同济大学：《货币金融学》课程电子教案（课件讲稿）Chapter 11 Inflation and Deflation

9 同济大学 经济与管理学院 TONGJI UNIVERSITY SCHOOL OF ECONOMICS MANAGEMENT Chapter 11 Inflation and Deflation T指数底能 CPI狂飙 我们离通胀还远吗？ 8.7 26用 川2年 UFENG/CHINA DAILY

Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation >>>Agenda Overview of Inflation Causes for Inflation Effects of Inflation Counter Measures of Inflation Deflation ● ● 2 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 2 GUO YING SEM TONGJI UNIVERSITY  Overview of Inflation  Causes for Inflation  Effects of Inflation  Counter Measures of Inflation  Deflation Chapter 11 Inflation and Deflation Agenda

The Economics of Money and Banking Chapter 11 Inflation and Deflation 》》 Concept of Inflation 1 Definition Inflation is a continuous and obvious rise of the price level caused by Overview of Inflation great increase of money supply and it reduces the purchasing power of each unit of a currency. Two Conditions ■Notes in circulation Followed by continued rise of general price level 3 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 3 GUO YING SEM TONGJI UNIVERSITY 1 Concept of Inflation Overview of Inflation Inflation is a continuous and obvious rise of the price level caused by great increase of money supply and it reduces the purchasing power of each unit of a currency. Definition Notes in circulation Followed by continued rise of general price level Two Conditions Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation >>Measurement of Inflation 1 1.消费物价指数 Overview of Inflation The consumer price index 2.批发物价指数 Wholesale price index 3.国民生产总值的平减指数 GNP deflator 4 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 4 GUO YING SEM TONGJI UNIVERSITY 1Overview of Inflation Measurement of Inflation 1．消费物价指数 The consumer price index 2．批发物价指数 Wholesale price index 3．国民生产总值的平减指数 GNP deflator Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation 》Types of Inflation 1 Criteria:the speed of price rise Overview of Inflation Creeping inflation or Moderate inflation ■ Galloping inflation or runaway inflation ■Hyper inflation 5 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 5 GUO YING SEM TONGJI UNIVERSITY 1Overview of Inflation Types of Inflation  Creeping inflation or Moderate inflation  Galloping inflation or runaway inflation  Hyper inflation Criteria: the speed of price rise Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation 》Types of Inflation 1 Criteria:the causes of inflation Overview of Inflation ■ Demand-pull inflation Cost-push inflation Hybrid inflation Structural inflation 6 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 6 GUO YING SEM TONGJI UNIVERSITY 1Overview of Inflation Types of Inflation  Demand-pull inflation  Cost-push inflation  Hybrid inflation  Structural inflation Criteria: the causes of inflation Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation 》Types of Inflation 1 Criteria:the ways inflation manifests itself Overview of Inflation ■ Open inflation ■ Hidden inflation 7 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 7 GUO YING SEM TONGJI UNIVERSITY 1Overview of Inflation Types of Inflation  Open inflation  Hidden inflation Criteria: the ways inflation manifests itself Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation >>Theory for Inflation 2 Causes for Inflation ■Theory of Demand pull ■Theory of Cost push Theory of hybrid propulsion ■ Structure theory 8 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 8 GUO YING SEM TONGJI UNIVERSITY 2 Theory for Inflation Causes for Inflation  Theory of Demand pull  Theory of Cost push  Theory of hybrid propulsion  Structure theory Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation >>Inflation and Economic Growth 3 Promotion doctrine:inflation can promote economic growth Effects of Inflation Hindrance doctrine:Inflation is detrimental to economic growth Neutral doctrine:inflation has neither positive nor negative effects because people make reasonable adjustment according to the inflation expectation 9 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 9 GUO YING SEM TONGJI UNIVERSITY 3 Inflation and Economic Growth  Promotion doctrine: inflation can promote economic growth Hindrance doctrine: Inflation is detrimental to economic growth  Neutral doctrine: inflation has neither positive nor negative effects because people make reasonable adjustment according to the inflation expectation Effects of Inflation Chapter 11 Inflation and Deflation

The Economics of Money and Banking Chapter 11 Inflation and Deflation 》》》 Inflation and Reallocation of Income 3 Creditors Effects of Inflation ▣Debtors ▣Taxpayers ▣Money-holders 10 GUO YING SEM TONGJI UNIVERSITY

The Economics of Money and Banking 10 GUO YING SEM TONGJI UNIVERSITY 3 Inflation and Reallocation of Income  Creditors  Debtors  Taxpayers  Money-holders Effects of Inflation Chapter 11 Inflation and Deflation