经济学教学课件 30_4E.pptVIP

? 2007 Thomson South-Western;Money Growth and Inflation;THE CLASSICAL THEORY OF INFLATION;THE CLASSICAL THEORY OF INFLATION;THE CLASSICAL THEORY OF INFLATION;The Level of Prices and the Value of Money;Money Supply, Money Demand, and Monetary Equilibrium;Money Supply, Money Demand, and Monetary Equilibrium;Figure 1 How the Supply and Demand for Money Determine the Equilibrium Price Level;Figure 2 An Increase in the Money Supply;The Effects of a Monetary Injection;The Classical Dichotomy and Monetary Neutrality;The Classical Dichotomy and Monetary Neutrality;Velocity and the Quantity Equation;Velocity and the Quantity Equation;Velocity and the Quantity Equation;Figure 3 Nominal GDP, the Quantity of Money, and the Velocity of Money;Velocity and the Quantity Equation;CASE STUDY: Money and Prices during Four Hyperinflations;Figure 4 Money and Prices During Four Hyperinflations;Figure 4 Money and Prices During Four Hyperinflations;The Inflation Tax;The Fisher Effect;Figure 5 The Nominal Interest Rate and the Inflation Rate;THE COSTS OF INFLATION;THE COSTS OF INFLATION;Shoeleather Costs;Shoeleather Costs;Menu Costs;Relative-Price Variability and the Misallocation of Resources;Inflation-Induced Tax Distortion;Inflation-Induced Tax Distortion;Table 1 How Inflation Raises the Tax Burden on Saving;Confusion and Inconvenience;A Special Cost of Unexpected Inflation: Arbitrary Redistribution of Wealth;The overall level of prices in an economy adjusts to bring money supply and money demand into balance. When the central bank increases the supply of money, it causes the price level to rise. Persistent growth in the quantity of money supplied leads to continuing inflation. ;The principle of money neutrality asserts that changes in the quantity of money influence nominal variables but not real variables. A government can pay for its spending simply by printing more money. This can result in an “inflation tax” and hyperinflation. ;According to the Fisher effect, when the inflation r