tailieunhanh - Macroeconomic theory and policy phần 7

Trong cả hai trường hợp, nhu cầu tiêu dùng vẫn còn tại điểm C. Mặt khác, nếu cá nhân sống trong một thế giới 'Keynes' (nghĩa là, nếu họ đang hạn chế nợ), sau đó kết luận tương tự sẽ thường không tổ chức (một lần nữa, xin xem Phụ lục 4. B). Tầm quan trọng của sự phân biệt này sẽ trở nên rõ ràng trong thời gian ngắn. Trong khi đó, chúng tôi sẽ hoạt động theo giả định rằng các cá nhân không . | 176 CHAPTER 8. MONEY INTEREST AND PRICES high the value of money declines very rapidly inducing people to take extraordinary measures involving real resource costs to economize on their money holdings. Over the period July-November 1923 in Germany for example the price-level rose by 854 000 000 000 . According to some sources Workmen are given their pay twice a day now-in the morning and in the afternoon with a recess of a half-hour each time so that they can rush out and buy things-for if they waited a few hours the value of their money would drop so far that their children would not get half enough food to feel satisfied. Evidently merchants eventually found that they had trouble marking up their prices as fast enough. So they left the price marks as they were and posted hourly a new multiplication factor. The actual price marked on the goods had to be multiplied by this factor to determine the price which had to be paid for the goods. Every hour the merchant would call up the bank and receive the latest quotation upon the dollar. He would then alter his multiplication factor to suit and would perhaps add a bit in anticipation of the next quotation. Banks had whole batteries of telephone boys who answered each call as follows 100 milliarden bitte sehr guten Tag. Which meant The present quotation on the dollar is 100 billion marks thank you good day. 10 According to the QTM episodes like the German hyperinflation are caused by an overly expansionary monetary policy. High money growth rates imply high inflation. The way to prevent inflation is keep the money supply expanding at a moderate rate approximately equal to the growth rate of the real economy . Indeed if one looks at a cross-section of countries the correlation between inflation and money growth appears to be very high. The same is true for timeseries observations within a country over long periods of time the correlation is not as strong over short intervals of time . This type of evidence is usually .