第8讲货币度及通货膨胀1.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * 美国名义利率和通货膨胀率, 1960-2007 3个月国库券名义利率和通货膨胀率 0 * * 通货膨胀的成本The Costs of Inflation 通货膨胀谬误：大多数人认为，通货膨胀侵蚀了他们的真实收入。 但在通胀时，人们的收入和支出是同步增长的。 在长期，真实收入取决于真实变量（如物质资本、人力资本、自然资源），而不是通货膨胀率。 0 美国的平均小时工资和CPI CPI (left scale) Nominal wage (right scale) Inflation causes the CPI and nominal wages to rise together over the long run. 0 * * 皮鞋成本（Shoeleather costs） 菜单成本（Menu costs）. 0 通货膨胀的成本The Costs of Inflation 相对价格变动与资源配置不当（Misallocation of resources from relative-price variability） 混乱与不方便（Confusion inconvenience） 税收扭曲（Tax distortions） 未预期到的通货膨胀的成本：任意的财富分配（ Arbitrary redistributions of wealth ） A C T I V E L E A R N I N G Tax distortions * You deposit $1000 in the bank for one year. CASE 1: inflation = 0%, nom. interest rate = 10% CASE 2: inflation = 10%, nom. interest rate = 20% a. In which case does the real value of your deposit grow the most? Assume the tax rate is 25%. b. In which case do you pay the most taxes? c. Compute the after-tax nominal interest rate, then subtract off inflation to get the after-tax real interest rate for both cases. 0 A C T I V E L E A R N I N G Answers * a. In which case does the real value of your deposit grow the most? In both cases, the real interest rate is 10%, so the real value of the deposit grows 10% (before taxes). Deposit = $1000. CASE 1: inflation = 0%, nom. interest rate = 10% CASE 2: inflation = 10%, nom. interest rate = 20% A C T I V E L E A R N I N G Answers * b. In which case do you pay the most taxes? CASE 1: interest income = $100,  so you pay $25 in taxes. CASE 2: interest income = $200,  so you pay $50 in taxes. Deposit = $1000. Tax rate = 25%. CASE 1: inflation = 0%, nom. interest rate = 10% CASE 2: inflation = 10%, nom. interest rate = 20% A C T I V E L E A R N I N G Answers * c. Compute the after-tax nominal interest rate, then subtract off inflation to get the after-tax real interest rate for both cases. CASE 1: nominal