曼昆中级宏观经济学(英文) (10)

发布于:2021-06-23 07:41:14

Money and Inflation

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在本章,你将会学到:
l The classical theory of inflation

?causes ?effects ?social costs
l “Classical” – 假定价格是flexible & markets clear. l 适用于the long run.
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货币和价格的联系
l Inflation rate = the percentage increase in the average level of prices *均一般价格 水*的增长率 l price = amount of money required to buy a good.购买一件商品的货币数量.

l Because prices are defined in terms of money, we need to consider the nature of money, the supply of money, and how it is controlled.因为价格是用货币定义的,我 们需要考虑货币的性质、货币供给和如何 控制货币供给。
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Money: definition

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Money: functions
1. medium of exchange交易媒介

we use it to buy stuff ? “流动性liquidity” :The ease with which an asset can be converted into the medium of exchange and used to buy other things—goods and services. 2. store of value价值储藏 transfers purchasing power from the present to the future 3. unit of account计量单位 the common unit by which everyone measures prices and values

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Money: types
1. fiat money 法定货币
? has no intrinsic value

没有内在价值 ? example: the paper currency we use
2. commodity money 商品货币
? has intrinsic value

有内在价值 ? examples: gold coins,

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Discussion Question
Which of these are money?
a. Currency b. Deposits in checking accounts (called demand deposits) c. Credit cards* d. Certificates of deposit (called time deposits, Saving account) e. Debit cards
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The money supply & monetary policy l The money supply is the quantity of money available in the economy. 一个经济体中的货 币数量 l Monetary policy is the control over the money supply.
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The central bank
l Monetary policy is conducted by a country’s central bank. l In the U.S., the central bank is called the Federal Reserve (“the Fed”).

The Federal Reserve Building Washington, DC

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_Symbol Assets included Amount(billions)_2008 Money supply measures, April 2002 C Currency $794 M1 C + demand deposits, travelers’ checks, other checkable deposits 1465

M2 M1 + small time deposits, 7855 savings deposits, money market mutual funds, money market deposit accounts M3 M2 + large time deposits,8054.4 repurchase agreements, institutional money market mutual fund balances

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新闻
l 2013年3月10日,央行发布的初步统计数据显示,截止到 2月末,我国货币供应量余额达到99.86万亿,*100万 亿,居世界第一。 同比增长15.2%。 l 截至2012年底,我国货币供应量余额为97.42万亿元,位 居世界第一,是排名第二的美国的1.5倍,美国当时的货 币供应量为64.71万亿元。 l 从2002年初的16万亿,到如今*100万亿,十多年里我 国货币供应量增长超过5倍。 l 央行行长周小川*日在接受媒体采访时表示,在通货膨胀 处于可控范围的前提下,M2增长速度与名义GDP增长速 度相匹配或略高一些。2012年,我国名义GDP是2002年 的4.5倍,M2余额是2002年的5倍。

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The Quantity Theory of Money货币数量论
l A simple theory linking the inflation rate to the growth rate of the money supply一个简单的关于通
货膨胀率和货币供给增长率关系的理论。 l 首先了解“速度”的概念: Velocity

?basic concept: the rate at which money circulates货币流通的速度(流转率)
?definition: the number of times the average dollar bill changes hands in a given time period给定一定 时期,一张美元钞票*均转手次数

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速度, cont. :
T V ? M
这里:

V = velocity T = value of all transactions M = money supply

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Velocity, cont.
lUse nominal GDP as a proxy(*似值) for total transactions Then, P ?Y V ? M
where P Y = price of output (GDP deflator) (nominal GDP)
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= quantity of output (real GDP)

P ?Y = value of output

GDP总量与交易总支出成正比

The quantity equation数量方程
l The quantity equation M ?V = P ?Y
l It is an identity: 恒等式

follows from the preceding definition of velocity.

