KINH TẾ VĨ MÔ_CHƯƠNG 4: TIỀN TỆ VÀ LẠM PHÁT pdf

1
kinh t v mô
bn th nm
N. Gregory Mankiw
Bài ging ca Phm Th Anh

(dch và sa theo bài ging ca Ron Cronovich)
macro
© 2002 Worth Publishers, all rights reserved
CHNG 4
Tin t và Lm phát
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 1
Trong chng này bn s hc
Trong chng này bn s hc







 

!"# $$ %&'(
%)*+,-.

/01)'0&.

CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 2
Lm phát  M & xu hng ca nó,
Lm phát  M & xu hng ca nó,
1960
1960
-
-
2001
2001
0
2
4
6
8
10
12
14
16
1960 1965 1970 1975 1980 1985 1990 1995 2000
% nm
inflation rate
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 3

Lm phát  M & xu hng ca nó, 1960
Lm phát  M & xu hng ca nó, 1960
-
-
2001
2001
0
2
4
6
8
10
12
14
16
1960 1965 1970 1975 1980 1985 1990 1995 2000
% nm
inflation rate inflation rate trend
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 4
Mi liên h gia tin và giá c
Mi liên h gia tin và giá c

23456)787
98:),;.

 5*<68 

&'.

='*<%>'?
@86>A,B98
?
?&4CD'E.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 5
Tin:
Tin:
nh ngha
nh ngha


&*<&D
&*<&D
EDFD&DG
EDFD&DG
01H4
01H4
8'0%.
8'0%.
2
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation

slide 6
Tin:
Tin:
các chc nng
các chc nng


@8DG01E8B


D:8I4D8*J
8


J%K*+'*+
&)%
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 7
Money: types
Money: types


L
CME)% 
L
01NB@88DG01



L
E)% 
L
01NO&?
P)')Q
)8
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 8
Câu hi Tho lun
Câu hi Tho lun
RS&'D8&T
8.
2U
,.
VA
.
2G)'&C'EDA
W*<K& GE)@>'6X
0.
"Y01
>.
":G
W*<K& GECZX
CHAPTER 4
CHAPTER 4
Money and Inflation

Money and Inflation
slide 9
Cung tin & chính sách tin t
Cung tin & chính sách tin t

&*<DFE
)'C.

 ! &4C
D'.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 10
Ngân hàng trung ng
Ngân hàng trung ng

"D4*<H4,["
# *\.

]^_?
&
)*J
*<K&
$%
&'(
W!>)*#X.
Toà nhà Cc D tr Liên bang
Washington, DC

CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 11
Các thc o cung tin,
Các thc o cung tin,
tháng T
tháng T
2002
2002
`a4 "&D,8'O aP*<W3X`
" 2U bcde.f
^g "hG)@>'6? ggfi.j
DA0%?C'G
EDAC
^k ^ghC'GE ciej.g
CZl?GC4?
m%)*+4?
&C'G%)*+4
^n ^khC'GE ejci.i
CZ\?<O8?
DP0*98m%)*+4
3
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 12
Lý thuyt S lng Tin t

Lý thuyt S lng Tin t

^ JC3
4\P 7
.

op6\C4 !+,-#
./#q
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 13
Tc  lu chuyn
Tc  lu chuyn

C4J,N
&P 8r
)'C

%_8N
DP6 OM8),;
88*+DG01)' +CZ
B%

01N2)'7kjjg?
L bcjj3 *<DG01)'8'0%
L  5bgjj3
L ^sOM8),;*<DG01
)'c8'0%)'7kjjg

L ='?P * 5c
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 14
Tc  lu chuyn,
Tc  lu chuyn,
tip theo
tip theo

t&0u%_8D8N
=

0
1
)'E
0
5P *

5)%98B8'0%
1
5
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 15
Tc  lu chuyn,
Tc  lu chuyn,

tip theo
tip theo

VG01v=w08_8&,*\
')%8'0%.
aE?
2 3
0
1
×
=
)'E
2
5D*< WxDPxv=wX
3
5D*< Wv=wHX
2
×
××
×
3
5)%D*< Wv=w08_8X
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 16
Phng trình s lng
Phng trình s lng


2#4 +-#5
1
×
××
×
0
5
2
×
××
×
3
0HI%_8P *
4.

t& 
OB:N
E@>'%_898,.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 17
Cu tin và phng trình s lng
Cu tin và phng trình s lng

1y2
5 +#6? &D:898
.


