中級宏觀經(jīng)濟學上海財經(jīng)大學經(jīng)濟學院沈凌11money2inflation(68)-資料下載頁
2025-08-01 17:29本頁面
【正文】 Y, is fixed. ? i = r+ π ? i = r+ 181。 ? Since we assumed that r and 181。 are fixed, i is unchanging. Since Y and i are fixed, we have verified that the real quantity of money demanded, L(Y, i), is unchanging. Macroeconomics Chapter 11 54 Inflation in the Equilibrium BusinessCycle Model ? 其次，需要說明每一期內(nèi)都有貨幣需求等于供給： L(Y, i)=Mt/Pt . ? L(Y, i) and Mt/Pt are both fixed over time. Therefore, if the levels of the two variables are equal in the current year, year 1,they will remain equal in every future year. Macroeconomics Chapter 11 55 Inflation in the Equilibrium BusinessCycle Model ? 在初始期，有一個價格能夠滿足條件： ? Determination of price level: ? P1 = M1 / L( Y, i) ? πt is the constant π = 181。. Macroeconomics Chapter 11 56 Inflation in the Equilibrium BusinessCycle Model ? A Trend in the Real Demand for Money ? Assume that L(Y, i) grows steadily at the constant rate γ . ? This growth might reflect longterm growth of real GDP Macroeconomics Chapter 11 57 Inflation in the Equilibrium BusinessCycle Model ? Real money balances, Mt/Pt, increase because of growth in the numerator, Mt, at the rate 181。, but decrease because of growth in the denominator, Pt, at the rate π. ? growth rate of Mt/ Pt = 181。 ? π Macroeconomics Chapter 11 58 Inflation in the Equilibrium BusinessCycle Model ? If L(Y, i) grows at rate γ , Mt/Pt must also grow at rate γ. ? γ = 181。 ? π ? π = 181。 ? γ Macroeconomics Chapter 11 59 Inflation in the Equilibrium BusinessCycle Model Macroeconomics Chapter 11 60 Inflation in the Equilibrium BusinessCycle Model ? A Shift in the Money Growth Rate ? Suppose that the moary authority raises the money growth rate from 181。 to 181?！? in year T. Macroeconomics Chapter 11 61 Inflation in the Equilibrium BusinessCycle Model Macroeconomics Chapter 11 62 Inflation in the Equilibrium BusinessCycle Model ? A Shift in the Money Growth Rate ? i’? i = 181?！?? 181。 ? Mt/Pt is constant before year T. ? Mt/Pt is constant after year T. ? Mt/Pt after year T is lower than that before year T (because of the rise in the nominal interest rate from i to i’). Macroeconomics Chapter 11 63 Inflation in the Equilibrium BusinessCycle Model ? Government Revenue from Printing Money ? Have assumed, thus far, that the moary authority prints new money (currency) and gives it to households as transfer payments. ? Governments get revenue from printing money and can use this revenue to pay for a variety of expenditures. Macroeconomics Chapter 11 64 Inflation in the Equilibrium BusinessCycle Model ? Government Revenue from Printing Money ? Nominal revenue from printing money = Mt+1?Mt = ?Mt ? Real revenue from printing money = ?Mt/ Pt+1 ? Real money growth rate 181。t = ? Mt/ Mt Macroeconomics Chapter 11 65 Inflation in the Equilibrium BusinessCycle Model ? Government Revenue from Printing Money ? Real revenue from printing money = 181。t( Mt /Pt+1) ≈ 181。t( Mt / Pt ) = (money growth rate) (level of real money balances) Macroeconomics Chapter 11 66
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