Ch29PPT课件下载推荐.ppt

Ch29PPT课件下载推荐.ppt

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29CHAPTERINFLATIONObjectivesAfterstudyingthischapter,youwillabletoDistinguishbetweeninflationandaone-timeriseinthepricelevelExplainhowdemand-pullinflationisgeneratedExplainhowcost-pushinflationisgeneratedDescribetheeffectsofinflationExplaintheshort-runandlong-runrelationshipsbetweeninflationandunemploymentExplaintheshort-runandlong-runrelationshipsbetweeninflationandinterestratesFromRometoRiodeJaneiroInflationisaveryoldproblemandsomecountrieseveninrecenttimeshaveexperiencedratesashighas40%permonth.TheUnitedStateshaslowinflationnow,butduringthe1970sthepriceleveldoubled.Whydoesinflationoccur,howdoourexpectationsofinflationinfluencetheeconomy,isthereatradeoffbetweeninflationandunemployment,andhowdoesinflationaffecttheinterestrate?

@#@InflationandthePriceLevelInflationisaprocessinwhichthepricelevelisrisingandmoneyislosingvalue.Inflationisariseinthepricelevel,notinthepriceofaparticularcommodity.Andinflationisanongoingprocess,notaone-timejumpinthepricelevel.InflationandthePriceLevelFigure29.1illustratesthedistinctionbetweeninflationandaone-timeriseinthepricelevel.InflationandthePriceLevelTheinflationrateisthepercentagechangeinthepricelevel.Thatis,whereP1isthecurrentpricelevelandP0islastyearspricelevel,theinflationrateis（P1P0）/P0100InflationcanresultfromeitheranincreaseinaggregatedemandoradecreaseinaggregatesupplyandbeDemand-pullinflationCost-pushinflationDemand-PullInflationDemand-pullinflationisaninflationthatresultsfromaninitialincreaseinaggregatedemand.Demand-pullinflationmaybeginwithanyfactorthatincreasesaggregatedemand.Twofactorscontrolledbythegovernmentareincreasesinthequantityofmoneyandincreasesingovernmentpurchases.Athirdpossibilityisanincreaseinexports.Demand-PullInflationInitialEffectofanIncreaseinAggregateDemandFigure29.2（a）illustratesthestartofademand-pullinflation.Startingfromfullemployment,anincreaseinaggregatedemandshiftstheADcurverightward.Demand-PullInflationRealGDPincreases,thepricelevelrises,andaninflationarygaparises.Therisingpricelevelisthefirststepinthedemand-pullinflation.Demand-PullInflationMoneyWageRateResponseFigure29.2（b）illustratesthemoneywageresponse.ThehigherlevelofoutputmeansthatrealGDPexceedspotentialGDPaninflationarygap.Demand-PullInflationThemoneywagerisesandtheSAScurveshiftsleftward.RealGDPdecreasesbacktopotentialGDPbutthepricelevelrisesfurther.Demand-PullInflationADemand-PullInflationProcessFigure29.3illustratesademand-pullinflationspiral.Aggregatedemandkeepsincreasingandtheprocessjustdescribedrepeatsindefinitely.Demand-PullInflationAlthoughanyofseveralfactorscanincreaseaggregatedemandtostartademand-pullinflation,onlyanongoingincreaseinthequantityofmoneycansustainit.Demand-pullinflationoccurredintheUnitedStatesduringthelate1960sandearly1970s.Cost-PushInflationCost-pushinflationisaninflationthatresultsfromaninitialincreaseincosts.Therearetwomainsourcesofincreasedcosts:

@#@AnincreaseinthemoneywagerateAnincreaseinthemoneypriceofrawmaterials,suchasoil.Cost-PushInflationInitialEffectofaDecreaseinAggregateSupplyFigure29.4illustratesthestartofcost-pushinflation.Ariseinthepriceofoildecreasesshort-runaggregatesupplyandshiftstheSAScurveleftward.Cost-PushInflationRealGDPdecreasesandthepricelevelrisesacombinationcalledstagflation.Therisingpricelevelisthestartofthecost-pushinflation.Cost-PushInflationAggregateDemandResponseTheinitialincreaseincostscreatesaone-timeriseinthepricelevel,notinflation.Tocreateinflation,aggregatedemandmustincrease.Cost-PushInflationFigure29.5illustratesanaggregatedemandresponsetostagflation,whichmightarisebecausetheFedstimulatesdemandtocounterthehigherunemploymentrateandlowerlevelofrealGDP.Cost-PushInflationTheincreaseinaggregatedemandshiftstheADcurverightward.RealGDPincreasesandthepricelevelrisesagain.Cost-PushInflationACost-PushInflationProcessFigure29.6illustratesacost-pushinflationspiral.Cost-PushInflationIftheoilproducersraisethepriceofoiltotrytokeepitsrelativepricehigher,andtheFedrespondswithanincreaseinaggregatedemand,aprocessofcost-pushinflationcontinues.Cost-pushinflationoccurredintheUnitedStatesduring19741978.EffectsofInflationUnanticipatedInflationintheLaborMarketUnanticipatedinflationhastwomainconsequencesinthelabormarket:

@#@RedistributionofincomeDeparturefromfullemploymentEffectsofInflationHigherthananticipatedinflationlowerstherealwagerateandemployersgainattheexpenseofworkers.Lowerthananticipatedinf