经济学-_货币增长与通货膨胀.pptxVIP

Principles of Economics II:Macroeconomics;The Economy in the Long Run;Topics;Introduction;The Value of Money;The Quantity Theory of Money;Money Supply (MS);Money Demand (MD);The Money Supply-Demand Diagram;The Money Supply-Demand Diagram;The Money Supply-Demand Diagram;;;A Brief Look at the Adjustment Process;Real vs. Nominal Variables;Real vs. Nominal Variables;Real vs. Nominal Wage;The Classical Dichotomy;The Neutrality of Money;The Neutrality of Money;The Neutrality of Money;The Velocity of Money;The Velocity of Money;One good: corn. The economy has enough labor, capital, and land to produce Y = 800 bushels of corn. V is constant. In 2008, MS = $2000, P = $5/bushel. Compute nominal GDP and velocity in 2008.;U.S. Nominal GDP, M2, and Velocity (1960=100)1960-2007;The Quantity Equation;The Quantity Theory in 5 Steps;;If real GDP is constant, then inflation rate = money growth rate. If real GDP is growing, theninflation rate money growth rate. The bottom line: Economic growth increases # of transactions. Some money growth is needed for these extra transactions. Excessive money growth causes inflation. ;Hyperinflation;The Inflation Tax;The Fisher Effect;The Fisher Effect;U.S. Nominal Interest Inflation Rates, 1960-2007;The Fisher Effect the Inflation Tax;The Costs of Inflation;U.S. Average Hourly Earnings the CPI;The Costs of Inflation;The Costs of Inflation;The Costs of Inflation;;;A Special Cost of Unexpected Inflation;The Costs of Inflation;Conclusion;Summary (1);Summary (2)