012. Inflation, Disinflation, and Deflation
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Transcript of 012. Inflation, Disinflation, and Deflation
![Page 1: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/1.jpg)
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Inflation, Disinflation, and Deflation
Krugman CH31조남운
mailto:[email protected]:[email protected]
Tuesday, November 17, 15
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Outline
•화폐와 인플레이션
•인플레이션의 영향
•완만한 인플레이션과 디스인플레이션
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Outline
•화폐와 인플레이션
•인플레이션의 영향
•완만한 인플레이션과 디스인플레이션
•디플레이션
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
화폐공급증가와 물가
•화폐공급이 증가(M⬆)하면 단기적으로는
생산이 증가(Y⬆)하지만, 장기적으로는 장기
추세수준으로 복귀(Y→Y*): 남는 것은 물가변화(P⬆)
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
화폐공급증가와 물가
•화폐공급이 증가(M⬆)하면 단기적으로는
생산이 증가(Y⬆)하지만, 장기적으로는 장기
추세수준으로 복귀(Y→Y*): 남는 것은 물가변화(P⬆)
•복귀 메커니즘: 화폐증가(이자율 하락) ➜ 생산증가 ➜ 물가상승 ➜ 화폐증가효과상쇄 ➜ 잠재생산수준복귀(이자율 포함)
Tuesday, November 17, 15
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Monetary Policy and Interest Rate
r* r*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rr
S
Real Money: M/P Loanable FundM/P
r* r*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rr
S
Real Money: M/P Loanable Fund
Potential Level
M/P
r* r*
Tuesday, November 17, 15
![Page 14: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/14.jpg)
Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rrr[target]
Real Money: M/P Loanable Fund
Potential Level
M/P
r* r*
Tuesday, November 17, 15
![Page 15: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/15.jpg)
Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rrr[target]
Real Money: M/P Loanable Fund
LR: P⬆ ➔ M/P⬇
Potential Level
M/P
r* r*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rr
r[target]
S
Real Money: M/P Loanable Fund
LR: P⬆ ➔ M/P⬇
Potential Level
M/P
r* r*
Tuesday, November 17, 15
![Page 17: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/17.jpg)
Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
r* r*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rr
S
Nominal Money: M Loanable FundM
r* r*
MS
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rr
S
Nominal Money: M Loanable Fund
Potential Level
M
r* r*
MS
Tuesday, November 17, 15
![Page 20: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/20.jpg)
Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rrr[target]
Nominal Money: M Loanable Fund
Potential Level
M
r* r*
MS
Tuesday, November 17, 15
![Page 21: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/21.jpg)
Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rrr[target]
Nominal Money: M Loanable Fund
Potential Level
M
r* r*
MSLR: P⬆ ➔ MD⬆
Tuesday, November 17, 15
![Page 22: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/22.jpg)
Nam-un,Cho. mailto:[email protected]
Monetary Policy and Interest Rate
Q*
D
SRMD
rr
r[target]
S
Nominal Money: M Loanable Fund
Potential Level
M
r* r*
MSLR: P⬆ ➔ MD⬆
Tuesday, November 17, 15
![Page 24: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/24.jpg)
Nam-un,Cho. mailto:[email protected]
물가에 대한 고전모형Classical Model
•실질통화량이 즉각적으로 장기균형에 조응
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
물가에 대한 고전모형Classical Model
•실질통화량이 즉각적으로 장기균형에 조응
•단기 경직성 무시
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
물가에 대한 고전모형Classical Model
•실질통화량이 즉각적으로 장기균형에 조응
•단기 경직성 무시
•가격의 단기 경직성이 사라지는 특수한 경우엔 실제로 관찰 가능
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Expansionary Monetary Policy: LR