^  &6JN
W
1y2
X
0
5
7 3
)'E
7
5*<&K*+PpS
\sO.
W
7
&'DX
4
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 18
Cu tin và phng trình s lng
Cu tin và phng trình s lng

6N W
1y2
X
0
5
7 3


*J);DP*<N
1
×
××
×
0
5
2
×
××
×
3

^P4S8@N
7
5gy
0

aK*+S*JPD'
\98K W
7
\XDP6
88*+DG01 W
0
BX.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 19

tr li
tr li
Lý thuyt S lng Tin t
Lý thuyt S lng Tin t

,p6\*J);DP*<

DG
0
&P%('DN
=
0 0

z\%&?*J);DP*<
E*<*D8
× = ×
1 0 2 3
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 20
Lý thuyt S lng Tin t
Lý thuyt S lng Tin t
,
,
tip theo
tip theo
^:*<%*&'N


z\
0
P%?%v=w08
_8 W
2
×
3
X

v=wH*<%,[
8
&
&
98C&&DB
W*JnX

^:&
2
5Wv=w08_8XyWv=wHX
× = ×
1 0 2 3
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 21
Lý thuyt S lng Tin t
Lý thuyt S lng Tin t
, tip theo
, tip theo


R\I"*JkN
2P 798 ,-\*<,-\
98P 7.

w*J;DP*<,0{>'P 7N
1 0 2 3
1 0 2 3
∆ ∆ ∆ ∆
+ = +
∆
>D''>>80
8'0?0'8 5j.
0
0
0
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 22
Lý thuyt S lng Tin t
Lý thuyt S lng Tin t
, tip theo
, tip theo
a4
π
WC H | !#X
& 3 4 N
1 2 3

1 2 3
∆ ∆ ∆
= +
2
2
∆
=
π
π
∆ ∆
= −
1 3
1 3
aID0>)*\
'BN
v8*J
);&8;
*<
πN
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 23
Lý thuyt S lng Tin t
Lý thuyt S lng Tin t
, tip theo
, tip theo

27)*[CM*+rl

 DH87B%
@}DH87988'0%.

VH87\JDH7)*[
CD~0u.
π
∆ ∆
= −
1 3
1 3
5
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 24
Lý thuyt S lng Tin t
Lý thuyt S lng Tin t
, tip theo
, tip theo
∆
∆∆
∆
3y3
1 &'DH8798
DB&, M4
W+'KP&&')*\X.
π
∆ ∆
= −

1 3
1 3
='?VP*<240H,'  P
84 $  S8 S898P 
7 & S89834.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 25
S liu quc t v
S liu quc t v
lm phát tng trng tin t
lm phát tng trng tin t
Inflation rate
(percent,
logarithmic
scale)
1,000
10,000
100
10
1
0.1
Money supply growth (percent, logarithmic scale)
0.1 1 10 100 1,000 10,000
Nicaragua
Angola
Brazil
Bulgaria

Georgia
Kuwait
USA
Japan
Canada
Germany
Oman
Democratic Republic
of Congo
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 26
S liu ca M v
S liu ca M v
lm phát tng trng tin t
lm phát tng trng tin t
0 2 4 6
Growth in money supply (percent)
8 10
12
8
6
4
2
0
- 2
- 4
1970s

1910s
1940s
1980s
1960s
1950s
1990s
1930s
1920s
1870s
1890s
1880s
1900s
Inflation
rate
(percent)
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 27
0
2
4
6
8
10
12
14
16
1960 1965 1970 1975 1980 1985 1990 1995 2000

% per year
inflation rate inflation rate trend
Lm phát & Tng trng tin t ca M,
Lm phát & Tng trng tin t ca M,
1960
1960
-
-
2001
2001
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 28
0
2
4
6
8
10
12
14
16
1960 1965 1970 1975 1980 1985 1990 1995 2000
% per year
inflation rate M2 growth rate inflation rate trend M2 trend growth rate
Lm phát & Tng trng tin t ca M,
Lm phát & Tng trng tin t ca M,
1960

1960
-
-
2001
2001
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 29
Thu lm phát
Thu lm phát

t&CM7'U
,)?9E.

