3573,3574],{},"F",[1859,3576,1879],{},[1859,3578,3579],{},"R",[1866,3581,1868],{},[1870,3583,3584,3586],{},[1859,3585,3449],{},[3587,3588,3589],"mtext",{},"working-age population",[1866,3591,1928],{},[1905,3593,1931],{},[1933,3595,3596],{"encoding":1935},"u=\\frac{U}{L}\\times100,\n\\qquad\nLFPR=\\frac{L}{\\text{working-age population}}\\times100.",[1832,3598,3600,3618,3696,3738,3821],{"className":3599,"ariaHidden":1941},[1940],[1832,3601,3603,3606,3609,3612,3615],{"className":3602},[1945],[1832,3604],{"className":3605,"style":2593},[1949],[1832,3607,3551],{"className":3608},[1954,1958],[1832,3610],{"className":3611,"style":2014},[2013],[1832,3613,1868],{"className":3614},[2018],[1832,3616],{"className":3617,"style":2014},[2013],[1832,3619,3621,3625,3687,3690,3693],{"className":3620},[1945],[1832,3622],{"className":3623,"style":3624},[1949],"height:2.0463em;vertical-align:-0.686em;",[1832,3626,3628,3631,3684],{"className":3627},[1954],[1832,3629],{"className":3630},[2035,2036],[1832,3632,3634],{"className":3633},[1870],[1832,3635,3637,3676],{"className":3636},[1967,1968],[1832,3638,3640,3673],{"className":3639},[1972],[1832,3641,3643,3654,3662],{"className":3642,"style":2049},[1976],[1832,3644,3645,3648],{"style":2052},[1832,3646],{"className":3647,"style":2056},[1984],[1832,3649,3651],{"className":3650},[1954],[1832,3652,3449],{"className":3653},[1954,1958],[1832,3655,3656,3659],{"style":2124},[1832,3657],{"className":3658,"style":2056},[1984],[1832,3660],{"className":3661,"style":2132},[2131],[1832,3663,3664,3667],{"style":2135},[1832,3665],{"className":3666,"style":2056},[1984],[1832,3668,3670],{"className":3669},[1954],[1832,3671,3459],{"className":3672,"style":3517},[1954,1958],[1832,3674,2000],{"className":3675},[1999],[1832,3677,3679],{"className":3678},[1972],[1832,3680,3682],{"className":3681,"style":3112},[1976],[1832,3683],{},[1832,3685],{"className":3686},[2268,2036],[1832,3688],{"className":3689,"style":2191},[2013],[1832,3691,1928],{"className":3692},[2106],[1832,3694],{"className":3695,"style":2191},[2013],[1832,3697,3699,3702,3705,3708,3712,3716,3719,3722,3725,3729,3732,3735],{"className":3698},[1945],[1832,3700],{"className":3701,"style":3513},[1949],[1832,3703,3564],{"className":3704},[1954],[1832,3706,3206],{"className":3707},[3342],[1832,3709],{"className":3710,"style":3711},[2013],"margin-right:2em;",[1832,3713],{"className":3714,"style":3715},[2013],"margin-right:0.1667em;",[1832,3717,3449],{"className":3718},[1954,1958],[1832,3720,3574],{"className":3721,"style":2067},[1954,1958],[1832,3723,1879],{"className":3724,"style":2067},[1954,1958],[1832,3726,3579],{"className":3727,"style":3728},[1954,1958],"margin-right:0.0077em;",[1832,3730],{"className":3731,"style":2014},[2013],[1832,3733,1868],{"className":3734},[2018],[1832,3736],{"className":3737,"style":2014},[2013],[1832,3739,3741,3745,3812,3815,3818],{"className":3740},[1945],[1832,3742],{"className":3743,"style":3744},[1949],"height:2.2408em;vertical-align:-0.8804em;",[1832,3746,3748,3751,3809],{"className":3747},[1954],[1832,3749],{"className":3750},[2035,2036],[1832,3752,3754],{"className":3753},[1870],[1832,3755,3757,3800],{"className":3756},[1967,1968],[1832,3758,3760,3797],{"className":3759},[1972],[1832,3761,3763,3778,3786],{"className":3762,"style":2049},[1976],[1832,3764,3765,3768],{"style":2052},[1832,3766],{"className":3767,"style":2056},[1984],[1832,3769,3771],{"className":3770},[1954],[1832,3772