SRASAD
P* E*
LRASAD SRAS
Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Expansionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ExpansionaryMonetary Policy
AD SRAS
Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Expansionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ExpansionaryMonetary Policy
AD
P0
Y0
SRAS
Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Expansionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ExpansionaryMonetary Policy
AD
P0
Y0
SRAS
P1
Y1Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Expansionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ExpansionaryMonetary Policy
AD
P0
Y0
SRAS
P1
Y1Y*
Tuesday, November 17, 15
![Page 34: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/34.jpg)
Nam-un,Cho. mailto:[email protected]
Contractionary Monetary Policy: LR
SRASAD
P* E*
AD SRAS
Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Contractionary Monetary Policy: LR
SRASAD
P* E*
LRASAD SRAS
Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Contractionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ContractionaryMonetary Policy
AD SRAS
Y*
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Contractionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ContractionaryMonetary Policy
AD
P0
Y0
SRAS
Y*
Tuesday, November 17, 15
![Page 38: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/38.jpg)
Nam-un,Cho. mailto:[email protected]
Contractionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ContractionaryMonetary Policy
AD
P0
Y0
SRAS
P1
Y1 Y*
Tuesday, November 17, 15
![Page 39: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/39.jpg)
Nam-un,Cho. mailto:[email protected]
Contractionary Monetary Policy: LR
SRASAD
P* E*
LRAS
ContractionaryMonetary Policy
AD
P0
Y0
SRAS
P1
Y1 Y*
Tuesday, November 17, 15
![Page 40: 012. Inflation, Disinflation, and Deflation](https://reader037.fdocument.pub/reader037/viewer/2022103104/589e3ff11a28ab07478b6213/html5/thumbnails/40.jpg)
Nam-un,Cho. mailto:[email protected]
가격의 단기경직성이 사라지는 경우
Disappearance of Short-run Price Rigidity
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
가격의 단기경직성이 사라지는 경우
Disappearance of Short-run Price Rigidity
•고전모델은 가격의 경직성이 무시할만하다고 보았음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
가격의 단기경직성이 사라지는 경우
Disappearance of Short-run Price Rigidity
•고전모델은 가격의 경직성이 무시할만하다고 보았음
•일반적으로 가격은 단기적으로 경직적
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
가격의 단기경직성이 사라지는 경우
Disappearance of Short-run Price Rigidity
•고전모델은 가격의 경직성이 무시할만하다고 보았음
•일반적으로 가격은 단기적으로 경직적
•예외가 발생하는 경우: 인플레이션이 심한 상황: 가격 조정에 대한 마찰이 사라짐⇒ Hyper Inflation
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
초인플레이션Hyper-Inflation
•Hyper-Inflation: 월 물가상승률이 50%를 초과하는 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
초인플레이션Hyper-Inflation
•Hyper-Inflation: 월 물가상승률이 50%를 초과하는 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
초인플레이션Hyper-Inflation
•Hyper-Inflation: 월 물가상승률이 50%를 초과하는 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
초인플레이션Hyper-Inflation
•Hyper-Inflation: 월 물가상승률이 50%를 초과하는 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
초인플레이션Hyper-Inflation
•Hyper-Inflation: 월 물가상승률이 50%를 초과하는 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
초인플레이션Hyper-Inflation
•Hyper-Inflation: 월 물가상승률이 50%를 초과하는 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Money Supply Growth and Inflation in Zimbabwe
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Causes of Hyper-Inflation
•화폐 제조권이 있는 중앙정부(중앙은행)가 과다하게 화폐발행: 주조수익(Seigniorage)
