GDP deflator

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GDP deflator is a measure of inflation based on all the components of GDP.


Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

GDP deflator. A measure of inflation based on all the components of GDP.

According to Macroeconomics by Mankiw (7th edition),

GDP deflator. The ratio of nominal GDP to real GDP; a measure of the overall level of prices that shows the cost of the currently produced basket of goods relative to the cost of that basket in a base year.
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