Chap_21_货币增长与通货膨胀

Velocity and the Quantity Equation 货币流通速度与货币数量论方程式
V = (P x Y)/M
Where 等式中：
V = velocity 货币流通速度 P = the price level 价格水平 Y = the quantity of output 产量 M = the quantity of money 货币数量
3
2. . . . decreases the value of money . . .
/4
1. An increase in the money supply . . .
A
1.33
3. . . . and increases the price level.
12
/
2
14
/
B
4
Money demand
古典通货膨胀理论
通货膨胀:
历史的角度
在过去的60年间，物价平均每年上升5％ 左右。 通货紧缩——平均物价水平的降低，在19 世纪的美国发生过这种情况。 超速通货膨胀——极高的通货膨胀率，20 世纪20年代德国发生过这种情况。
Inflation: Historical Aspects 通货膨胀: 历史的角度
Money Growth and Inflation
货币增长与通货膨胀
Chapter 21 2011年7月2日
The Meaning of Money 货币的含义
Money
is the set of assets in an economy
that people regularly use to buy goods and services from other people. 货币是经济中人们经常用来向其他人购 买物品与劳务的资产。
The
货币数量论
对物价水平如何决定以及为什么它一直
在变的解释被称为货币数量论。
经济中所得到的货币量决定了货币的价值。 货币量增长是通货膨胀的主要原因。
The Classical Dichotomy and Monetary Neutrality
古典二分法与货币中性
Nominal
货币供给、货币需求与货币均衡
货币供给量是美联储控制的政策变量。
通过比如公开市场活动等手段，美联储直接
控制货币的供给量。
Money Supply, Money Demand, and Monetary Equilibrium
货币供给、货币需求与货币均衡
Money demand has several determinants, including interest rates and the average level of prices in the economy. 货币需求有几个决定因素，包括利率和经 济中的平均物价水平。
variables are variables measured in monetary units. 名义变量——按货币单位衡量的变量。 Real variables are variables measured in physical units. 实际变量——按实物单位衡量的变量。
The Classical Dichotomy and Monetary Neutrality
超速通货膨胀是极高的通货膨胀率。
THE CLASSICAL THEORY OF INFLATION
Inflation:
Historical Aspects
Over the past 60 years, prices have risen on average about 5 percent per year. Deflation, meaning decreasing average prices, occurred in the U.S. in the nineteenth century. Hyperinflation refers to high rates of inflation such as Germany experienced in the 1920s.
货币供给
物价 水平 (P) 1 (低) 1.33 均衡的物价水平 2 4 (高)
1/4
0
货币需求 美联储固定的 货币量 货币量
(低)
Figure 2 The Effects of Monetary Injection
Value of Money, 1/P (High) 1
MS1
MS2
Price Level, P 1 (Low)
In
the 1970s prices rose by 7 percent per
year.
在20世纪70年代，物价每年上升7％。
During
the 1990s, prices rose at an average
rate of 2 percent per year.
在20世纪90年代，物价平均每年上升2％。
Velocity and the Quantity Equation 货币流通速度与货币数量论方程式
Rewriting
the equation gives the quantity equation:
重新整理，得到货币数量论方程式
MxV=PxY
Velocity and the Quantity Equation 货币流通速度与货币数量论方程式
According
to Hume and others, real economic variables do not change with changes in the money supply.
According
to the classical dichotomy, different forces influence real and nominal variables.
The Classical Theory of Inflation
The
quantity theory of money is used to explain the long-run determinants of the price level and the inflation rate. Inflation is an economy-wide phenomenon that concerns the value of the economy’s medium of exchange. When the overall price level rises, the value of money falls.
money supply is a policy variable
instHale Waihona Puke Baiduuments such as open-market
that is controlled by the Fed.
Through
operations, the Fed directly controls the
quantity of money supplied.
Equilibrium value of money
14
/
4 Money demand
(Low)
0
Quantity fixed by the Fed
Quantity of Money
(High)
图1. 货币供给、货币需求与均衡的物价水平
货币 价值 (1/P) (高) 1
3/4 均衡的货币价值 1/2 A
The quantity equation relates the quantity of money (M) to the nominal value of output (P x Y).
Money Supply, Money Demand, and Monetary Equilibrium
货币供给、货币需求与货币均衡 In the long run, the overall level of prices adjusts to the level at which the demand for money equals the supply. 在长期中，物价总水平调整到货币需求 等于供给的水平。
0
The Quantity Theory of Money
How
the price level is determined and why it might change over time is called the quantity theory of money.
The
quantity of money available in the economy determines the value of money. primary cause of inflation is the growth in the quantity of money.
THE CLASSICAL THEORY OF INFLATION 古典通货膨胀理论
Inflation
is an increase in the overall level
of prices.
通货膨胀是总体物价水平的上升。
Hyperinflation
is an extraordinarily high rate of inflation.
货币供给变动影响名义变量而不影响实
际变量。
The Classical Dichotomy and Monetary Neutrality
古典二分法与货币中性
The irrelevance of monetary changes for real variables is called monetary neutrality. 货币中性——认为货币变动并不影响 实际变量的观点。
(Low) 0 M1 M2 Quantity of Money (High)
图2. 货币供给增加的效果
货币 价值 (1/P)
(高) 1 3/4 1/2 A B 货币 需求 M1 M2 货币量
MS1
MS2
1. 货币供给 增加...
物价 水平 (P) 1 (低) 1.33 2 4 (高)
1/4 (低)
Velocity and the Quantity Equation
货币流通速度与货币数量论方程式
The velocity of money refers to the speed at which the typical dollar bill travels around the economy from wallet to wallet. 货币流通速度——在经济中普通一美元从 钱包到钱包之间流动的速度。
Money Supply, Money Demand, and Monetary Equilibrium
货币供给、货币需求与货币均衡
People
hold money because it is the medium of exchange. 人们持有货币是因为它是交换媒介。
The
amount of money people choose to hold depends on the prices of goods and services. 人们选择持有的货币量决定于物品与劳务的 价格。
古典通货膨胀理论
货币数量论
被用来解释物价水平和通 货膨胀率的长期决定因素。 及到的是经济中交换媒介的价值。
通货膨胀是一种广泛的经济现象，它涉
当总体物价水平上升时，货币的价值降
低。
Money Supply, Money Demand, and Monetary Equilibrium
The
Figure 1 Money Supply, Money Demand, and the Equilibrium Price Level
Value of Money, 1/P (High) 1 Money supply Price Level, P 1 (Low)
3
/4
1.33
12
/
A
2 Equilibrium price level
Changes
in the money supply affect nominal variables but not real variables.
古典二分法与货币中性
根据休谟和其他学者的观点，实际经济
变量不随着货币供給量的变化而变化。
根据古典二分法，影响实际变量和名义变
量的力量是不同的。