6.
.
1. . .
2. .
3. .
4. .
. (inflation - inflatio,
) .
:
. , , , ;
. . -: , , . , .
, , (deflation) .
(desinflation), .
( ) (rate of inflation - p), ( ) (P t) ( ) (P t 1) :
P t - P t 1
p = × 100%
P t 1
, , .
. .
() , :
, 10% . 3-4% , (natural rate of inflation);
, , ;
, , 200-300% (, ) ;
, , 40-50% 1000% . 1922- 1924 . 1012 ( 1945 1946 .), 3.8 × 1027 198 .
. , :
(demand-pull inflation), . (, , ), . , , ( . 3). , , : . ( ) , - , , , . , , .
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( ) (.6-2 ()), ( ) (.6-2 ()).
.6-2.
) )
AD2 AD1 AD2 LRAS
AD1 SRAS 2
2
1 1
Y1 Y2 Y Y* Y
( 1 2)
( Y1 Y2). () Y*. , . , ( , ..), .
(cost-push inflation), , , , . (.6-3) ( Y1 Y2) ( 1 2).
.6-3. ()
AD SRAS2
2 SRAS1
1
Y2 Y1 Y
. , :
(expected) ;
() (unexpected) .
.
() , . , , , , . , .. , , 1/ , .. (value) , , . , $5 ( = $5), 1/ 1/ 5 . , 1/5 . , $10 ( = $10), 1/10 .
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, ( ), . , . , , , , , . , , () . , (run from money). , . , 1923 ., : , , , , , , , , , ; , , .
. , , . : , .
:
(shoeleather costs)
(transaction costs) . (transaction). . , , , , , . , , , , , , ... , , , .. , ( ), . , . , ;
(menu costs) - -.
: ) , , , ; ) ; ) . ;
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(relative-price variability and the misallocation of resources). , , ( ), , - , . , , , , . , , , . , , . , , ;
, ,
(inflation-induced tax distortions). , , , , , , , . :
- (apital 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 ). , , , .
, .
. , (expected) (unexpected).
, . . , , . , ( ).
= -------------------------- = ----------------------------
1 + p
p - . , .. , , . , , .
, . , , , . (R), ( ) r - pe:
R = r + pe
, , (expected) . , , 5% (r = 5%), , 3% (pe = 3%, 3%- , ), , 8% (5% + 3%). 5% 3% .
( , ). : 1 , 1 . (, 3%, 4%, , 5% , 8%, 9% (5% + 4%)).
:
r = R - pe
, ( 10%), :
R - pe
r = ---------- × 100%
1 + pe
, ( ), . , pe, , , , (1 + pe). 1, , .
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, , , .
, , , (arbitrary redistribution of wealth). . :
.
, , ( ) (R = r + pe). , 5% , 3%, 8% (5% + 3%). 8% 3%, (r = 8 8 = 0), 10%, , 2% (r = 8 10 = - 2) . .
. , , , , () , , , . , () , , , . , , . , , .
. ,
, , , . , , , () , , (), . , , . , , .
.
, , , , , , . , , .
, , , .
, , , .
.
, , , (), , , , . , , .
, , . -
. . ( ), , . . , , .. , , .
, :
- ( , , , , );
- ( );
- ( );
- , - , , ..
( )
, , .
. . : , , , , (, 1 2). (, W1), (W1/P2 < W1/P1). (, W2). , , (, 3). (W2/P3 < W2/P2). . , , - . . . , , .. . . , .