뒤로Macroeconomics: Inflation
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Inflation is the sustained increase in the general price level of goods and services in an economy over a period of time.
Inflation is commonly measured using price indices like the Consumer Price Index (CPI) or the Producer Price Index (PPI).
Demand-pull inflation occurs when aggregate demand exceeds aggregate supply, pushing prices up.
Cost-push inflation happens when rising production costs increase prices, even if demand remains constant.
Nominal values are measured in current prices, while real values are adjusted for inflation.
Inflation reduces the purchasing power of money, meaning consumers can buy less with the same amount of money.
Hyperinflation is an extremely high and typically accelerating inflation rate, often exceeding 50% per month.
Unexpected inflation can redistribute wealth, hurting lenders and helping borrowers due to changes in real interest rates.
The Phillips Curve shows an inverse relationship between inflation and unemployment in the short run.
Central banks control inflation by adjusting interest rates and using monetary policy tools to influence aggregate demand.
Deflation is the sustained decrease in the general price level of goods and services.
Stagflation is a situation with high inflation, high unemployment, and stagnant economic growth.
Inflation expectations can influence wage demands and price setting, potentially making inflation self-fulfilling.
Headline inflation includes all items, while core inflation excludes volatile food and energy prices.
Inflation erodes the real value of savings unless interest rates on savings accounts exceed the inflation rate.
The quantity theory of money links money supply to price level, expressed as \(MV=PY\).
The real interest rate is approximately \(i - \pi\), where i is nominal rate and \(\pi\) is inflation rate.
Shoe-leather cost refers to the increased costs of reducing money holdings during inflation, like more frequent bank visits.
Menu cost is the cost to firms of changing prices frequently due to inflation.