文档详情

西方经济学宏观课件CHAPTER.pptx

发布:2024-08-23约4.9千字共18页下载文档
文本预览下载声明

WhatYouWillLearninthisChapter:WhyeffortstocollectaninflationtaxbyprintingmoneycanleadtohighratesofinflationHowhighinflationcanspiralintohyperinflationasthepublictriestoavoidpayingtheinflationtaxTheeconomy-widecostsofinflationanddisinflation,andthedebateovertheoptimalrateofinflationWhyevenmoderatelevelsofinflationcanbehardtoendWhydeflationisaproblemforeconomicpolicy西方经济学宏观课件CHAPTER全文共18页,当前为第1页。

MoneyandInflationBetween1985and1995Brazildemonstratedwhatreallyseriousinflation—uptoalmost3,000%peryear—lookslike.西方经济学宏观课件CHAPTER全文共18页,当前为第2页。

MoneyandPricesAccordingtotheclassicalmodelofthepricelevel,therealquantityofmoneyisalwaysatitslong-runequilibriumlevel.西方经济学宏观课件CHAPTER全文共18页,当前为第3页。

MoneySupplyGrowthandInflationinBrazil西方经济学宏观课件CHAPTER全文共18页,当前为第4页。

TheInflationTaxTheinflationtaxisthereductionintherealvalueofmoneyheldbythepubliccausedbyinflation,equaltotheinflationratetimesthemoneysupply,onthosewhoholdmoneyTherealvalueofresourcescapturedbythegovernmentisreflectedbytherealinflationtax,theinflationratetimestherealmoneysupply西方经济学宏观课件CHAPTER全文共18页,当前为第5页。

TheLogicofHyperinflationToavoidpayingtheinflationtax,peoplereducetheirrealmoneyholdingsandforcethegovernmenttoincreaseinflationtocapturethesameamountofrealinflationtaxInsomecases,thisleadstoaviciouscircleofashrinkingrealmoneysupplyandarisingrateofinflation,leadingtohyperinflationandafiscalcrisisIn1923,Germany’smoneywasworthsolittlethatchildrenusedstacksofbanknotesasbuildingblocks西方经济学宏观课件CHAPTER全文共18页,当前为第6页。

MoneyandPricesinBrazil,1985-1995西方经济学宏观课件CHAPTER全文共18页,当前为第7页。

EffectsofInflation

WinnersandLosersfromUnexpectedInflationThenominalinterestrateisequaltotherealinterestrateplustheinflationrateTheexpectedinflationrateisaccountedforinth

显示全部
相似文档