介绍极高通胀成本显而易见如果价格上涨足够快货币就不再有用交换分析.pdf

Introduction

•Costsofextremelyhighinflationeasytosee

•Ifpricserapidlyenough,moneystopsbeinga

usefulmediumofexchange

•Costsoflow,expectedinflationaredifficulttosee

•Regardless,publichasadistasteforitesa

issue

•Unexpectedinflationhasdistributionalcost(debtorsvs.

creditors)

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TheCostsofInflation

•Perfectlyanticipatedinflation:Supposeaneconomyhasbeen

experiencinginflationof5%andtheanticipatedrateof

inflationisalso5%,thenallcontractswillbuildinthe

expected5%inflation

–Nominalinterestratesaccountfortheinflation

–Longtermlaborcontractsaccountfortheinflation

–Taxbracketsaretypicallyadjustedtoaccountfortheinflation

Inflationhasnorealcosts,exceptfortwoqualifications:

–Thecostsofholdingcurrencyrisealongwiththerateof

inflation,andthedemandforcurrencydecreases

–costsofinflation

8-3

TheCostsofInflation

•Imperfectlyanticipatedinflation:fulladjustmenttoinflation

doesnotdescribeeconomiesintherealworldimperfectly

anticipated

•Mostcontractsarewritteninnominalterms

•Ifinflationisunexpectedlyhigh,debtorsrepayloansin

cheaperdollars

•Ifinflationinunexpectedlylow,debtorsrepayloansinmore

valuabledollars(takealoss)

•Thepossibilityofunexpectedinflationintroducesanelement

ofrisk,whiightpreventsomefrommakingsome

exchangestheyotherwisewouldundertake

•Unanticipatedinflationredistributeswealthande

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