,3775],{"className":3773},[1954,3774],"text",[1832,3776,3589],{"className":3777},[1954],[1832,3779,3780,3783],{"style":2124},[1832,3781],{"className":3782,"style":2056},[1984],[1832,3784],{"className":3785,"style":2132},[2131],[1832,3787,3788,3791],{"style":2135},[1832,3789],{"className":3790,"style":2056},[1984],[1832,3792,3794],{"className":3793},[1954],[1832,3795,3449],{"className":3796},[1954,1958],[1832,3798,2000],{"className":3799},[1999],[1832,3801,3803],{"className":3802},[1972],[1832,3804,3807],{"className":3805,"style":3806},[1976],"height:0.8804em;",[1832,3808],{},[1832,3810],{"className":3811},[2268,2036],[1832,3813],{"className":3814,"style":2191},[2013],[1832,3816,1928],{"className":3817},[2106],[1832,3819],{"className":3820,"style":2191},[2013],[1832,3822,3824,3827],{"className":3823},[1945],[1832,3825],{"className":3826,"style":2284},[1949],[1832,3828,1931],{"className":3829},[1954],[1798,3831,3832],{},"Suppose:",[3834,3835,3839],"pre",{"className":3836,"code":3838,"language":3774,"meta":10},[3837],"language-text","employed = 90 million\nunemployed and searching = 10 million\nnot in labour force = 50 million\n",[3525,3840,3838],{"__ignoreMap":10},[1798,3842,3843,3844,3847,3848,2440],{},"Then ",[3525,3845,3846],{},"u = 10%"," and participation is ",[3525,3849,3850],{},"100\u002F150 = 66.7%",[1798,3852,3853,3854,3857],{},"If two million stop searching, measured unemployment falls to ",[3525,3855,3856],{},"8\u002F98 = 8.2%",". That fall does not represent more employment.",[1793,3859,3861],{"id":3860},"_6-unemployment-has-different-mechanisms","6. Unemployment has different mechanisms",[2292,3863,3864,3876],{},[2295,3865,3866],{},[2298,3867,3868,3871,3873],{},[2301,3869,3870],{},"Type",[2301,3872,3361],{},[2301,3874,3875],{},"Relevant response",[2308,3877,3878,3889,3900],{},[2298,3879,3880,3883,3886],{},[2313,3881,3882],{},"frictional",[2313,3884,3885],{},"search and matching take time",[2313,3887,3888],{},"information and matching efficiency",[2298,3890,3891,3894,3897],{},[2313,3892,3893],{},"structural",[2313,3895,3896],{},"skills\u002Flocation\u002Findustry mismatch",[2313,3898,3899],{},"retraining, mobility, adjustment",[2298,3901,3902,3905,3908],{},[2313,3903,3904],{},"cyclical",[2313,3906,3907],{},"economy-wide demand is weak",[2313,3909,3910],{},"stabilisation, if inflation permits",[1798,3912,3913],{},"Also inspect hours, involuntary part-time work, earnings, job security, vacancies, participation, and duration. A single unemployment rate cannot describe job quality.",[1793,3915,3917],{"id":3916},"_7-phillips-and-beveridge-relationships","7. Phillips and Beveridge relationships",[1798,3919,3920],{},"The short-run Phillips curve links labour-market slack to wage or price pressure conditional on expectations and shocks. It is not a permanent menu from which policymakers choose any inflation–unemployment pair.",[1798,3922,3923],{},"The Beveridge curve compares vacancies and unemployment. High vacancies with high unemployment can indicate inefficient matching; movement along the curve can reflect the business cycle.",[1798,3925,3926],{},"Always ask whether a relationship shifted before reading movement along it.",[1793,3928,3930],{"id":3929},"_8-evidence-case-pandemic-era-inflation","8. Evidence case: pandemic-era inflation",[1798,3932,3933,3934,3940],{},"Bernanke and Blanchard estimated a dynamic model of U.S. prices, wages, expectations, and labour-market