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时间:2020-08-12
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1、Chapter11:Inflation,MoneyGrowth,andInterestRatesChapterSummary:Thechapterattemptstoexplaintherelationshipbetweeninflation,moneygrowthandinterestratesusingthetoolsofequilibriumbusinesscycletheoryandthetheoryofmoneysupplyanddemanddevelopedinpreviouschapters.Itbeginsbyexaminingtheinternational
2、dataoninflationratesandestablishesthelinkbetweennominalmonetarygrowthandinflationrates.Thenthechapterdescribestheimpactofinflationoninterestrates.Therearetwodistinctionswhichareimportantforunderstandingthisparticularsection:actualversusexpectedinterestrates,andrealversusnominalinterestrates
3、.Itisshownthatintertemporalsubstitutioneffectsdependontheexpectedrealinterestrate,somethingthatcannotbedirectlyobserved.3differentapproachestomeasuringexpectedvaluesforinflationandinterestratesaredescribed,includingtheuseofinflationindexedbonds.Inthepreviouschapter,changesintheamountofmoney
4、hadnoeffectsonrealvariables-theanalysisinthischapterdemonstratesthatchangesinthegrowthratesofmoneyalsohavenorealeffects.Thedifferencebetweenthegrowthrateofthemoneysupplyandmoneydemanddeterminestherateofinflation.Changesinthegrowthrateofmoneyareshowntocauserapidchangesinthepricelevel;themere
5、anticipationofthechangecancausethepricelevelto“jump”.Thesectionshowshowthis“jump”isrelatedtothetheoryofmoneydemand.Thelastsectiondiscusseshowgrowthinthemoneysupplycangeneratechangesintherealrevenueofgovernment,unlessmoneydemandfallsdrasticallyasaconsequence.Anextensivediscussionoftheissueus
6、ingtheGermanhyperinflationisdiscussedinthe“bythenumbers”exampleonpage285.ChapterOutline:I.CrossCountryDataonInflationandMoneyGrowthII.InflationandInterestRatesA.ActualandExpectedInflationB.RealandNominalInterestRatesC.TheRealInterestRateandIntertemporalSubstitutionD.ActualandExpectedRealInt
7、erestRatesi.Measuringexpectedinflation52ii.U.SexpectedinflationandinflationandinterestsinceWWIIiii.Indexedbonds,realinterestrates,andexpectedinflationratesIII.InflationintheEquilibriumBusiness-CycleModelA.Intertemporal-SubstitutionEffectsB.BondsandCapita
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