曼昆经济学原理英文版文案加习题答案30章.docx
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曼昆经济学原理英文版文案加习题答案30章.docx
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曼昆经济学原理英文版文案加习题答案30章
30
MONEYGROWTHANDINFLATION
WHAT’SNEWINTHESEVENTHEDITION:
Therearenomajorchangestothischapter.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øwhyinflationresultsfromrapidgrowthinthemoneysupply.
Øthemeaningoftheclassicaldichotomyandmonetaryneutrality.
Øwhysomecountriesprintsomuchmoneythattheyexperiencehyperinflation.
Øhowthenominalinterestraterespondstotheinflationrate.
Øthevariouscoststhatinflationimposesonsociety.
CONTEXTANDPURPOSE:
Chapter17isthesecondchapterinatwo-chaptersequencedealingwithmoneyandpricesinthelongrun.Chapter16explainedwhatmoneyisandhowtheFederalReservecontrolsthequantityofmoney.Chapter17establishestherelationshipbetweentherateofgrowthofmoneyandtheinflationrate.
Thepurposeofthischapteristoacquaintstudentswiththecausesandcostsofinflation.Studentswillfindthat,inthelongrun,thereisastrongrelationshipbetweenthegrowthrateofmoneyandinflation.Studentswillalsofindthattherearenumerouscoststotheeconomyfromhighinflation,butthatthereisnotaconsensusontheimportanceofthesecostswheninflationismoderate.
KEYPOINTS:
∙Theoveralllevelofpricesinaneconomyadjuststobringmoneysupplyandmoneydemandintobalance.Whenthecentralbankincreasesthesupplyofmoney,itcausesthepriceleveltorise.Persistentgrowthinthequantityofmoneysuppliedleadstocontinuinginflation.
∙Theprincipleofmonetaryneutralityassertsthatchangesinthequantityofmoneyinfluencenominalvariablesbutnotrealvariables.Mosteconomistsbelievethatmonetaryneutralityapproximatelydescribesthebehavioroftheeconomyinthelongrun.
∙Agovernmentcanpayforsomeofitsspendingsimplybyprintingmoney.Whencountriesrelyheavilyonthis“inflationtax,”theresultishyperinflation.
∙OneapplicationoftheprincipleofmonetaryneutralityistheFishereffect.AccordingtotheFishereffect,whentheinflationraterises,thenominalinterestraterisesbythesameamount,sothattherealinterestrateremainsthesame.
∙Manypeoplethinkthatinflationmakesthempoorerbecauseitraisesthecostofwhattheybuy.Thisviewisafallacy,however,becauseinflationalsoraisesnominalincomes.
∙Economistshaveidentifiedsixcostsofinflation:
shoeleathercostsassociatedwithreducedmoneyholdings,menucostsassociatedwithmorefrequentadjustmentofprices,increasedvariabilityofrelativeprices,unintendedchangesintaxliabilitiesduetononindexationofthetaxcode,confusionandinconvenienceresultingfromachangingunitofaccount,andarbitraryredistributionsofwealthbetweendebtorsandcreditors.Manyofthesecostsarelargeduringhyperinflation,butthesizeofthesecostsformoderateinflationislessclear.
CHAPTEROUTLINE:
I.TheinflationrateismeasuredasthepercentagechangeintheConsumerPriceIndex,theGDPdeflator,orsomeotherindexoftheoverallpricelevel.
A.Overthepast80years,priceshaverisenonaverage3.6%peryearintheUnitedStates.
1.Therehasbeensubstantialvariationintherateofpricechangesovertime.
2.From2002to2012,pricesroseatanaveragerateof2.5%peryear,whilepricesroseby7.8%peryearduringthe1970s.
B.Internationaldatashowsanevenbroaderrangeofinflationexperiences.In2012,inflationwas0.1%inJapan,5.1%inRussia,9.3%inIndia,and21.1%inVenezuela.
II.TheClassicalTheoryofInflation
Startoffthechapterbydifferentiatingbetweena“once-and-for-all”increaseintheaveragelevelofpricesandacontinuousincreaseinthepricelevel.Alsomakesurethatstudentsrealizethatinflationmeansthattheaveragelevelofpricesintheeconomyisrisingratherthanthepricesofallgoods.
ItisinstructivetoreviewtheinflationhistoryoftheUnitedStates.Whileyourstudentsarelikelyfullyawareofinflation,theymaynotrealizethat,priortoWorldWarII,theUnitedStatesexperiencedseveralperiodsofdeflation.AlsopointouttothestudentsthattherateofinflationhasvariedsignificantlysinceWorldWarII.
A.TheLevelofPricesandtheValueofMoney
1.Whenthepricelevelrises,peoplehavetopaymoreforthegoodsandservicestheybuy.
2.Ariseinthepricelevelalsomeansthatthevalueofmoneyisnowlowerbecauseeachdollarnowbuysasmallerquantityofgoodsandservices.
3.IfPisthepricelevel,thenthequantityofgoodsandservicesthatcanbepurchasedwith$1isequalto1/P.
4.Supposeyouliveinacountrywithonegood(icecreamcones).
a.Whenthepriceofanicecreamconeis$2,thevalueofadollaris1/2cone.
b.Whenthepriceofanicecreamconerisesto$3,thevalueofadollaris1/3cone.