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Causes of Hyper-Inflation
•화폐 제조권이 있는 중앙정부(중앙은행)가 과다하게 화폐발행: 주조수익(Seigniorage)
•인플레이션세: 주조수익으로 인한 화폐보유자의 부 감소분
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Causes of Hyper-Inflation
•화폐 제조권이 있는 중앙정부(중앙은행)가 과다하게 화폐발행: 주조수익(Seigniorage)
•인플레이션세: 주조수익으로 인한 화폐보유자의 부 감소분
•ex) 정부의 화폐발행으로 7% 인플레이션 발생: 화폐가치 93%으로 저하(7% 저하) ⇒ 명목 인플레이션세는 총화폐의 7%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
사고실험
•물가를 제외한 모든 거시지표(rGDP,기술,인구수 등)가 변하지 않을 경우를 가정
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
사고실험
•물가를 제외한 모든 거시지표(rGDP,기술,인구수 등)가 변하지 않을 경우를 가정
•CASE1: 5%의 (연간)인플레이션 발생: 1000원에 A만큼 살 수 있다면, 1년후에는 1000원에 A*0.95 만큼 살 수 있게 됨
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
사고실험
•물가를 제외한 모든 거시지표(rGDP,기술,인구수 등)가 변하지 않을 경우를 가정
•CASE1: 5%의 (연간)인플레이션 발생: 1000원에 A만큼 살 수 있다면, 1년후에는 1000원에 A*0.95 만큼 살 수 있게 됨
•CASE2: 0%의 인플레이션이 있는 상태 + 국가가 모든 화폐에 대해 매년 5%의 비례세를 매김
Tuesday, November 17, 15
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Comparison1000원의 구매력
(year 0 기준) CASE 1 CASE 2
year 0:
year 1:
year 2:
year 3:
1000 1000
1000*0.95 1000(1-0.05)
1000*0.95^2 1000(1-0.05)^2
1000*0.95^3 1000(1-0.05)^3
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Inflation Tax•[Nominal Inflation Tax]≈[Inflation
rate] * [Nominal Money Supply:M]
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Inflation Tax•[Nominal Inflation Tax]≈[Inflation
rate] * [Nominal Money Supply:M]
•[(Real) Inflation Tax] ≈ [Inflation rate] * [Real Money Supply:M/P]
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Inflation Tax•[Nominal Inflation Tax]≈[Inflation
rate] * [Nominal Money Supply:M]
•[(Real) Inflation Tax] ≈ [Inflation rate] * [Real Money Supply:M/P]
•위 식은 근사식이므로 비교적 낮은 수준의 Inflation rate에만 적용 가능
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Nam-un,Cho. mailto:[email protected]
Inflation Tax•[Nominal Inflation Tax]≈[Inflation
rate] * [Nominal Money Supply:M]
•[(Real) Inflation Tax] ≈ [Inflation rate] * [Real Money Supply:M/P]
•위 식은 근사식이므로 비교적 낮은 수준의 Inflation rate에만 적용 가능
•ex. inflation = 1000%: 인플레이션세는 실질 화폐공급의 1000%? (X) 화폐의 구매력이 1/10이 되므로 인플레이션세는 실질 화폐의 90%임.
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Why Government need Seigniorage?
•부채가 많은 정부가 적자를 감당하지 못할 경우 지폐인쇄로 해결하려 할 수 있음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Why Government need Seigniorage?
•부채가 많은 정부가 적자를 감당하지 못할 경우 지폐인쇄로 해결하려 할 수 있음
•실질 인플레이션세를 통해 재정 적자를 경감/완화
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From Inflation Tax to Hyper-Inflation
•발생경로
Tuesday, November 17, 15
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From Inflation Tax to Hyper-Inflation
•발생경로
1. Inflation Tax 징수 : M++
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
From Inflation Tax to Hyper-Inflation
•발생경로
1. Inflation Tax 징수 : M++
2. Inflation 발생: P↑
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
From Inflation Tax to Hyper-Inflation
•발생경로
1. Inflation Tax 징수 : M++
2. Inflation 발생: P↑
3. 실질화폐보유량 감소: M/P↓, 화폐 자체를 보유하려하는 성향도 감소 M/P↓↓
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션 급상승 메커니즘
•[Inflation Tax needed] ≈ [Inflation rate] * [Real Money Supply: M/P] 이므로 필요한 Inflation Tax를 조달하기 위한 명목화폐발행(Ms) 속도는 인플레이션률보다 높게 설정되어야 함
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션 급상승 메커니즘
•[Inflation Tax needed] ≈ [Inflation rate] * [Real Money Supply: M/P] 이므로 필요한 Inflation Tax를 조달하기 위한 명목화폐발행(Ms) 속도는 인플레이션률보다 높게 설정되어야 함
•즉, (M⬆⬆/P⬆) ⇒ 인플레이션 추가 상
승(P⬆⬆) ⇒ 명목화폐공급 추가상승
(M⬆⬆⬆) ⇒ ∞..
