西方经济学宏观课件CHAPTER.pptx
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