Go to the St. Louis Federal Reserve FRED database, and find data on the GDP deflator (GDPDEF)
Question:
a. Calculate the average percent change in the price of oil over the most recent five years of data available. To do this, calculate the percentage change from the beginning of the period to the end, and divide this number by 5. What is the change in the inflation rate over the same time period?
b. Calculate the average percent change in the price of oil from October 1986 to October 1990. To do this, calculate the percentage change from the beginning of the period to the end, and divide this number by 4. What is the change in the inflation rate over the same time period?
c. Based on your answers to parts (a) and (b) above, what can you conclude about credibility of current monetary policy compared to its credibility in the earlier periods?
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Step by Step Answer:
a From July 2008 to July 2013 the price of a barrel of oil declined ...View the full answer
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Related Book For 
The Economics of Money Banking and Financial Markets
ISBN: 978-0133836790
11th edition
Authors: Frederic S. Mishkin
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