曼昆经济学原理30.ppt

Money Growth and Inflation货币增长与通货膨胀 Chapter 30 The Meaning of Money货币的含义 Money is the set of assets in an economy that people regularly use to buy goods and services from other people. 货币是经济中人们经常用来向其他人购买物品与劳务的资产。 THE CLASSICAL THEORY OF INFLATION古典通货膨胀理论 Inflation is an increase in the overall level of prices. 通货膨胀是总体物价水平的上升。 Hyperinflation is an extraordinarily high rate of inflation. 超速通货膨胀是极高的通货膨胀率。 THE CLASSICAL THEORY OF INFLATION Inflation: Historical Aspects Over the past 60 years, prices have risen on average about 5 percent per year. Deflation, meaning decreasing average prices, occurred in the U.S. in the nineteenth century. Hyperinflation refers to high rates of inflation such as Germany experienced in the 1920s. 古典通货膨胀理论 通货膨胀: 历史的角度 在过去的60年间，物价平均每年上升5％左右。 通货紧缩——平均物价水平的降低，在19世纪的美国发生过这种情况。 超速通货膨胀——极高的通货膨胀率，20世纪20年代德国发生过这种情况。 Inflation: Historical Aspects通货膨胀: 历史的角度 In the 1970s prices rose by 7 percent per year. 在20世纪70年代，物价每年上升7％。 During the 1990s, prices rose at an average rate of 2 percent per year. 在20世纪90年代，物价平均每年上升2％。 The Classical Theory of Inflation The quantity theory of money is used to explain the long-run determinants of the price level and the inflation rate. Inflation is an economy-wide phenomenon that concerns the value of the economy’s medium of exchange. When the overall price level rises, the value of money falls. 古典通货膨胀理论 货币数量论 被用来解释物价水平和通货膨胀率的长期决定因素。 通货膨胀是一种广泛的经济现象，它涉及到的是经济中交换媒介的价值。 当总体物价水平上升时，货币的价值降低。 Money Supply, Money Demand, and Monetary Equilibrium The money supply is a policy variable that is controlled by the Fed. Through instruments such as open-market operations, the Fed directly controls the quantity of money supplied. 货币供给、货币需求与货币均衡 货币供给量是美联储控制的政策变量。 通过比如公开市场活动等手段，美联储直接控制货币的供给量。 Money Supply, Money Demand, and Monetary Equilibrium货币供给、货币需求与货币均衡 Money demand has several determinants, including interest rates and the average level of prices in the economy. 货币需求有几个决定因素，包括利率和经济中的平均物价水平。 Money Supply, Money