清华经济学原理24货币增长及通货膨胀.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 名义GDP、货币数量与货币流通速度：中国的例子Nominal GDP, the Quantity of Money, and the Velocity of Money: The Case of China * 名义GDP、货币数量与货币流通速度：中国的例子Nominal GDP, the Quantity of Money, and the Velocity of Money: The Case of China 改革以来，中国的货币增长率（特别是M2）快于GDP增长率，使得衡量到的货币流通速度下降，这被称为“货币沉淀”。 可能的解释： 经济市场化引起的货币化：经济中通过货币来完成的交易比例显著地上升 银行不良贷款与“投机泡沫”：使得货币量（M2和M1）上升，但没有导致产出增加。 更多人（外国人、罪犯等）持有现金：导致M0过快上升。 * 超速通货膨胀Hyperinflation 超速通货膨胀是月度通胀率超过50个百分点的通货膨胀。 Hyperinflation is inflation that exceeds 50 percent per month. 超速通货膨胀曾在某些国家发生过，起因是政府印刷了过多的钞票以弥补其支出。 Hyperinflation occurs in some countries because the government prints too much money to pay for its spending. Germany, 1923: banknotes had lost so much value that they were used as wallpaper. * 四次超速通货膨胀时期的货币与价格Money and Prices During Four Hyperinflations (b) 匈牙利Hungary Money supply 1925 1924 1923 1922 1921 Price level 100,000 10,000 1,000 100 Index (Jan. 1921 = 100) (a)奥地利 Austria 1925 1924 1923 1922 1921 100,000 10,000 1,000 100 Index (Jan. 1921 = 100) Price level Money supply * 四次超速通货膨胀时期的货币与价格Money and Prices During Four Hyperinflations c) 德国 Germany 1 100 trillion 1 million 10 billion 1 trillion 100 million 10,000 100 1925 1924 1923 1922 1921 Price level Money supply d) 波兰Poland Money supply Price level Index (Jan. 1921 = 100) 100 10 million 100,000 1 million 10,000 1,000 1925 1924 1923 1922 1921 Index (Jan. 1921 = 100) * 超速通货膨胀与通货膨胀税Hyperinflation and the Inflation Tax 如果政府通过印制钞票来增加收入，就被说成是征收了通货膨胀税。 When the government raises revenue by printing money, it is said to levy an inflation tax. 通货膨胀税就像一个向所有货币持有者征收的税。 An inflation tax is like a tax on everyone who holds money. 当政府机构进行财政改革，例如削减政府支出时，通货膨胀就会结束。 The inflation ends when the government ins