!='8# E*<I4
*<K&6-9

6-9N
•7)8.P
* C'&'*+S.
6
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 30
Lm phát và lãi sut
Lm phát và lãi sut


DB08_8?

CM*<x>'

DB08_8?

*<x>'N

5

−
π
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 31
Hiu ng Fisher
Hiu ng Fisher

w*J); €D>)N

5

hπ

"*J nN
:
5

;
%

.

='?DH 8798 π
0u DH 87*J:
98

.

^P84  $  &
*<K& <!=) *.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 32
Lm phát và lãi sut danh ngha
Lm phát và lãi sut danh ngha
 U
 U
.S
.S
.,
.,
1952
1952
-
-

1998
1998
%
16
14
12
10
8
6
4
2
0
-2
Lãi sut
danh ngha
t l
lm phát
1950 1955 1960 1965 1970
Nm
1975 1980 1985 1990 20001995
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 33
Lm phát và lãi sut danh ngha
Lm phát và lãi sut danh ngha
 các nc
 các nc
Inflation rate (percent, logarithmic scale)

Nominal
interest rate
(percent,
logarithmic
scale)
100
10
1
1 10 100 1000
Kenya
Kazakhstan
Armenia
Nigeria
Uruguay
United Kingdom
United States
Singapore
Germany
Japan
France
Italy
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 34
Bài tp:
Bài tp:
vDG
0

&P%?
1
7c• 7?
3
7
k• 7? &

5i.
8.
2

WDB08_8X.
,.
R€>0 7P 7
k•  7?  ∆
∆∆
∆
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.
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vDGP 7
3
Prg• 
7.
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π
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π
P%T
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 35
áp án:
áp án:
8.
2)*\? ;
π
5c− k5n.
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.
.
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t P?€>0P 7
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1
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k• 7? &

5i.
7
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Money and Inflation
Money and Inflation
slide 36
Hai lãi sut thc t
Hai lãi sut thc t

π 53 4 H
WCM,*<'\CE )8X

π
>
53 4 CZ K



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>
5DBH
#>
N
& :DBK*+CZ K+
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
N
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8
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 37
Cu tin và lãi sut danh ngha
Cu tin và lãi sut danh ngha

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3
.


o+@8>A P
%6CN DB08_8.

DB08_8

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&DEDBCX.

='? ↑
↑↑
↑



 ↓
↓↓
↓ 6.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 38
Hàm cu tin
Hàm cu tin
W
1y2
X
0

56H? 1 

&'
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3
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&
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B.X
( ) ( , )
0
1 2 &  3
=
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 39

Hàm cu tin
Hàm cu tin
aK*+%S8)
?KCM,D~&,8'
.
='?DB08_8*[
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hπ
>
.
( ) ( , )
0
1 2 &  3
=
( , )
*
& 
3
+=
π
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 40
Cân bng
Cân bng
( , )
*

1
&  3
2
= +
π
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H
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CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 41
Cái gì quyt nh cái gì
Cái gì quyt nh cái gì
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1
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2
=
8
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 42
2
2
phn ng th nào vi
phn ng th nào vi
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( , )
*
1
&  3
2
= +
π
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 43
Lm phát k vng
Lm phát k vng


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>
5π.
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>
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M\.
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>
7.
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2
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1
*8 8.
W>'qX
CHAPTER 4
CHAPTER 4

Money and Inflation
Money and Inflation
slide 44
2
2
phn ng vi
phn ng vi
∆
∆∆
∆
∆
∆∆
∆
π
π
e
e
th
th
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n
n
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*
1

&  3
2
= +
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π
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2 1 2
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1
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CHAPTER 4

CHAPTER 4
Money and Inflation
Money and Inflation
slide 45
Câu hi tho lun
Câu hi tho lun
 -9--?!@

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4CBSEE.
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2)&'0&.

