The Costs of Inflation (module 18)

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14 Terms

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inflation

an increase in the price level

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real wage

the wage rate divided by the price level

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real income

income divided by the price level

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deflation

when the inflation rate turns negative

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interest rate

the return a lender receives for allowing borrowers the use of their savings for one year, calculated as a percentage of the amount borrowed

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nominal interest rate

the interest rate expressed in dollar terms

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real interest rate

nominal interest rate minus rate of inflation

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disinflation

brining the inflation rate down

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