鲁迪格·多恩布什-宏观经济学（第十三版）IPPTChap022.pptVIP

Inflation and HyperinflationChapter #22Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. IntroductionHyperinflation refers to period of massive price growthPrices grow so rapidly that the payment system is damaged to the point of shutdownToo much money has been printed ? outward push of AD dominates all else in our macroeconomic modelsDuring ordinal times the link between money and inflation is much looserIn this chapter we examine these issues and their influence on economic theory.22-2 Money and Inflation in Ordinary Business CyclesFigure 22-1 shows annual M2 growth and the inflation rate of the GDP deflator for the U.S.22-3 Money and Inflation in Ordinary Business CyclesInflation closely linked to M2 growthRelationship not as strong between inflation and M122-4 Money and Inflation in Ordinary Business CyclesDuring Great Recession money growth and inflation unrelated22-5 Hyperinflation 22-6Hyperinflation: very high rates of inflation ? around 1,000 percent per annumTable 22-3 shows recent extreme inflation experiencesIn a hyperinflationary economy, inflation is so pervasive that is dominates daily economic lifePeople spend significant amounts of time minimizing inflationary damageSignificant lost production Stopping HyperinflationAll hyperinflations come to an endDislocation of the economy becomes too great, and the government finds a way of reforming its budget processOften a new money is introduced and the tax system is reformedOften exchange rate of a new currency is pegged to that of a foreign currency to provide an anchor for prices and expectationsFrequently there are unsuccessful attempts at stabilization before the final successOften a coordinated attack on hyperinflation: heterodox approach to stabilizationMonetary, fiscal, and exchange rate policies combined with income policies22-7 Disinflation and the Sacrifice RatioCost of inflation reduction = a