GDP Deflator

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GDP Deflator발음듣기

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In the last video we studied a super simplified economy that only sold one good or service.발음듣기

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But now let's think about things a little bit more generally a little bit, you know, more complex economies.발음듣기

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And let's say that in year one economists have determined that the level of prices of goods and services produced in that economy is a 100.발음듣기

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So they've essentially just multiplied and divided it by right numbers so that their index that they generate just says that is 100.발음듣기

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And they do this so that they can measure the prices in other years relative to year one.발음듣기

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So let's say in year two using their index, they realize that prices are now 110.발음듣기

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Now this is not a simple thing to do.발음듣기

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This would have been a very simple thing to do if there was only one good or service in the economy, like our last example - apples.발음듣기

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You could have just taken the price of apples that went from 50 cents to 55 cents.발음듣기

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In real world this is not a simple thing to do.발음듣기

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You have gazillion goods and services.발음듣기

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Some prices go up, some prices go down.발음듣기

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The quantities of the goods and services change in fact.발음듣기

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They might be goods and services that are offered in year one but don't exist any more in year two.발음듣기

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There are goods and services in year two that didn't exist in year one.발음듣기

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But for the sake of this video let's just assume that economists are able to say this.발음듣기

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If you call the general level of prices a 100 in year one it's now a 110 or in other way that think about there're things of gotten 10 % more expensive.발음듣기

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Now if we assuming that we had we know this relationship it's one again it's an easy thing to figure out and it actually turns out there is no perfect way to do this.발음듣기

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How can we figure out the relationship between real GDP and nominal GDP?발음듣기

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And remember whenever we talk about real GDP so we talk about real GDP in year two.발음듣기

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So real GDP in year two.발음듣기

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Whatever you talk about real GDP you're talking about GDP in terms of the prices in some base year.발음듣기

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So in this example we think about real GDP in year two in terms of year one dollars.발음듣기

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So whatever were goods and services that we produced in year two, we're going to think about, what if they were in the same prices as in year one.발음듣기

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That would give us the real GDP in year two.발음듣기

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So one what we think about it really just a ratio.발음듣기

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So the ratio, so let's me write, nominal GDP, so this is GDP in year two measured in year two dollars, divided by, I guess we call this as proportion really, divided by a real GDP in year two and is measured in year one dollars.발음듣기

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Well, that's going to be the same thing as the ratio of the prices between year two and year one.발음듣기

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This is going to be the ratio of, we use the syndicate right over here, 110 to 100.발음듣기

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I want you to sitting thing about this for second.발음듣기

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It's just saying "Look, the same goods, these are measuring the same goods and services.발음듣기

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The real GDP is measuring them in year one prices.발음듣기

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The nominal GDP is measuring them in year two prices.발음듣기

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So things got 10 % more expensive between year one and year two.발음듣기

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The nominal GDP should be 10 % larger than real GDP.발음듣기

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We should have in exactly same ratios.발음듣기

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And now we can manipulate this thing using any type of algebra that we want.발음듣기

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For example we could say "Well, nominal GDP not that's right nominal now, but this is right a kind of specify that exactly we're talking about.발음듣기

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This is a nominal GDP of year two. So now we could say nominal GDP is equal to we can multiplay boatsides times that's the real GDP.발음듣기

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It's equal to 110 over 100 times the real GDP.발음듣기

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Remember it's real GDP in year two measured in year one dollars.발음듣기

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Or we can measure, we can divide, we can divide boatsides of this equation by this 110 over 100 and then we get nominal GDP in year two divided by 110 is egual to real GDP.발음듣기

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This is nominal GDP in year two.발음듣기

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And writing in this way the kind of feels like you're taking nominal GDP in year two and prices have increased, there would be the generall increase in the level od prices that's cold price inflation.발음듣기

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We see that right over here and now we're deflating it to get real GDP.발음듣기

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We're dividing it by the ratio of the prices.발음듣기

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We're dividing it essentially by how much the prices have gone.발음듣기

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I guess that's say the ratio between the year two prices and year one prices.발음듣기

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This quantity right over here is 1.1.발음듣기

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So another way you could think we're deflating the nominal GDP in year two to get the real GDP in year two or getting it in, remember this is in year one prices.발음듣기

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And because od that this number right over here, this number right over here is referred to as the deflator.발음듣기

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This is our GDP deflator.발음듣기

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You pick up base year and in this case was year one that base year could be 1985 it could be 2006, and also it could be anything.발음듣기

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Your GDP deflator is going to be relative to that base year.발음듣기

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Well, that base year was a 100, your deflator, was gonna say, how much things are now in this year?발음듣기

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And you can even go backwards in time.발음듣기

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Year 0 that deflator might be even 1985 because maybe things are going cheaper.발음듣기

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Or you could actually had prices go down.발음듣기

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You could actually had deflation, so maybe in year two your deflator would be 98.발음듣기

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But the reason why it's called the deflator it's because generally you have inflation's time goes on and generally you're going to be defalting your nominal GDP.발음듣기

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You're going dividing it by value gradeor than one.발음듣기

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It's going to be something over 100 divided by 100, which is your base year to get your real GDP.발음듣기

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