7.
(inflation - inflatio, ) .
:
1) , , , , ;
2) . , . -: , , . , , .. .
, , (deflation) . (desinflation), .
( ) (rate of inflation - ), :
Pt - ( ) , Pt 1 - ( ) . , , .
. () , . , , , .
. () , : , , .
,
3-5% ( 10%). .
,
.
200
- 300% (, ), .
, ,
40-50% 1000% . 1922- 1924 . 1012 ( 1945 1946 .), 3.8 * 1027 198 .
, : () () .
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()
.
() ,
, , ( ) (. 7.1.). .
PM , , PG , , YS ( , ), YD ( , ). YD YS , . , . , , .
: 1) 2) . , : .
,
(demand-pull inflation).
(, , ), .
( ) ( ), ( ). , , : .
: , M (money supply) - ( ), V (velocity of money) (, , , , 1 , 1 .. ), P (price level) Y(yield) ( ). (P × Y) ( ). , , .. . ( ) (.8.2.()), ( ) (.7.2.()). , () .
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, , -
- - ( - -- Y*)(.7.2.()).
( ): , (/ 100%) , m, (V/V x 100%) , (P/P x 100%) , .. , (Y/Y x 100%) , g.
, , , : m g,.. . , : , .
: ( ) , ? , , .
- ( - ), (cost-push inflation). - (.7.3.)
(.7.4.). , , . AD1 AD2. 1 2, (, W1), ( = / , , ). (, W2). SRAS1 - SRAS2. 3. (W2/P3 < W2/P2). . . , AD3, 4. , - SRAS3, 5. , . , , .. ( . ., ., .D, .F ..). . , .
: 1) 2) .
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. -
, , . , ( ).
= | = | |||
1 + |
. (.. ), , . , , .
,
. , . , .. , , 1/ , .. (value) , , . , $5, = $5. 1/ 1/ 5 . , 1/5 . , $10, . $10 = $10, 1/ 1/10 . , $5 $10, 1/5 1/10 .
, .. , , , , , , , , . , , () . , (run from money). , . , 1923 ., : , , , , , , , , ; , , .
. :
(shoeleather costs).
, .. , . , , , , , . , , , , , , .. , , , .. , ( ), , , .
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(menu costs). -.
) , , , , ) , ) .
, -
(relative-price variability and the misallocation of resources). ( ), . , , , , . , , .. , . , , . , , .
, ,
(inflation-induced tax distortions). , , , , , , , . :
- (apital gains), , , , . . , $20, $50. , , , $30 ($50 $20), $10, $40, , , $10 ($50 - $40), $30 , (tax code) .
- , , , ( ) . , , . , , , , . .
, , , .
, , ,
(confusion and inconvenience). , . , , , (, , ..). , , ( ) , .. . , 1 , 50 , .. , , , 1 , 50 . , , (), , , , , .
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, . , (a special cost of unexpected inflation).
, (expected) (unexpected).
, . , , , . (R), ( ) - r - e: R = r + e
, , (expected) .
( , ). : 1 , 1 . : r = R - e
, ( 10%), :
.
, ( ), . , e, , , , .. (1 + e). 1, , .