B.MoneySupply,MoneyDemand,andMonetaryEquilibrium
1.Thevalueofmoneyisdeterminedbythesupplyanddemandformoney.
2.Forthemostpart,thesupplyofmoneyisdeterminedbytheFed.
3.Thedemandformoneyreflectshowmuchwealthpeoplewanttoholdinliquidform.
a.Onevariablethatisveryimportantindeterminingthedemandformoneyisthepricelevel.
b.Thehigherpricesare,themoremoneythatisneededtoperformtransactions.
c.Thus,ahigherpricelevel(andalowervalueofmoney)leadstoahigherquantityofmoneydemanded.
4.Inthelongrun,moneysupplyandmoneydemandarebroughtintoequilibriumbytheoveralllevelofprices.
a.Ifthepricelevelisabovetheequilibriumlevel,peoplewillwanttoholdmoremoneythanisavailableandpriceswillhavetodecline.
b.Ifthepricelevelisbelowequilibrium,peoplewillwanttoholdlessmoneythanthatavailableandthepricelevelwillrise.
Figure1
5.Wecanshowthesupplyanddemandformoneyusingagraph.
a.Thehorizontalaxisshowsthequantityofmoney.
b.Theleft-handverticalaxisisthevalueofmoney,measuredby1/P.
c.Theright-handverticalaxisisthepricelevel(P).Notethatitisinverted—ahighvalueofmoneymeansalowpricelevelandviceversa.
d.ThesupplycurveisverticalbecausetheFedhasfixedthequantityofmoneyavailable.
e.Thedemandcurveformoneyisdownwardsloping.Whenthevalueofmoneyislow,peopledemandalargerquantityofittobuygoodsandservices.
f.Attheequilibrium,thequantityofmoneydemandedisequaltothequantityofmoneysupplied.
C.TheEffectsofaMonetaryInjection
1.AssumethattheeconomyiscurrentlyinequilibriumandtheFedsuddenlyincreasesthesupplyofmoney.
2.Thesupplyofmoneyshiftstotheright.
Figure2
3.Theequilibriumvalueofmoneyfallsandthepricelevelrises.
4.Whenanincreaseinthemoneysupplymakesdollarsmoreplentiful,theresultisanincreaseinthepricelevelthatmakeseachdollarlessvaluable.
5.Definitionofquantitytheoryofmoney:
atheoryassertingthatthequantityofmoneyavailabledeterminesthepricelevelandthatthegrowthrateinthequantityofmoneyavailabledeterminestheinflationrate.
D.ABriefLookattheAdjustmentProcess
1.Theimmediateeffectofanincreaseinthemoneysupplyistocreateanexcesssupplyofmoney.
2.Peopletrytogetridofthisexcesssupplyinavarietyofways.
a.Theymaybuygoodsandserviceswiththeexcessfunds.
b.Theymayusetheseexcessfundstomakeloanstoothersbybuyingbondsordepositingthemoneyinabankaccount.Theseloanswillthenbeusedbyotherstobuygoodsandservices.
c.Ineithercase,theincreaseinthemoneysupplyleadstoanincreaseinthedemandforgoodsandservices.
d.Becausethesupplyofgoodsandserviceshasnotchanged,theresultofanincreaseinthedemandforgoodsandserviceswillbehigherprices.
E.TheClassicalDichotomyandMonetaryNeutrality
1.Inthe18thcentury,DavidHumeandothereconomistswroteabouttherelationshipbetweenmonetarychangesandimportantmacroeconomicvariablessuchasproduction,employment,realwages,andrealinterestrates.
2.Theysuggestedthateconomicvariablesshouldbedividedintotwogroups:
nominalvariablesandrealvariables.
a.Definitionofnominalvariables:
variablesmeasuredinmonetaryunits.
b.Definitionofrealvariables:
variablesmeasuredinphysicalunits.
3.Definitionofclassicaldichotomy:
thetheoreticalseparationofnominalandrealvariables.
4.Pricesintheeconomyarenominal(becausetheyarequotedinunitsofmoney),butrelativepricesarereal(becausetheyarenotmeasuredinmoneyterms).
5.Classicalanalysissuggestedthatdifferentforcesinfluencerealandnominalvariables.
a.Changesinthemoneysupplyaffectnominalvariablesbutnotrealvariables.
b.Definitionofmonetaryneutrality:
thepropositionthatchangesinthemoneysupplydonotaffectrealvariables.
Mankiw’sanalogyofchangingthesizeofayardfrom36inchesto18inchesisausefulwaytoexplaintheconfusionthatachangeinaunitofmeasurement(oraunitofaccount)cancause.
F.VelocityandtheQuantityEquation
1.Definitionofvelocityofmoney:
therateatwhichmoneychangeshands.
2.Tocalculatevelocity,wedividenominalGDPbythequantityofmoney.
3.IfPisthepricelevel(theGDPdeflator),YisrealGDP,andMisthequantityofmoney:
4.Rearranging,wegetthequantityequation:
ALTERNATIVECLASSROOMEXAMPLE:
Supposethat:
Wecanshowthat:
5.Definitionofquantityequation:
theequationM×V=P×Y,whichrelatesthequantityofmoney,thevelocityofmoney,andthedollarvalueoftheeconomy’soutputofgoodsandservices.
a.Thequantityequationshowsthatanincreaseinthequantityofmoneymustbereflectedinoneoftheotherthreevariables.
b.Specifically,thepricelevelmustrise,ou
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