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2008-08-31

我在自学Mankiw 的Principles of Economics 时遇到一个问,想请教一下各位经济学达人,在英文第四版的678页

Relative-Prices Variability and the Misallocation of Resources 下有这么一段话:

Suppose that the Eatabit Eatery prints a new menu with new prices every January and then leaves its prices unchanged for the rest of the year. If there is no inflation,Eatabit's relative prices—the prices of its meals compared to other prices in the economy—would be constant over the course of the year. By contrast, if the inflation rate is 12 percent per year, Eatabit’s relative prices will automatically fall by 1 percent each month

我想问的是红字"Eatabit's relative prices will automatically fall by 1 percent each month"是怎么推出来的呀.感激不尽!!

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2008-9-1 11:06:00
It's just a rough calculation for ease thinking. Actually the relative prices will fall 10.7% if the inflation rate is 12%. Because of 12 months per year, it is approximatly 1% per month. 
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2008-9-1 13:13:00
thanks for your answer,i caculate the figure 10.7% by the following way:
suppose two commodities A and B,and their prices are a and b,we can take A as Eatabit Eatery,and its price a will not change in the rest of the year.while B represent another commodity in the economy whose price b will automatically change to adjust the inflation monthly,weekly,even daily. at the begining of the year the relative price of A to B is R=a/b,at the end of the year the relative price R1 =a/(b(1+12%)).so the percentage will be  (R1-R)/R,the result is 10.7%.
but i still can hardly believe this approximation.you know,its not strict in sicence.
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2008-9-1 19:45:00

This is a discrete case in time. If you consider a continuum of time variable, you will find more difference.

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2009-8-9 09:31:33
It's easy to caculate the price change each month. Here is the way. Suppose the price change per month is r, then it must satisfy the following equation according to M's discription: (1-r)^12=1/(1+12%). Caculate the equation. You will find r=1.04%. So M's number is perfectly right.
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