Tuesday, November 17, 15
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결론은? Hyper-Inflation! (of Brazil, 1980s)
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
결론은? Hyper-Inflation! (of Brazil, 1980s)
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
결론은? Hyper-Inflation! (of Brazil, 1980s)
Log Scale
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 영향(1)
•소비자의 입장에서 인플레이션은 화폐의 구매력 약화를 의미
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 영향(1)
•소비자의 입장에서 인플레이션은 화폐의 구매력 약화를 의미
•하지만, 임금, 명목이자율도 인플레이션에 조응하여 상승하기 때문에 총 구매력 저하효과는 상쇄됨
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 영향(1)
•소비자의 입장에서 인플레이션은 화폐의 구매력 약화를 의미
•하지만, 임금, 명목이자율도 인플레이션에 조응하여 상승하기 때문에 총 구매력 저하효과는 상쇄됨
•실물적으로는 특히 장기적으로 인플레이션은 실물부문에 큰 영향을 미치지 않음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 영향(2)
•비록 거시적 관점에서는 장기적으로 의미가 없지만..
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 영향(2)
•비록 거시적 관점에서는 장기적으로 의미가 없지만..
•미시변수적으로는 의미가 있음: 분배 변화 발생 - 예상치 못한 인플레이션의 경우
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 영향(2)
•비록 거시적 관점에서는 장기적으로 의미가 없지만..
•미시변수적으로는 의미가 있음: 분배 변화 발생 - 예상치 못한 인플레이션의 경우
•설령 예상된 인플레이션이라 할지라도 실질비용이 부과될 수 있음 - 조건부로 실물 경제에 영향을 줄 수 있음
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Nam-un,Cho. mailto:[email protected]
예상치 못한 인플레이션: Lender and Borrower
•차입자와 대부자간의 계약은 인플레이션을 감안하여 체결
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Nam-un,Cho. mailto:[email protected]
예상치 못한 인플레이션: Lender and Borrower
•차입자와 대부자간의 계약은 인플레이션을 감안하여 체결
•하지만, 예상하지 못한 인플레이션이 발생하면:
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
예상치 못한 인플레이션: Lender and Borrower
•차입자와 대부자간의 계약은 인플레이션을 감안하여 체결
•하지만, 예상하지 못한 인플레이션이 발생하면:
•예상보다 높을 경우: 차입자가 이득
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Nam-un,Cho. mailto:[email protected]
예상치 못한 인플레이션: Lender and Borrower
•차입자와 대부자간의 계약은 인플레이션을 감안하여 체결
•하지만, 예상하지 못한 인플레이션이 발생하면:
•예상보다 높을 경우: 차입자가 이득
•예상보다 낮을 경우: 대부자가 이득
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Nam-un,Cho. mailto:[email protected]
실질금리Real Interest Rate
•대부시 관계자들은 명목금리로 계약을 체결하지만, 판단기준은 실질금리임.
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Nam-un,Cho. mailto:[email protected]
실질금리Real Interest Rate
•대부시 관계자들은 명목금리로 계약을 체결하지만, 판단기준은 실질금리임.
•[실질금리] ≈ [명목금리]-[(예상)인플레이션율]
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Nam-un,Cho. mailto:[email protected]
실질금리Real Interest Rate
•대부시 관계자들은 명목금리로 계약을 체결하지만, 판단기준은 실질금리임.
•[실질금리] ≈ [명목금리]-[(예상)인플레이션율]
•예상치 않은 인플레이션 발생시 부(wealth)의 이동이 생김
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
실질금리Real Interest Rate
•대부시 관계자들은 명목금리로 계약을 체결하지만, 판단기준은 실질금리임.
•[실질금리] ≈ [명목금리]-[(예상)인플레이션율]
•예상치 않은 인플레이션 발생시 부(wealth)의 이동이 생김
•이를 회피하기 위해 인플레이션이나 기준금리가 바뀔 경우에 따라 조정하는 계약을 할 수도 있음: ex) 변동금리
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Nam-un,Cho. mailto:[email protected]
Review: Fischer effect
•Irving Fischer, 1867-1947
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Review: Fischer effect
•Irving Fischer, 1867-1947
•Fischer Equation: r ≈ i - π
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review: Fischer effect
•Irving Fischer, 1867-1947
•Fischer Equation: r ≈ i - π
•엄밀한 관계식: (1+r)=(1+i)/(1+π)
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review: Fischer effect
•Irving Fischer, 1867-1947
•Fischer Equation: r ≈ i - π
•엄밀한 관계식: (1+r)=(1+i)/(1+π)
•Fischer Effect: 예상된 실질이자율은 예상 인플레이션율의 변화에 따른 영향을 받지 않는다. 단지 명목이자율을 상승시킬뿐이다.