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Money demand and the quantity equation货 币需求和数量方程
l M/P = real money balances, , the purchasing power of the money supply.实际货币余额 l A simple money demand function: (货币需求 方程:解释货币流动速度) (M/ P )d = k Y where k = how much money people wish to hold for each dollar of income. (k is exogenous通常假设为外生的)

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Money demand and the quantity equation
l money demand: ( M /P ) d = k Y l quantity equation: M ?V = P ?Y l 两个方程的联系是: k = 1/V(货币需求等于货币供给) =========================================== l When people hold lots of money relative to their incomes (k is high), money changes hands infrequently (V is low)。相对于人们的收入,人们想要 持有更多的货币 (k is high),货币的转手(货币流通速 度)也就越慢。
? ATM机,信用卡 对货币流通速度的影响?
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back to the Quantity Theory of Money
starts with quantity equation从数量方程开始 l Assume V is constant & exogenous假定 V 是固定的 & 外生的:

V ?V
l With this assumption, the quantity equation can be written as在该假设的条件下, 数量方 程变为

M ?V ? P ?Y
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The Quantity Theory of Money, cont.
M ?V ? P ?Y
How the price level is determined价格水*是如何 被决定的: § With V constant, the money supply determines

nominal GDP (P ?Y )。当 V 固定, 货币供给决定名 义 GDP (P ?Y )。 of K and L and the production function经济中的K 和L 和生产函数决定 实际GDP(Y)
P = (nominal GDP)/(real GDP)

§ Real GDP is determined by the economy’s supplies
§ The price level is

§ Causation comes from M

P

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The Quantity Theory of Money, cont.
l 回忆第二章: 积的增长率等于增长率之和. l The quantity equation in growth rates:
?M

M

?

?V

V

?

?P

P

?

?Y

Y

The quantity theory of money assumes ?V V is constant, so = 0. V
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The Quantity Theory of Money, cont.
? (Greek letter “pi”)
表示通货膨胀率: 前一方程的结论是: 亦即:
?P ? ? P
?M ?P ?Y ? ? M P Y

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The Quantity Theory of Money, cont.

l Normal economic growth requires a certain amount of money supply growth to facilitate the growth in transactions正常的经济增长要求一定的货币供给量的增 长来满足交易的增长. l Money growth in excess of this amount leads to inflation. 货币增长超过这一数量就会导致通货膨胀.
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The Quantity Theory of Money, cont.

?Y/Y depends on growth in the factors of production and on technological progress (all of which we take as given, for now). 取决于生产要素的增长和技术进步(这些要素我们假设为给定 的,Chp 3).

Hence, the Quantity Theory of Money predicts a one-forone relation between changes in the money growth rate and changes in the inflation rate.因此,the Quantity Theory of Money 预计着货币增长率的变化与通货膨胀率的变化之间 24 是 一比一的关系。

Case :Inflation and Money Growth
l “Inflation is always and everywhere a monetary phenomenon.” ----------Milton Friedman, the great economist who won the Nobel Prize in economics in 1976.
弗里德曼《美国货币史》

米尔顿.弗里德曼 1912-2006
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l 货币数量论表明:控制货币供给的中央银 行能够最终控制通货膨胀
?如果中央银行保持货币供给稳定,价格水*也将 稳定。 ?如果银行迅速增加货币,价格水*将迅速上升。

l Central bank independent中央银行的独立 性 l Inflation targeting 以通货膨胀为目标
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铸币税Seigniorage:为什么会有通货膨 胀亦即为什么政府会增加货币供给?
l To spend more without raising taxes or selling bonds, the govt can print money应付政府支出的手段之一:发行货币(其他两种:征

税和发行政府债券)
l The “revenue” raised from printing money is called seigniorage政府

发行货币获得的“收益”被称为”铸币税”: really easy, money supply grows quickly.

l The inflation tax通货膨胀税: Printing money to raise revenue causes inflation. Inflation is like a tax on people who hold money发行货币为政府支出融资,造成通

货膨胀。通货膨胀好像是对人们持有的货币征收的税。

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Inflation and interest rates通货膨胀和利息 率
l Nominal interest rate名义利率 I not adjusted for inflation l Real interest rate,实际利率 r: adjusted for inflation l r = i ??

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费雪效应
l The Fisher equation费雪方程: i =r +? l S = I determines r(第三章我们知道): S = I 决定 实际利率r . l 货币数量方程表明货币供给量的增长率决定通货膨胀率 l 货币供给量如何决定名义利率? ? Hence, an increase in ? causes an equal increase in I, This one-for-one relationship is called the Fisher effect. ?的增加会带来i相等幅度的增加 。 这种一对一的关系称为费雪效应.
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Inflation and nominal interest rates across
countries
100 Nominal interest rate (percent, logarithmic scale)

Kazakhstan Kenya Uruguay Italy France
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Armenia

Nigeria United Kingdom United States Japan Germany Singapore
1 10 100 1000 Inflation rate (percent, logarithmic scale)
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1

