经济学原理_30货币增长与通货膨胀教程分析.ppt

* The nominal interest rate is the 3-month Treasury Bill rate. The inflation rate is calculated as the percent change in the CPI from 12 months earlier. Mostly, these two variables move very closely together: increases in inflation correspond to similar increases in the nominal interest rate. When the two variables are not moving precisely together, the real interest rate is changing. This would occur if, for example, there were changes in the supply and/or demand for loanable funds. Starting in the early 1980s, the emergence of huge budget deficits caused the supply of loanable fund