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
Nominal
Tuesday, November 17, 15
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Fischer Effect: Graphical Expression
D
SNominal
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
oldi*
Q*D
SNominal
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
oldi*
Q*D
S
E.I: 0% i = r
Nominal
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
oldi*
Q*D
S
EI:8%
E.I: 0% i = r
Nominal
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
oldi*
Q*D
S
EI:8%
E.I: 0% i = r
Fischer Effect: i=r+8
Nominal
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
oldi*
Q*
D
S
EI:8%
E.I: 0% i = r
Fischer Effect: i=r+8
Nominal
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Fischer Effect: Graphical Expression
oldi*
Q*
D
S
newi* EI:8%
E.I: 0% i = r
Fischer Effect: i=r+8
Nominal
Tuesday, November 17, 15
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Fischer Effect: Empirical Observation
real interest rate
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Inflation•초인플레이션의 경우 명백한 비용 발생: 화
폐의 기능상실로 인한 거래비용 폭증
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Inflation•초인플레이션의 경우 명백한 비용 발생: 화
폐의 기능상실로 인한 거래비용 폭증
•한편, 초인플레이션이 아닌 일반적 인플레이션도 약간의 실질적 비용 초래
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Inflation•초인플레이션의 경우 명백한 비용 발생: 화
폐의 기능상실로 인한 거래비용 폭증
•한편, 초인플레이션이 아닌 일반적 인플레이션도 약간의 실질적 비용 초래
•구두창비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Inflation•초인플레이션의 경우 명백한 비용 발생: 화
폐의 기능상실로 인한 거래비용 폭증
•한편, 초인플레이션이 아닌 일반적 인플레이션도 약간의 실질적 비용 초래
•구두창비용
•메뉴비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Inflation•초인플레이션의 경우 명백한 비용 발생: 화
폐의 기능상실로 인한 거래비용 폭증
•한편, 초인플레이션이 아닌 일반적 인플레이션도 약간의 실질적 비용 초래
•구두창비용
•메뉴비용
•계산단위비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
구두창 비용Shoe-leather Cost
•인플레이션세를 피하기 위한 노력:
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
구두창 비용Shoe-leather Cost
•인플레이션세를 피하기 위한 노력:
•보유현금의 최소화
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
구두창 비용Shoe-leather Cost
•인플레이션세를 피하기 위한 노력:
•보유현금의 최소화
•이러한 노력을 구두창에 비유
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
구두창 비용Shoe-leather Cost
•인플레이션세를 피하기 위한 노력:
•보유현금의 최소화
•이러한 노력을 구두창에 비유
구두창
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Menu Cost
•가격 변화로 인해 발생하는 비용
•가격 수정에 따른 비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Menu Cost
•가격 변화로 인해 발생하는 비용
•가격 수정에 따른 비용
•가격 변화에 따른 경제주체의 추가적 판단에 들어가는 비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Menu Cost
•가격 변화로 인해 발생하는 비용
•가격 수정에 따른 비용
•가격 변화에 따른 경제주체의 추가적 판단에 들어가는 비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Menu Cost
•가격 변화로 인해 발생하는 비용
•가격 수정에 따른 비용
•가격 변화에 따른 경제주체의 추가적 판단에 들어가는 비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
계산단위비용Unit-of-account Cost
•인플레이션이 가치척도로서의 화폐에 대한 신뢰도를 저하시켜 발생하는 비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
계산단위비용Unit-of-account Cost
•인플레이션이 가치척도로서의 화폐에 대한 신뢰도를 저하시켜 발생하는 비용
•예: 시차로 인한 조세왜곡 등
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
최적 인플레이션율Optimal Inflation Rate
•M. Friedman(1912-2006): 최적 인플레이션율은 음(-)의 값이 되어야 한다고 주장-구두창 비용을 줄이기 위해.
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
최적 인플레이션율Optimal Inflation Rate
•M. Friedman(1912-2006): 최적 인플레이션율은 음(-)의 값이 되어야 한다고 주장-구두창 비용을 줄이기 위해.
•디플레이션: 음의 값을 가지는 인플레이션율
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
최적 인플레이션율Optimal Inflation Rate
•M. Friedman(1912-2006): 최적 인플레이션율은 음(-)의 값이 되어야 한다고 주장-구두창 비용을 줄이기 위해.
