CH14Money-Interest-Rates-and-Exchange-rates(国际经济学课件Iordanis-Petsas).pptVIP

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CH14Money-Interest-Rates-and-Exchange-rates(国际经济学课件Iordanis-Petsas).ppt

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* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Slide 14-* 2021/2/7 Copyright ? 2003 Pearson Education, Inc. The Long-Run Effects of Money Supply Changes A change in the supply of money has no effect on the long-run values of the interest rate or real output. A permanent increase in the money supply causes a proportional increase in the price level’s long-run value. This prediction is based on the money market equilibrium condition: Ms/P = L or P = Ms/L. This condition implies that ?P/P = ?Ms/Ms - ?L/L. The inflation rate equals the monetary growth rate less the growth rate for money demand. Money, the Price Level, and the Exchange Rate in the Long Run Slide 14-* 2021/2/7 Copyright ? 2003 Pearson Education, Inc. Empirical Evidence on Money Supplies and Price Levels In a cross-section of countries, long-term changes in money supplies and price levels show a clear positive correlation. Money, the Price Level, and the Exchange Rate in the Long Run Slide 14-* 2021/2/7 Copyright ? 2003 Pearson Education, Inc. Figure 14-10: Monetary Growth and Price-Level Change in the Seven Main Industrial Countries, 1973-1997 Money, the Price Level, and the Exchange Rate in the Long Run Slide 14-* 2021/2/7 Copyright ? 2003 Pearson Education, Inc. Money and the Exchange Rate in the Long Run A permanent increase (decrease) in a country’s money supply causes a proportional long-run depreciation (appreciation) of its currency against foreign currencies. Money, the Price Level, and the Exchange Rate in the Long Run Slide 14-* 2021/2/7 Copyright ? 2003 Pearson Education, Inc. Inflation and Exchange Rate Dynamics Inflation A situation where an economy’s price level rises. Deflation A situation where an economy’s price level falls. Short-Run Price Rigidity versus Long-Run Price Flexibility The short-run “stickiness” of price levels is illustrated in Figure 14-11. Slide 14-* 2021/2/7 Copyright ? 2003 Pearson Education, Inc. F