文档介绍：Inflation and Stagflation
Inflation has often been described as the cruelest tax because it eats away at our savings and at our paychecks.
For example, if the rate of inflation exceeds the rate of growth in our paycheck, that means our real e or purchasing power is declining – even though our wages are going up.
But not everyone loses from inflation.
Inflation that is unanticipated can benefit borrowers at the expense of lenders.
1978~1999年中国的物价变动情况
通货膨胀的影响
通货膨胀在预期以内,并且经济体系充分调整时的影响
菜单成本(Menu Cost)
皮鞋成本(Shoe Leather Cost)
通涨在预期内,但是经济体系不能充分调整时
菜单成本和皮鞋成本仍然存在,同时产生财富重新分配(债权人与债务人之间、政府与民间部门之间、固定收入者与利润收入者)
预期以外的通货膨胀
加重财富重新分配
劳资间的财富重新分配
有损资源配置的效率
In the late 1960s, against the strong advice of his economic advisors, Johnson increased expenditures on the Vietnam War but refused to cut spending on his Great Society social welfare programs.
This refusal helped spawn a virulent “demand-pull” inflation.
The Roots of Stagflation
Demand-Pull Inflation
The essence of demand-pull inflation is “too much money chasing too few goods,” and that’s exactly what happened when the . tried to finance both “guns and butter”– both the Vietnam War and the Great Society.
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Price Level
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Demand Pull Inflation
Demand Pull Inflation
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未实现充分就业时的需求拉动
Price and Wage Controls
In 1972, President Richard Nixon imposed price and wage controls and gained the nation a brief respite暂缓 from the Johnson-era inflation.
However, once the controls were lifted in 1973, inflation jumped back up to double digits – helped in large part by a different kind of inflation then emerging, an inflation known as “cost-push” or “supply side” inflation.