清华经济学原理一学期.Chapter30章节幻灯片.pptxVIP

30货币增长与通货膨胀Money Growth and Inflation通货膨胀Inflation通货膨胀是总体价格水平的上升Inflation is an increase in the overall level of prices.通货膨胀：历史面目Inflation: Historical Aspects在过去70年里，价格平均每年上升约4个百分点。Over the past seventy years, prices have risen on average about 5 percent per year.通货紧缩，即平均价格的下降，在19世纪的美国出现过。Deflation, meaning decreasing average prices, occurred in the U.S. in the nineteenth century.超速通货膨胀指的是很高的通货膨胀率，例如20世纪20年代的德国所经历的那样。Hyperinflation refers to high rates of inflation such as Germany experienced in the 1920s.通货膨胀：历史面目Inflation: Historical Aspects（在美国）在20世纪70年代，价格每年上升7个百分点。In the 1970s prices rose by 7 percent per year. 在20世纪90年代，价格平均每年上升2个百分点。During the 1990s, prices rose at an average rate of 2 percent per year.通货膨胀：历史面目Inflation: Historical Aspects在中国，改革开放以前，价格平均每年上升约1个百分点。大部分时期价格稳定甚至下降。最高的1961年达到16个百分点最低的1963年为-6个百分点（通货紧缩）改革开放以来，价格平均每年上升约7个百分点。最高的1994年达到了24个百分点最低的1999年为-1个百分点（通货紧缩）2000-2007年均2个百分点通货膨胀的古典理论The Classical Theory of Inflation货币数量论用来解释价格水平和通货膨胀率的长期决定因素。The quantity theory of money is used to explain the long-run determinants of the price level and the inflation rate.价格水平与货币价值The Level of Prices and the Value of Money通货膨胀是涉及经济中交换媒介的价值的整体经济现象。Inflation is an economy-wide phenomenon that concerns the value of the economy’s medium of exchange.如果P是用货币衡量的物品与服务的价格，则1/P就是用物品与服务衡量的货币价值。If P is the price of goods and services, 1/P is the value of money measured in terms of goods and services.当整个价格水平上升，货币价值下降。 When the overall price level rises, the value of money falls.货币供给、货币需求与货币均衡Money Supply, Money Demand, and Monetary Equilibrium货币的价值是由货币的供给与需求决定的。The value of money is determined by the supply and demand for money.货币供给Money Supply货币供给是由美联储控制的政策变量。The money supply is a policy variable that is controlled by the Fed.通过公开市场运作等工具，美联储直接控制货币供给的数量。Through instruments such as open-market operations, the Fed directly controls the quantity of money supplied.货币需求Money Demand货币需求反映人们愿意以流动的形式持有的财富数量。The demand for money reflects how much wealth people want to hold in liqu