tightness. They concluded that much of the initial 2021–22 inflation surge came from commodity and sectoral price shocks linked to supply constraints and the shift from services to goods. Tight labour markets were not the initial dominant source, but their effects on wages and inflation were more persistent (",[2402,3935,3939],{"href":3936,"rel":3937},"https:\u002F\u002Fwww.brookings.edu\u002Fwp-content\u002Fuploads\u002F2023\u002F06\u002FWP86-Bernanke-Blanchard_6.13.pdf",[3938],"nofollow","2023 paper and replication link",").",[1798,3942,3943],{},"The teaching lesson is diagnostic:",[3834,3945,3948],{"className":3946,"code":3947,"language":3774,"meta":10},[3837],"same inflation rate ≠ same cause ≠ same optimal response\n",[3525,3949,3947],{"__ignoreMap":10},[1798,3951,3952],{},"It is one model and one economy, not a universal decomposition for every country.",[1793,3954,3956],{"id":3955},"practice-indicator-brief","Practice: indicator brief",[1798,3958,3959],{},"An economy has inflation of 6%, nominal wage growth of 4%, falling unemployment, falling participation, and record vacancies.",[3961,3962,3963,3966,3969,3972,3975],"ol",{},[1812,3964,3965],{},"Approximate real wage growth.",[1812,3967,3968],{},"Explain why lower unemployment may overstate improvement.",[1812,3970,3971],{},"Give one demand and one matching interpretation of vacancies.",[1812,3973,3974],{},"Name two series needed to distinguish an energy shock from broad demand pressure.",[1812,3976,3977],{},"Write a 120-word brief with one conclusion and two uncertainties.",[1793,3979,3981],{"id":3980},"quick-check","Quick check",[1809,3983,3984,3987,3990,3993,3996],{},[1812,3985,3986],{},"Inflation is a rate of change, not the price level.",[1812,3988,3989],{},"Headline inflation and personal cost change use different weights.",[1812,3991,3992],{},"Real values adjust nominal values for prices.",[1812,3994,3995],{},"Unemployment excludes people not actively searching.",[1812,3997,3998],{},"Correlations such as Phillips or Beveridge curves can shift.",[1798,4000,4001,4005,4006,2440],{},[4002,4003,4004],"strong",{},"Next:"," ",[2402,4007,4009],{"href":4008},".\u002F07-economic-growth","move from short-run indicators to long-run productivity and growth",{"title":10,"searchDepth":4011,"depth":4011,"links":4012},2,[4013,4014,4015,4016,4017,4018,4019,4020,4021,4022,4023,4024],{"id":1795,"depth":4011,"text":1796},{"id":1803,"depth":4011,"text":1804},{"id":1826,"depth":4011,"text":1827},{"id":2340,"depth":4011,"text":2341},{"id":2367,"depth":4011,"text":2368},{"id":3348,"depth":4011,"text":3349},{"id":3430,"depth":4011,"text":3431},{"id":3860,"depth":4011,"text":3861},{"id":3916,"depth":4011,"text":3917},{"id":3929,"depth":4011,"text":3930},{"id":3955,"depth":4011,"text":3956},{"id":3980,"depth":4011,"text":3981},"Price indices, real values, inflation mechanisms, employment definitions, participation, vacancies, and short-run trade-offs.","md",null,{},true,{"title":507,"description":4025},"jgtphoguENied97akO8CM3xuRwnjsBnmqRCruZ_v1WY",[4033,4035],{"title":503,"path":504,"stem":505,"description":4034,"children":-1},"National-accounting boundaries, value added, expenditure, nominal and real GDP, stocks, flows, distribution, and welfare.",{"title":511,"path":512,"stem":513,"description":4036,"children":-1},"Growth per person, productivity, capital, skills, ideas, institutions, distribution, sustainability, and AI evidence.",1785754725452]