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1、MoneyGrowthandInflation1©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.InflationIn
2、flationIncreaseintheoveralllevelofpricesHyperinflationExtraordinarilyhighrateofinflationDeflationDecreaseintheoveralllevelofprices2©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicen
3、sedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.TheClassicalTheoryofInflation“Classical”theoryofmoneyQuantitytheoryofmoneyNowadays,thistheoryisusedtoexplainthelong-rundeterminantsofthepricelevelandtheinfla
4、tionrate3©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.LevelofPrices;ValueofMoney
5、Inflation-riseinthepricelevelOnedollar-buysasmallerquantityofgoodsandservicesLowerthevalueofmoneyIfthepricelevelismeasuredbyP,thenthevalueofmoneycanbedenotedby(1/P)P:amountofdollarsneededtobuyafixedbasketofgoodsandservices(1/P):amountofgoodsandservicest
6、hatcanbeboughtwith$14©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.TheClassicalTh
7、eoryofInflationMoneydemandReflectshowmuchwealthpeoplewanttoholdinliquidform(i.e.,money)DependsonAvailabilityofATM&creditcardInterestrateAveragelevelofpricesineconomy(P)Demandcurve–downwardslopingRelativetothevalueofmoney(1/P)5©2012CengageLearning.AllRig
8、htsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.TheClassicalTheoryofInflationMoneysupp