•디플레이션: 음의 값을 가지는 인플레이션율
•반론: 구두창 비용 < 디플레이션의 비용
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
최적 인플레이션율Optimal Inflation Rate
•M. Friedman(1912-2006): 최적 인플레이션율은 음(-)의 값이 되어야 한다고 주장-구두창 비용을 줄이기 위해.
•디플레이션: 음의 값을 가지는 인플레이션율
•반론: 구두창 비용 < 디플레이션의 비용
•따라서, 대부분의 중앙은행은 2~3% 정도의 낮은 인플레이션율을 유지: 부의 공급충격에 대한 대응에 유리
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 또다른 원인: 정치
•인플레이션은 적정수준에 비해 과도하게 발생할 정치학적 유인이 있음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 또다른 원인: 정치
•인플레이션은 적정수준에 비해 과도하게 발생할 정치학적 유인이 있음
•원인: 정당의 최우선 목표가 경제안정이 아니라, 정권 획득이기 때문
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
인플레이션의 또다른 원인: 정치
•인플레이션은 적정수준에 비해 과도하게 발생할 정치학적 유인이 있음
•원인: 정당의 최우선 목표가 경제안정이 아니라, 정권 획득이기 때문
•기회주의설: 실업률은 득표에 민감: 인플레이션을 발생시키는 비용을 감수하고 낮은 실업율을 유지할 유인 발생
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Disinflation
•Disinflation: 기대가 형성된 인플레이션을 낮추는 과정
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Disinflation
•Disinflation: 기대가 형성된 인플레이션을 낮추는 과정
•매우 고통스럽고 어려운 과정
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: Graph
SRPC: EXP(0%)
Current Point
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
SRPC: EXP(0%)
Current Point
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
SRPC: EXP(0%)
Current Point
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
6%:NAIRU
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
6%:NAIRU
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
6%:NAIRU
Disinflationmake U to 8target: 2%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
6%:NAIRU
Disinflationmake U to 8target: 2%
EI decreases 4% to 3%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
6%:NAIRU
Disinflationmake U to 8target: 2%
EI decreases 4% to 3%
EI decreases 3% to 2%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Disinflation: GraphMake U to
4%
EI 0% - 2% - 4%
SRPC: EXP(0%)
Current Point
Make U to 6%
Long Run Phillips Curve
6%:NAIRU
Disinflationmake U to 8target: 2%
EI decreases 4% to 3%
EI decreases 3% to 2%
end: Disinflationmake U to 6
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Empirical case: Disinflation in US 1980s
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Empirical case: Disinflation in US 1980s
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Empirical case: Disinflation in US 1980s
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Disinflation
•고정되어 있는 인플레이션 예상을 낮추기 위해서는 자연실업률 이상의 실업률을 발생해야함
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Disinflation
•고정되어 있는 인플레이션 예상을 낮추기 위해서는 자연실업률 이상의 실업률을 발생해야함
•(+)의 공급충격은 고통없는 Disinflation이 가능하지만.. 쉽지 않음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Disinflation
•고정되어 있는 인플레이션 예상을 낮추기 위해서는 자연실업률 이상의 실업률을 발생해야함
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Cost of Disinflation
•고정되어 있는 인플레이션 예상을 낮추기 위해서는 자연실업률 이상의 실업률을 발생해야함
•(+)의 공급충격은 고통없는 Disinflation이 가능하지만.. 쉽지 않음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review:Supply Shock(+)
SRASAD
P*
Y*
E*
SRAS
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review:Supply Shock(+)
SRASAD
P*
Y*
E*
SRAS
P0
Y0
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review:Supply Shock(+)
SRASAD
P*
Y*
E*
SRAS
P0
Y0
물가: --
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review:Supply Shock(+)
SRASAD
P*
Y*
E*
SRAS
P0
Y0
물가: --
총생산: ++
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review:Supply Shock(+)
SRASAD
P*
Y*
E*
SRAS
P0
Y0
물가: --
총생산: ++
Disinflation
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Review:Supply Shock(+)
SRASAD
P*
Y*
E*
SRAS
P0
Y0
물가: --
총생산: ++우왕ㅋ굳ㅋ
Disinflation
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
What is Deflation?
