, , :
δ + δV = δ + δQ,
dM = ΔM/, ΔM = M(t+T) - M(t) , 5. , , δQ = = const, , δV = 0,
δ = δ - ,
, () . , , - .
, . , Δ, , + ΔP. = Δ/,
-> + Δ = (1+).
, S i ( , nominal interest rate), , S
S -> S(l + i).
( ) S
Q=S/P.
, . , Q,
Q -> Q(l + r).
, ,
S(l + i) 1 + i
Q(l + ) = = Q ,
P(l + ) 1 +
,
r=(l+i)/(l+p)-l.
, ,
l+i=(l+r)(l+p),
.
.
( , , , ) 1999 1999 . . , ,
. | ||||||
99 | 99 | 99 | 99 | 99 | 99 | |
USA | 4.76 | 5.56 | 1.68 | 1.96 | ||
UK | 6.38 | 5.18 | 1.35 | 2.75 | ||
EU-11 | 2.5 | 2.63 | 0.79 | 0.87 | ||
Japan | 0.25 | 0.03 | 0.59 | -0.29 |