必威体育精装版版曼昆宏观经济学ch5.pptxVIP

Inflation: Its Causes, Effects, and Social Costs;IN THIS CHAPTER, YOU WILL LEARN:;U.S. inflation and its trend, 1960–2012;U.S. inflation and its trend, 1960–2012;The quantity theory of money;Velocity;Velocity, cont.;Velocity, cont.;The quantity equation;Money demand and the quantity equation;Money demand and the quantity equation;Back to the quantity theory of money;The quantity theory of money, cont.;The quantity theory of money, cont.;The quantity theory of money, cont.;The quantity theory of money, cont.;The quantity theory of money, cont.;Confronting the quantity theory with data;International data on inflation and money growth;U.S. inflation and money growth, 1960–2012;U.S. inflation and money growth, 1960–2012;Seigniorage;Inflation and interest rates;The Fisher effect;U.S. inflation and nominal interest rates, 1960–2012;Inflation and nominal interest rates in 96 countries;;;Two real interest rates;Money demand and the nominal interest rate;The money demand function;The money demand function;Equilibrium;What determines what;How P responds to ?M;What about expected inflation? ;How P responds to ?E?;;A common misperception;The CPI and Average Hourly Earnings, 1965–2012;The classical view of inflation;The social costs of inflation;The costs of expected inflation: 1. Shoeleather cost;The costs of expected inflation:  2. Menu costs;The costs of expected inflation: 3. Relative price distortions;The costs of expected inflation:  4. Unfair tax treatment;The costs of expected inflation:  5. General inconvenience;Additional cost of unexpected inflation: Arbitrary redistribution of purchasing power;Additional cost of high inflation: Increased uncertainty;One benefit of inflation;Hyperinflation;What causes hyperinflation?;A few examples of hyperinflation;Why governments create hyperinflation;The Classical Dichotomy;The Classical Dichotomy;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY;CHAPTER SUMMARY