【PPT精品课件】货币金融学7版英文课件--ch27-大学课.pptVIP

Chapter 27 Money and Inflation Money and Inflation: The Evidence “Inflation is Always and Everywhere a Monetary Phenomenon” (M. Friedman) Evidence In every case when ? high for sustained period, M growth is high Examples: 1. Latin American inflations 2. German Hyperinflation, 1921–23 Controlled experiment, particularly after 1923 invasion of Ruhr—government prints money to pay strikers, ? 1 million % Meaning of “inflation” Friedman’s statement uses definition of ? as continuing, rapidly rising price level: Only then does evidence support it German Hyperinflation: 1921–23 Response to Contin