V* &C.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 46
Mt nhn thc sai lm ph bin
Mt nhn thc sai lm ph bin

V86,N
&*JH

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*J08_8,%P%,[<
O.
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W"*J nX2)'0&?

*J H *<%,[
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:CM:834
.
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CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 47
Thu nhp trung bình theo gi
Thu nhp trung bình theo gi
&
&
CPI
CPI
0
2
4
6
8
10
12
14
16
18
1964 1968 1972 1976 1980 1984 1988 1992 1996 2000
$ per hour
0

25
50
75
100
125
150
175
200
225
250
CPI (1983=100)
Average
hourly
earnings
Hourly earnings
in 2001 dollars
Consumer
Price Index
0
2
4
6
8
10
12
14
16
18
1964 1968 1972 1976 1980 1984 1988 1992 1996 2000
$ per hour

0
25
50
75
100
125
150
175
200
225
250
CPI (1983=100)
Average
hourly
earnings
Hourly earnings
in 2001 dollars
Consumer
Price Index
9
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 48
Quan im c in v lm phát
Quan im c in v lm phát

„8N
VH898:xJ6&DH

8J%'*+
z;D8'
z;D8'
& B98 T
& B98 T
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 49
Chi phí xã hi ca lm phát
Chi phí xã hi ca lm phát
q)J&' )'8'D8N
g.
C0HC*<
k.
SCC\:
&K*+CZK.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 50
Chi phí ca lm phát d kin:
Chi phí ca lm phát d kin:


.
.
chi phí giy da

chi phí giy da

%_8N  & S,B4984p
S -) .

↑
π
 ↑
i
 ↓ DP 0* H

R\)-N 2)'0&?CM
*[H'UH
.

='?\Q*<&*
*<FS J:& &
*+J )@S*<l.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 51
Chi phí ca lm phát d kin:
Chi phí ca lm phát d kin:


.
.



 %_8N " 9848.
 z 01N
 SHJ\
 B(GS,,'\
 &8'?0'84
&*+8 &
%S &.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 52
Chi phí ca lm phát d kin:
Chi phí ca lm phát d kin:


.
.
(A9BC#+
(A9BC#+

"0'84PU\HJ
8*+.

z01N
vDG 0'84&P\4D
}&'^ &7.a:
7)'7?:*JP980'84
D~.


"0'84C8898K
S+C8?0uSDH,E
A'*JPq

q&)8DHCM4CM
)'4,OH.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 53
Chi phí ca lm phát d kin:
Chi phí ca lm phát d kin:
D
D
.
.
+EF67G(4H
+EF67G(4H
^ DP ' CM*<x 
? 01 *  <:P.
z 01N
 gygykjjgN,8 bgj?jjj )%  
98 V8),CD
 gkyngykjjgN,,*< )
\ bgg?jjj?
0'<:P& bgjjjWgj•X.
 v DG π 5gj•)'7kjjg.
<:PH 98,& bj.

 29 6, 
 P\C'<:08_8 bgjjj……
10
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 54
Chi phí ca lm phát d kin:
Chi phí ca lm phát d kin:
I
I
.
.
:(J!
:(J!

C'4D'D )%
08_8+CZ C8CE
C7J.

t&&:4C '&
0&.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 55
Chi phí ca lm phát không d kin:
Chi phí ca lm phát không d kin:

Tái phân phi tu tin sc mua
Tái phân phi tu tin sc mua

R<O0&CM*<x DP '?
& x 0H8)
π
>
.

R
π
C\
π
>
?
;  DP *+*<<I 498S
*+C.
z 01N*+8('8
L R
π
†
π
>
?; W

−
−−
−
π
X‡W


−
−−
−
π
>
X
& D:8*<I *+'8D8
*+8.
L R
π
‡
π
>
?; D:8*<I *+
8D8*+'8.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 56
Chi phí ca lm phát không d kin
Chi phí ca lm phát không d kin
:
:
tng tính bt n
tng tính bt n

a8'?E &0{ 8&
CM0H '*<N

π *+C\π
>
? & DH 
4&E *\\J
WU0Q
CM0*J'U E 4 PX

2P98 Z 40{
)8J.

t&)8,B8'?C'
S*+A)9)',% 4.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 57
Mt li ích ca lm phát
Mt li ích ca lm phát

2*J08_8)BC,%p?
C*JH,-.

