뒤로Macroeconomics: Inflation
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Inflation is the general increase in prices of goods and services over time, leading to a decrease in the purchasing power of money.
Inflation is commonly measured by the Consumer Price Index (CPI) or the Producer Price Index (PPI), which track price changes of a basket of goods and services.
Demand-pull inflation occurs when aggregate demand exceeds aggregate supply, causing prices to rise.
Cost-push inflation happens when rising production costs, like wages or raw materials, increase overall prices.
The inflation rate is calculated as \(\frac{P_t - P_{t-1}}{P_{t-1}} \times 100\), where P_t is the price level in the current period.
Hyperinflation is an extremely high and typically accelerating inflation rate, often exceeding 50% per month.
Inflation reduces the purchasing power of money, meaning consumers can buy fewer goods and services with the same amount of money.
Nominal values are measured in current prices, while real values are adjusted for inflation to reflect true purchasing power.
The Phillips Curve shows an inverse relationship between inflation and unemployment in the short run.
Central banks use monetary policy, such as adjusting interest rates, to control inflation and stabilize the economy.
Anticipated inflation is expected and can be planned for, while unanticipated inflation causes unexpected losses or gains in wealth.
Inflation benefits borrowers by reducing the real value of debt and harms lenders by reducing the real value of repayments.
The quantity theory of money states that \(MV = PY\), linking money supply (M), velocity (V), price level (P), and output (Y).
Core inflation excludes volatile items like food and energy prices to show underlying inflation trends.
Inflation expectations are the public's outlook on future inflation, influencing wage demands and price setting.
Deflation is a sustained decrease in the general price level, the opposite of inflation.
Inflation can redistribute income by eroding fixed incomes and benefiting those with assets that appreciate.
The Fisher effect describes how nominal interest rates adjust to expected inflation to keep real interest rates stable.
Stagflation is a situation with high inflation, high unemployment, and stagnant economic growth.
Inflation can be controlled by monetary policy, fiscal policy, and supply-side measures to manage demand and costs.