Economics (Inflation and Business Cycle Part - I)
This Topic Covers the Following Topics.
- Introduction to Inflation
- Basic understanding and significance of inflation.
- Political and economic impact of inflation in different economies.
- Definition of Inflation
- Various definitions and academic perspectives on inflation.
- Difference between inflation and deflation (disinflation).
- Measurement of Inflation
- Methods for measuring inflation: Wholesale Price Index (WPI) and Consumer Price Index (CPI).
- Point-to-point inflation measurement and its calculation.
- Types of Inflation
- Low Inflation (Creeping Inflation)
- Galloping Inflation
- Hyperinflation
- Other Variants of Inflation
- Bottleneck Inflation
- Core Inflation
- Inflationary Gap
- Deflationary Gap
- Inflation Tax
- Inflation Spiral
- Inflation Accounting
- Inflation Premium
- Phillips Curve
- Reflation
- Stagflation
- Skewflation
- Causes of Inflation
- Demand-Pull Inflation
- Cost-Push Inflation
- Monetarist Explanation of Inflation (Post-1970s perspective)
- Effects of Inflation
- Impact on creditors and debtors.
- Influence on lending institutions.
- Effects on aggregate demand, investment, savings, taxation, exchange rates, exports, imports, trade balance, employment, wages, and overall economy.
- Government Measures to Control Inflation
- Monetary policy (tightening money supply, interest rates).
- Fiscal policy (adjustments in taxes and government spending).
- Supply-side measures (increasing production, controlling imports and exports).
- Business Cycle and Inflation
- The interrelation between inflation and different phases of the business cycle.
- Concepts like recession, depression, and their connection to inflation.
- Inflation in India
- Specific inflation measurement practices in India.
- History and revisions of WPI and CPI in India.
- Government policies and measures for inflation targeting and control.
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