'A*JH)[
:*J,-&CM6p
*J08_8.

='?I84' 
98%)*+8' .



2*J08_8)BC,%p?
2*J08_8)BC,%p?
C*JH,-.
C*JH,-.


'A*JH)[
'A*JH)[
:*J,-&CM6p
:*J,-&CM6p
*J08_8.
*J08_8.


='?I84' 
='?I84' 
98%)*+8' .
98%)*+8' .
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 58
Siêu lm phát
Siêu lm phát

%_8N
π
≥

≥≥
≥ cj• 

2B98I8M[)
)[





\D.

2CMr:70H)S)%?&E
CMr:7CWJ%'?
*J4)8'X.

^K*+EH48'0%&
&'UDG01 O'4E)%
%.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 59
!iu gì gây ra siêu lm phát?
!iu gì gây ra siêu lm phát?

V)80'7)*[
\N


aR|2‚?:7.

RK98D~)8
.
11

K
KK
KKK
KKKK
•7
•D)8>
gden$ec
w'80
gded$dj
o)8ˆ
gdef$di
‰)>8
gdee$dj
w>)
gdee$dj
R8)88
gdef$dg
o'8
gdei$ec
lm phát tng trng cung tin
Nhng di"n bin ca siêu lm phát gn ây
Nhng di"n bin ca siêu lm phát gn ây
slide 60
CHAPTER 4

CHAPTER 4
Money and Inflation
Money and Inflation
slide 61
Ti sao chính ph gây ra siêu lm phát
Ti sao chính ph gây ra siêu lm phát

a9CM7'U
,)?

K&)<',-
.

2>'?P\D
JN0I.

2)'\H?&rlDH
pU&4&CEC7.
S phân ôi c in
S phân ôi c in
(66N
*<>'J%BN*<&
*JP?01N

D*<DB)8

*JHND*<')8) +8'
 

DBHND*<C*<)'*J8+

'8 J%D*<&M8
(6LN
*<>'J%4?01N

*J08_8NDPM8) +8' 

DB08_8NDPM8C*<)'*J8
+'8 M8&M8

:NDPM868*< l&
',
slide 62
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 63
S phân ôi c in
S phân ôi c in

"@N",H*<>A)'
"*Jn?
,08_8*<>A)'"*J i.

:"G/
NDH,4U
S8,H&08_8)'M
;?E&,08_8CM
*[,H.


-MN
NRS898
CM*[,H.
2)'\H?6*E)
)'0&.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 64
Tóm t#t chng
Tóm t#t chng
g.
2

*<&D*<DG01)'8'0%

E8)r&*J8'?
J%0H)S)%?&J%'.

2&'E)% ?
%;CM.

R&)*JCD'
.
k.
DP*<4

%NP *&%


CNP 7%34
.
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 65
Tóm t#t chng
Tóm t#t chng
n.
DB08_8

,-\DBHh34.

|4:€D>)N DB08_88>'
34 $  \CZK.

E&J 984S
i.
"6
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1 &'>'VP*<
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EJ?EŠ1 &'DB
08_8‹
*?;DH898CZK
*[:4.
12
CHAPTER 4
CHAPTER 4

Money and Inflation
Money and Inflation
slide 66
Tóm t#t chng
Tóm t#t chng
c.
"98
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608?HJ?(DH
,EA'*JP?DH,B498
4xS'DP>'
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CM0HC
OB) \DH
P98Z4S8*+8
&*+'8
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
slide 67
Tóm t#t chng
Tóm t#t chng
Œ. V
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)8,[DH)87898
C*<&)<
'1D9
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4IrlS
&-',l
6989
CHAPTER 4
CHAPTER 4
Money and Inflation
Money and Inflation
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Tóm t#t chng
Tóm t#t chng
f.
VHM
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2>'?E)
 CM*[,H.

='?@8E:>
,H*<%&'&
CM6,08_8.
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a?),-)%)*+
4D~%:&B
,08_8.
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C&>'&.