•물가수준이 하락하는 현상
•즉, 인플레이션율이 음(-)의 값인 상태
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
What is Deflation?
•물가수준이 하락하는 현상
•즉, 인플레이션율이 음(-)의 값인 상태
•2차세계대전 전에는 흔했던 현상
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
What is Deflation?
•물가수준이 하락하는 현상
•즉, 인플레이션율이 음(-)의 값인 상태
•2차세계대전 전에는 흔했던 현상
•2차세계대전 이후 양(+)의 인플레이션이 일반화되면서 거의 나타나지 않음
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
What is Deflation?
•물가수준이 하락하는 현상
•즉, 인플레이션율이 음(-)의 값인 상태
•2차세계대전 전에는 흔했던 현상
•2차세계대전 이후 양(+)의 인플레이션이 일반화되면서 거의 나타나지 않음
•1990년대 들어 일본 등 선진국 일부에서 관찰되기 시작, 2010년대 전후로 종종 관찰
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Debt Deflation
•unexpected deflation은 대부-차입 관계에서 차입자에게 실질적 부담을 줌
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Debt Deflation
•unexpected deflation은 대부-차입 관계에서 차입자에게 실질적 부담을 줌
•Debt Deflation (by Fischer): 차입자/대부자가 실질자산 감소/증가에 직면하여 감소/증가하는 지출의 민감도가 다르기 때문에 발생: 총수요 감소
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Debt Deflation
•unexpected deflation은 대부-차입 관계에서 차입자에게 실질적 부담을 줌
•Debt Deflation (by Fischer): 차입자/대부자가 실질자산 감소/증가에 직면하여 감소/증가하는 지출의 민감도가 다르기 때문에 발생: 총수요 감소
•차입자의 지출 민감도 > 대부자의 지출 민감도
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Nam-un,Cho. mailto:[email protected]
Liquidity Trap
•expected deflation의 영향:
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Liquidity Trap
•expected deflation의 영향:
•명목이자율(i)감소 -- 화폐수요 증가
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Liquidity Trap
•expected deflation의 영향:
•명목이자율(i)감소 -- 화폐수요 증가
•문제점: zero bound - “Nominal Interest Rate cannot have negative value”
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Zero Bound
•이론적으로, i<0은 가능
•ex) pi=-5%, r=4% ----> i=-1%
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Zero Bound
•이론적으로, i<0은 가능
•ex) pi=-5%, r=4% ----> i=-1%
•But, 현실에서 i<0은 불가능
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Zero Bound
•이론적으로, i<0은 가능
•ex) pi=-5%, r=4% ----> i=-1%
•But, 현실에서 i<0은 불가능
•i<0이 되면 거래 자체를 할 이유가 사라짐: 이자를 지급하면서 대부해줄 이유가 없으므로!
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Liquidity Trap
•통화정책의 확장한계는 명목이자율 0%
•명목이자율이 0%에 가까운 경우 확장적 통화정책을 구사할 수 없게 됨: 아무리 화폐를 공급하더라도 확장 메커니즘이 작동하지 않음(1990년대 일본이 직면한 상황)
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Liquidity Trap
•통화정책의 확장한계는 명목이자율 0%
•명목이자율이 0%에 가까운 경우 확장적 통화정책을 구사할 수 없게 됨: 아무리 화폐를 공급하더라도 확장 메커니즘이 작동하지 않음(1990년대 일본이 직면한 상황)
•따라서 0%의 인플레이션율은 Liquidity Trap에 빠질 가능성을 높이므로 중앙은행들은 2~3% 정도의 인플레이션을 선호
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Japan in the Liquidity Trap, 1990s
Liquidity Trap
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Quantitative Easing
•Liquidity Trap 상태일 때 취할 수 있는 확장적 통화정책
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Quantitative Easing
•Liquidity Trap 상태일 때 취할 수 있는 확장적 통화정책
•Standard expansionary monetary policy: buying short-term gov. bonds
Tuesday, November 17, 15
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Nam-un,Cho. mailto:[email protected]
Quantitative Easing
•Liquidity Trap 상태일 때 취할 수 있는 확장적 통화정책
•Standard expansionary monetary policy: buying short-term gov. bonds
•QE: buying financial assets + increasing MS → raise[Price of financial asset
Tuesday, November 17, 15