练*:
假设 V 是固定的, a.M 货币供给每年增长5%, Y 每年增长2%, r = 4,求出i (the nominal interest rate). b.If 中央银行每年增加货币供给2%, 求出?i . c. 假设Y 的增长率下降为每年1% . § ?如何变化? § 中央银行采取什么方法来保持?不变?
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Answers:
Suppose V is constant, M is growing 5% per year, Y is growing 2% per year, and r = 4.
a. First, find ? = 5 ? 2 = 3. Then, find i = r + ? = 4 + 3 = 7. b. ?i = 2, same as the increase in the money growth rate. c. If the Fed does nothing, ?? = 1. To prevent inflation from rising, Fed must reduce the money growth rate by 1 percentage point per year.

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通货膨胀对利息率的影响:两种实际 利率
l

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补充:Nominal versus Real Interest Rates
Definition and Derivation of the Real Interest Rate l(1+ it): Lending one dollar this year yields (1+ it) dollars next year lPt = price this year. Pet+1= expected price next year.

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Nominal versus Real Interest Rates
Pt Given 1 ? rt ? (1 ? it ) e and knowing that P t ?1
e ( P ? Pt ) e t ?1 ? t ?1 ? Pt

lthen, the expected rate of inflation equals

Pt 1 ? e e P t ?1 (1 ? ? t ?1 )

If the nominal interest rate and the expected rate of inflation are not too large, a simpler expression is: The real interest rate is (approximately) equal to the nominal interest rate minus the expected rate of inflation.

1 ? it (1 ? rt ) ? 1 ? ? e t ?1 rt ? it ? ? e t ?1

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Nominal versus Real Interest Rates
lHere are some of the implications of the relation above:
? If ? If ? if

rt ? it ? ?

e t ?1

? e t ?1 ? 0 ? it ? rt

? e t ?1 ? 0 ? it ? rt
it ?? ? e t ?1 ?? rt
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货币需求和名义利率Money demand and the nominal interest rate
l The Quantity Theory of Money assumes that the demand for real money balances depends only on real income Y.货币数量论假设实际货币余额的需求 仅仅取决于实际收入Y. l We now consider another determinant of money demand: the nominal interest rate.我们现在考虑另 一个决定货币需求的因素: 名义利率. l The nominal interest rate i is the opportunity cost of holding money (instead of bonds or other interestearning assets). 名义利息率 i 是持有货币的机会成 本 (放弃持有债券或者其他有利息收入的资产).
? 通货膨胀率+实际利息率

l Hence, ?i ? ? in money demand.

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The money demand function货币需求函数

(M P ) ? L (i , Y )
d

real money demand, depends (M/P )d = 实际货币需求,取决于

n negatively on I

与i负相关 i is the opp. cost of holding money i 是持有货币的机会 成本 n positively on Y 与Y正相关 higher Y ? more spending ? so, need more money 更高的Y ? 更多支出? 需要更多货币

(L is used for the money demand function because money is the most liquid asset. L 表示为货币需求函数,因为货币 45 是流动性最强的资产.)

The money demand function货币需求函数

(M P ) ? L (i , Y )
d

? L (r ? ? , Y )
e

When people are deciding whether to hold money or bonds, they don’t know what inflation will turn out to be.当人们决定是持有货币还是债券时,他们并不知 道通货膨胀是多少。 Hence, the nominal interest rate relevant for money demand is r + ?e. 与货币需求相关的名义利率r + ?e.
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货币市场均衡
M ? L (r ? ? e , Y ) P
The supply of real money balances实际 Real money demand实际货

货币余额供给

币需求

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什么决定了以下变量
M e ? L (r ? ? , Y ) P
变量 M r Y P 如何被决定的 (in the long run) exogenous 外生的 (the Fed) 不断调整使得 S = I

Y ? F (K , L )
不断调整 使得

M ? L (i , Y ) P
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P 如何对 ?M反映
M e ? L (r ? ? , Y ) P
l 给定 r, Y, and ?e,
A change in M causes P to change by the same percentage --- just like in the Quantity Theory of Money. M

