中級宏觀經濟學上海財經大學經濟學院沈凌11money2inflation(68)(參考版)
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【正文】 (level of real money balances) Macroeconomics Chapter 11 66 。tt ? 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?！? 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。 ? 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。 ? 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。. 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。 ? Since we assumed that r and 181。 Macroeconomics Chapter 11 53 Inflation in the Equilibrium BusinessCycle Model ? 對于貨幣量持續(xù)增長的情況，我們需要說明 L(Y, i)并不隨時間變化。, the price level, Pt, will also grow steadily at the rate 181。Pt 所以，對于一次性的貨幣量的變化，我們有： π = 181。t) ? 高通貨膨脹往往還是多變的通貨膨脹 ? 惡性通貨膨脹 Macroeconomics Chapter 11 50 Inflation in the Equilibrium BusinessCycle Model ? Money Growth, Inflation, and the Nominal Interest Rate ? Analyze how the time path of the nominal quantity of money, Mt, determines the time path of the price level, Pt, and, hence, the inflation rate,πt. ? We also assume for now that Yt and rt are constant over time. Macroeconomics Chapter 11 51 Inflation in the Equilibrium BusinessCycle Model ?Mt =Mt+1?Mt 181。 and the real interest rate, r. ? The neutrality of money apply, as an approximation, to the entire path of money growth. Macroeconomics Chapter 11 48 通貨膨脹的成本 ? 預期到的通貨膨脹的成本 ? 鞋底成本（ shoeleather cost） ? 菜單成本（ menu cost） ? 如果不付菜單成本，就有相對物價的變動 ? 引致稅負的不公平 ? 貨幣功能之一：計價單位 變得越來越麻煩 Macroeconomics Chapter 11 4
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