文档介绍：该【【PPT精品课件】货币金融学7版英文课件--ch27-大学课 】是由【小屁孩】上传分享，文档一共【19】页，该文档可以免费在线阅读，需要了解更多关于【【PPT精品课件】货币金融学7版英文课件--ch27-大学课 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter27MoneyandInflation?:TheEvidence“aryPhenomenon”()EvidenceIneverycasewhen?highforsustainedperiod,MgrowthishighExamples:,1921–23Controlledexperiment,particularlyafter1923invasionofRuhr—governmentprintsmoneytopaystrikers,?>1million%Meaningof“inflation”Friedman’sstatementusesdefinitionof?ascontinuing,rapidlyrisingpricelevel:Onlythendoesevidencesupportit?:1921–233?. M?continually,shiftsADtorightfromAD1toAD2toAD3,. Y>Yn,wages?,ASshiftstoleftfromAS1toAS2toAS3,. PcontinuallyrisesfromP1toP2toP3,etc.:.,haveinflation??aristView OnlysourceofADshiftsand?inFigure2canbeMsgrowthKeynesianView AllowsforothersourcesofADshifts,estosameconclusionthatonlysourceofsustainedhigh?isMsgrowth1. Figure3showsthatfiscalpolicywithoutMsgrowthonlycausesP?,butnotsustained?2. Figure4showsthatsupplyshockdoesnotleadtosustained??-ShotIncreaseinGG?permanently1. ADshiftsrighttoAD22. Y>Yn,ASshiftsintoAS23. P?toP2,butdoesn’tkeeprising?. ASshiftsintoAS22. Y<Yn,wages?,ASshiftsbacktoAS13. Punchanged,no?7?-PushInflationHighEmploymentTargetatYn1. Workersraisewagesbecauseeither:wanthigherrealwagesor?ehigh2. ASshiftsin3. Y<Yn,governmentshiftsADout4. Workersraisewagesagain,andgothroughsteps2,3,and4,. P?continually:.,get?8?-PullInflationHighEmploymentTarget,YT>Yn1. Y=Yn<YT,governmentshiftsADout2. Y=YT>Yn,ASshiftsin3. Y=Yn<YT,governmentshiftsADout,andrepeatsteps2and3,. P?continually:.,get?9??GovernmentBudgetConstraintDEF=G–T=?MB+?,,MBandMs?Financingpersistentbudgetdeficitbymoneycreationleadstosustained?1. DeficitfinancedbyMs?leadstoADshiftsout,. Ifdeficitpersists,Ms?continuallyandgetP?continually,.,?:Deficit??,onlyifitis1. Persistent2. Financedbymoneycreationratherthanbybonds10?2005PearsonEducationCanadaInc.