的变化导致 P以相同的百分比变化

如果?e

发生变化,对现期通货膨胀P会有影响吗?
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?e预期通货膨胀的讨论?
l Over the long run, people don’t consistently over- or underforecast inflation, so ?e = ? on average.在长期中, 人们并不总 是低估或高估预期通货膨胀, 于是 ?e = ?的*均水*. l In the short run, ?e may change when people get new information。在短期,当人们不断得到新信息时,?e 可能会变 化。 ? EX: Suppose Fed announces it will increase M next year. People will expect next year’s P to be higher, so ?e rises。 例如: 假设中央银行宣布明年增加货币供给M ,人们预期明 年价格水*P会上升,于是, ?e提高。 ? This will affect P now, even though M hasn’t changed yet 这会影响现在的价格,尽管M还没有发生任何变化 (continued…)
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P 如何对 ??e 反映
M e ? L (r ? ? , Y ) P
l 给定 r, Y, and M ,
? ? e ? ? i (the Fisher effect) ? ? ?M P ?
d

? ? P 使得 ?M P ? 下降重新实现均衡

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讨论 通货膨胀的成本

Why is inflation bad?
l What costs does inflation impose on society? List all the ones you can think of 通货膨胀会对 社会造成什么成本? 列出你所想到的. l Focus on the long run集中在对长期经济的影响. l Think like an economist.像一个经济学家那样思 考.

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一种常见的错觉
l Common misperception: inflation reduces real wages 通货膨胀减少了实际工资 l This is true only in the short run, when nominal wages are fixed by contracts.在短期中,这个命题是事实, (当合同规定了名义工资水*) l In the long run, the real wage is determined by labor supply and the marginal product of labor(Chap 3) 在 长期中,实际工资取决于劳动供给和劳动的边际产出, 而不是通货膨胀率或者价格水* l Consider the data…

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通货膨胀的古典理论的观点
l The classical view : A change in the price level is merely a change in the units of measurement.价格 水*的变化仅仅是衡量单位的变动

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通货膨胀的社会成本
…fall into two categories…两种类型: 1. costs when inflation is expected预期到的通 货膨胀的成本 2. additional costs when inflation is different than people had expected.当实际通货膨胀 与预期通货膨胀不一致时产生的额外成本。

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The social costs of inflation : shoeleather cost皮鞋成本

l def: the costs and inconveniences of reducing money balances to avoid the inflation tax 。减少货 币余额来避免通货膨胀稅而造成的成本与不便. l ?? ? ?i ? ? real money balances持有的实际货币余额 l Remember: In long run, inflation doesn’t affect real income or real spending. 长期中,通 货膨胀不会影响实际收入和实际支出。. l So, same monthly spending but lower average money holdings means more frequent trips to the bank to withdraw smaller amounts of cash持有货币 减少,意味着不断的去银行取款。
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The costs of expected inflation:menu costs:预期通货膨胀的成本 菜单成本
l def: The costs of changing prices.改变价格的 成本. l Examples:
? print new menus印刷新菜单 ? print & mail new catalogs印刷和邮寄新的商品

目录
l The higher is inflation, the more frequently firms must change their prices and incur these costs

通货膨胀越高,企业会更加频繁的改变其 产品价格,从而负担相关成本

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预期通货膨胀的成本: relative price distortions 相对价格扭曲
l Firms facing menu costs change prices infrequently.面 l Example: Suppose a firm issues new catalog each January. As the general price level rises throughout the year, the firm’s relative price will fall.比如: 假设企业
在1月份发行新价格目录,当该年出现普遍的价格水*上涨 时,企业的相对价格会下降。 临菜单成本的企业不会频繁的改变产品价格.

l Different firms change their prices at different times, leading to relative price distortions…不同的企业在不同
时间改变价格,会造成相对价格扭曲。。。。

l …which cause microeconomic inefficiencies in the allocation of resources …会造成微观经济中资源配
置的低效率.
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The costs of expected inflation预期通货膨 胀成本: unfair tax treatment Some taxes are not adjusted to account for inflation, such as the capital gains tax.一些税并没有因为通货膨胀而调整,比如资
本收益税.

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l Example: l Jan 1: you buy $10,000 worth of IBM stock l Dec 31: you sell the stock for $11,000, l so your nominal capital gain is $1,000 (10%). l Suppose = 10% during the year. l Your real capital gain is $0. l But the govt requires you to pay taxes on your $1,000 nominal gain!!
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预期通货膨胀成本5: General inconvenience
l Inflation makes it harder to compare nominal values from different time periods难以比较不同时 期的名义价值. l This complicates long-range financial planning这 使得长期的金融计划复杂化
? 比如:养老计划,今天投资债券,20年后计划每月可以得 到10000美元。如果没有通货膨胀,20年后的养老金的购 买力与今天相同,但是如果每年有3%的通货膨胀率,20年 后按今天美元计算,养老金只值5540美元。如果每年5%的 通货膨胀率,购买力将减到3770美元。

