6
,
("inflation" . "inflatio", "") ,
:
♦ . , , , ;
♦ . . -: , , . , .
, , (deflation) ,
(desin-flation), ,
( ) (rate of inflation π), () (Pt-1) :
, , . .
. () , :
, 10% . 34% ;
, , ;
, , 200300% (, ) ;
, , 4050% 1000% . : 1922 . 1924 ., 1012, 1923 . 3 32 400% ( 10% ); ( 1945 . 1946 .), 3,8 * 1027 198 .
(. 6.2 6.3).
: . , , :
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(demand-pull inflation), . (, , ) . , , , , , . , , (Milton Friedman): " ". ( ) , - , , , . , , , , , , .
( ) (. 6.1,), ( ) (. 6.1,).
( 1 2) ( Y1 Y2). () Y*. , " ". , ( , ..), , ;
. 6.1.
(cost-push inflation), , . (. 6.2) ( Y1 Y2) ( 1 2).
. 6.2. (
:
(expected) ;
() (unexpected) .
.
( value) , . , , , , . , .. , , 1/, .. , , . , 5 . ( = 5), 1 . 1 / 1/5 . , 1 . 1/5 . , 10 . ( = 10), 1/10 .
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( ), . , . , , , (inflation tax) , , . . , , () . , " " ("flight from money"). , . , 1923 ., : , , , , , , , , , , , , .
, , , . : , .
.
" " (shoeleather costs) . (transaction costs) (transaction). . , , , , , . , , , , , .. , , ( ), . , . , " ".
"" (menu costs) , -. : -, , , , ; -, ; -, . .
, (relative-price variability and the misallocation of resources). , , ( ""), , - , . , , , , . , , . , , , , . .
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, , (inflation-induced tax distortions). , , , , , . :
- (capital gains), , , , . . , 20 ., 50 . , , , 30 . (50 - 20), 10 ., 40 . (20 2), , , . 10 . (50 40), 30 . , . 10 . ;
- , , ( ) . , , , 100 . 5% (5 .), 10%, , 15%, 115 ., 15 . ( 10 . , .. 10% , 5 . . ( ) , .. 15 . 5 . , , , . , , , . , , .
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, , , (confusion and inconvenience). , . , , , (, , ..). , " " . , 1 , 50 . . ( , , "1", 50 ). , , , . , .