ECN112 Lecture 3 - Solution to task 1 - Year 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969

# ECN112 Lecture 3 - Solution to task 1 - Year 1949 1950 1951...

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Year RPI inflation 1949 2.8 1949 - 2011 Average Inflation 5.63 1950 3.1 1951 9.1 Average inflation across decades 1952 9.2 1949 - 1958 4.52 1953 3.1 1959 - 1968 3.05 1954 1.8 1969 - 1978 11.83 1955 4.5 1979 - 1988 8.01 1956 4.9 1989 - 1998 4.07 1957 3.7 1999 - 2008 2.82 1958 3 2009 - 2011 3.10 1959 0.6 1960 1 1949 - 2011 Standard deivation 4.65 1961 3.4 1962 4.3 Standard Deviation across decades 1963 2 1949 - 1958 2.59 1964 3.3 1959 - 1968 1.49 1965 4.8 1969 - 1978 6.02 1966 3.9 1979 - 1988 4.88 1967 2.5 1989 - 1998 2.59 1968 4.7 1999 - 2008 0.93 1969 5.4 2009 - 2011 3.13 1970 6.4 1971 9.4 1972 7.1 1973 9.2 1974 16 1975 24.2 1976 16.5 1977 15.8 1978 8.3 1979 13.4 1980 18 1981 11.9 1982 8.6 1983 4.6 1984 5 1985 6.1 1986 3.4 1987 4.2 1988 4.9 1989 7.8 1990 9.5 1991 5.9 1992 3.7 1993 1.6 1994 2.4 1995 3.5 1996 2.4 1997 3.1 1998 3.4 1999 1.5 2000 3 2001 1.8 2002 1.7 2003 2.9 2004 3 2005 2.8 2006 3.2 2007 4.3 2008 4 2009 -0.5 2010 4.6 2011 5.2 Observations within one standard deviation Mean + 1 st. dev. 10.29 54 overall observations in interval Mean - 1 st. dev. 0.98 85.71% percentage of observations in interval Mean + 2 st. dev. 14.94 58 overall observations in interval Mean - 2 st. dev. -3.67 92.06% percentage of observations in interval Mean - 1 st. dev. 0.98 2 Mean + 1 st. dev. 10.3 54 overall observations in interval Mean - 2 st. dev. -3.67 0 Mean + 2 st. dev. 14.95 58 overall observations in interval Empirical Rule (use countif function) Empirical Rule (use frequency function) The long run inflation rate is about

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