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Additional cost of unexpected inflation: arbitrary redistributions of purchasing power未预期到的通货 膨胀的成本: 购买力的任意在分配

l Many long-term contracts not indexed, but based on ?e.许多的长期合约的签订建立在
?e.

l If ? turns out different from ?e, then some gain at others’ expense 如果 ? 不同于
?e, 这样,一些人会获益而另一些人会受损
例子:债权人和债务人 ? If ? > ?e, then (i ? ?) < (i ? ?e) ?
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高通货膨胀的额外成本:不确定性增加
l When inflation is high, it’s more variable and unpredictable: ? turns out different from ?e more often, and the differences tend to be larger (though not systematically positive or negative)当通货膨胀很高,通货膨 胀率会不断变化而难以预期 : ? 经常与 ?e 不同。 l Arbitrary redistributions of wealth become more likely. 两者差别会越来越大财富的任意分配会经常发生 l This creates higher uncertainty, which makes risk averse people worse off.这会造成更大的不确定性,从 而使得风险回避的人们处境更糟糕.

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通货膨胀的一个好处

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Hyperinflation恶性通货膨胀
l def: ? ? 50% 每个月

l All the costs of moderate inflation described

above become HUGE under hyperinflation

l Money ceases to function as a store of value, and may not serve its other functions (unit of account, medium of exchange). l People may conduct transactions with barter or a stable foreign currency. 物物交换或采用稳定的外 国货币
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什么造成了Hyperinflation?
l Hyperinflation is caused by excessive money supply growth。过多的货币供给增长 l When the central bank prints money, the price level rises. l If it prints money rapidly enough, the result is hyperinflation.

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Recent episodes of hyperinflation
10000

1000
percent growth

100

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1

Israel 1983-85

Poland 1989-90

Brazil Argentina Peru Nicaragua Bolivia 1987-94 1988-90 1988-90 1987-91 1984-85

inflation

growth of money supply

1923年的德国的通货膨胀:
l 通货膨胀以每周超过100%的幅度增长。 l 工人每周领取两次工资,接下来几天人们冲到商 店去买他们需要的各种东西,公司也给工人建立 了以物易物的制度,用消费品直接交换劳动力。 l 30多个造纸厂调动了所有生产力交付纸币。150 个印刷厂用2000个印刷机每天24个小时工作来印 刷德国马克,但是仍然赶不上对货币的需求。 l 1923年11月15日为止,德国的物价是恶性通货膨 胀之前的1000亿倍。
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l 有位先生走进了咖啡馆,花8 000马克买了一杯咖 啡,当他喝完这杯咖啡,却发现,原来同样的一 杯咖啡,此时已经涨到10 000马克 . l 有家大工厂发工资了。只见火车拉来了一车的钞 票,火车还没停稳,就开始向焦急等候在铁路旁 的工人们,大捆大捆地扔钱。 l 一个美国人去德国旅游,他来到银行,想把一张5 美元的钞票兑换成马克。可银行职员说:"我们没 有这么多钱,您能不能只换2美元?"美国人看看 背后的长队,只好同意了。
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l 1980年取得独立,发行自己的 货币 l 1990S穆贝加开始土地改革,导 致产出大幅度下降,税收减少。 l 政府开始发行货币。产生高通货 膨胀。 l 穆贝加实行价格控制,结果是商 品短缺和地下经济繁荣,进一步 导致税收下降,政府不得不继续 发行货币。 l 2008年7月,官方公布的通货膨 胀率为231 million percent。 l 2009年3月,The Zimbabwe 放 弃自己的货币使用美元作为通货, 恶性通货膨胀才得以结束。

Hyperinflation in Zimbabwe

? 2008年,2000万一个面包,一名普通工人的工资为9亿,8年前可以买 72 一栋豪宅,现在只能买2瓶可乐

为什么政府带来 hyperinflation
l 当政府通过征税和发行债券不足以应付太快 的支出时。 l 政府必须通过发行货币来融资 l 理论上,解决 hyperinflation 方法很简单: stop printing money. l 现实世界,要求激进和严厉的财政约束

