Taking the Pulse of the Economy: Measuring GDP

Explain the ways ( in which you think the measurement of inflation might need to change in a post-covid world, for example in 2025 or a bit later, when most people have presumably been vaccinated and when some of the long term changes (e.g. more working from home, more online services, etc.) are increasingly felt.

Here are the reference links

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“Taking the Pulse of the Economy: Measuring GDP” by J. Steven Landefeld, Eugene P. Seskin, and Barbara M. Fraumeni.

o https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.22…

The UK ONS’s “Guide to the National Accounts (sections 1 – 12).

o https://www.ons.gov.uk/economy/nationalaccounts/uk… detotheuknationalaccountsmarch2020

– The Economics Observatory (https://www.economicsobservatory.com/) has information about covid and the economy, as does the Economics Network (https://www.economicsnetwork.ac.uk/links/covid19), and CORE (https://www.core- econ.org/project/core-covid-19-collection/).

Set out a text that relies as much as possible on how economic data are constructed.

– Use visuals (graphs, tables, pictures) where appropriate These may be copied directly from the source material as long as they are properly cited.

also display data about the inflation you have chosen from at least four countries. At least two countries should be advanced economies (according to the IMF classifications1) and at least two should be from the (IMF’s) “Emerging and Developing” or “Low- income Developing” country categories.

– Introduce at least three new sources

– Not simply reproduce / rephrase what is in the source material. try to add value by introducing new facts or perspectives which are not in the original source material.

– Avoid spending too much time on what should be background information. Please do not need to spend any time at all explaining that covid is a respiratory virus or that pandemics are bad for the economy; its about measuring the effect about the economy.

Please note, the UK ONS’S guide section 1-12 is probably the best resource to use, please read the references links thoroughly through . Please use other references I listed and also outside resources.

Around 500 words.

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