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The Classical Dichotomy古典二分法
Real variables are measured in physical units: quantities and relative prices。实际变量是用实物单 位(physical units)来衡量的。 e.g. § quantity of output produced § real wage: output earned per hour of work § real interest rate: output earned in the future by
lending one unit of output today §名义变量: 用货币单位(money units)来衡量, e.g. § nominal wage: dollars per hour of work § nominal interest rate: dollars earned in future by lending one dollar today § the price level: the amount of dollars needed to buy a representative basket of goods

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l The real economy is determined by real economic factors实际变量影响实际经济
?Y=F( L, K) S=I (r) ?Real variables affect other real variables

l The nominal economy is determined by M or growth rate of Money supply货币或货币 增长率决定名义经济
?Nominal economy only affect other nominal variables ?The growth rate of money affect the price level, not Y 货币增长率影响价格水*而不是实际GDP

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The Classical Dichotomy古典二分法
l Note: Real variables were explained in Chap 3, nominal ones in Chap 4. l Classical Dichotomy : the theoretical separation of real and nominal variables in the classical model, which implies nominal variables do not affect real variables.古典模型
里的实际和名义变量在理论上的区分,意味着名 义变量不影响实际变量。 l Neutrality of Money : Changes in the money

supply do not affect real variables。 In the real world, money is approximately neutral in the long run.货币供给变动不会影响实际变量。
现实世界里,货币在长期中是*似中性的.
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*题:
l 2、4、7、10

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Chapter summary
1. Money货币 § § § § § §

用于交易的资产存量。 其功能是,交易媒介、价值储藏、计量单位. 商品货币有内在价值,法定货币没有内在价值.

中央银行控制货币供给. 2. 货币数量论 假设assumption: 速度是稳定的velocity is stable 结论conclusion: 货币供给增长率决定通货膨 胀率。

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Chapter summary
3. 名义利息率Nominal interest rate § 等于实际利率+通货膨胀率 § 费雪效应:名义利息率随着预期通货膨胀一比一的变

化。 money 4. 货币需求Money demand § 取决于数量论中的收入 § 更一般地,它取决于名义利息率。 § 如果这样,预期通货膨胀的变化会影响现期的价格水 *。
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§ 是持有货币的机会成本is the opp. cost of holding

Chapter summary
5. 通货膨胀的成本Costs of inflation § 预期通货膨胀Expected inflation

鞋底成本,菜单成本、税收&相对价 格扭曲,纠正通货膨胀的不便之处。 § 未预期到的通货膨胀Unexpected inflation § 以上所有的加上财富在借款人和贷 款人之间的重新分配
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Chapter summary
6. Hyperinflation恶性通货膨胀 § 由货币不断被印刷用来弥补政府

预算赤字时,高速的货币增长导 致恶性通货膨胀 § 取消政府印发货币的财政改革, 才能阻止通货膨胀。

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7. Classical dichotomy古典二分法 § 在古典理论中,货币是中性的,不影响

Chapter summary

实际变量。 § 我们能够研究实际变量如何被决定的, 这些变量不受到名义变量的影响。 § 这样,货币市场的均衡决定了价格水* 和所有的名义变量。 § 许多经济学家相信经济在长期中按此方 式运行。
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Chapter summary
1. Money
§ the stock of assets used for transactions § serves as a medium of exchange, store of value,

and unit of account. § Commodity money has intrinsic value, fiat money does not. § Central bank controls money supply.

2. Quantity theory of money
§ assumption: velocity is stable § conclusion: the money growth rate determines

the inflation rate.

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Chapter summary
3. Nominal interest rate
§ equals real interest rate + inflation rate. § Fisher effect: nominal interest rate moves one-

for-one w/ expected inflation. § is the opp. cost of holding money

4. Money demand
§ depends on income in the Quantity Theory § more generally, it also depends on the nominal

interest rate; if so, then changes in expected inflation affect the current price level.

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Chapter summary
5. Costs of inflation
§ Expected inflation

shoeleather costs, menu costs, tax & relative price distortions, inconvenience of correcting figures for inflation § Unexpected inflation all of the above plus arbitrary redistributions of wealth between debtors and creditors

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Chapter summary
6. Hyperinflation
§ caused by rapid money supply growth when

money printed to finance govt budget deficits § stopping it requires fiscal reforms to eliminate govt’s need for printing money

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Chapter summary
7. Classical dichotomy
§ In classical theory, money is neutral--does not

affect real variables. § So, we can study how real variables are determined w/o reference to nominal ones.

§ Then, eq’m in money market determines price

level and all nominal variables. § Most economists believe the economy works this way in the long run.

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