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Chapter28—MONEYGROWTHANDINFLATIONChapter28—MONEYGROWTHANDINFLATIONHarcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.28TITLE\*MERGEFORMATMONEYGROWTHANDINFLATIONWHAT’SNEW:Thepresentationoftheclassicaldichotomyhasbeenimproved.ThereisanewIntheNewsboxon“RussiaTurnstotheInflationTax.”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:whyinflationresultsfromrapidgrowthinthemoneysupply.themeaningoftheclassicaldichotomyandmonetaryneutrality.whysomecountriesprintsomuchmoneythattheyexperiencehyperinflation.howthenominalinterestraterespondstotheinflationrate.thevariouscoststhatinflationimposesonsociety.KEYPOINTS:Theoveralllevelofpricesinaneconomyadjuststobringmoneysupplyandmoneydemandintobalance.Whenthecentralbankincreasesthesupplyofmoney,itcausesthepriceleveltorise.Persistentgrowthinthequantityofmoneysuppliedleadstocontinuinginflation.Theprincipleofmonetaryneutralityassertsthatchangesinthequantityofmoneyinfluencenominalvariablesbutnotrealvariables.Mosteconomistsbelievethatmonetaryneutralityapproximatelydescribesthebehavioroftheeconomyinthelongrun.Agovernmentcanpayforsomeofitsspendingsimplybyprintingmoney.Whencountriesrelyheavilyonthis“inflationtax,”theresultishyperinflation.OneapplicationoftheprincipleofmonetaryneutralityistheFishereffect.AccordingtotheFishereffect,whentheinflationraterises,thenominalinterestraterisesbythesameamount,sothattherealinterestrateremainsthesame.Manypeoplethinkthatinflationmakesthempoorerbecauseitraisesthecostofwhattheybuy.Thisviewisafallacy,however,becauseinflationalsoraisesnominalincomes.Economistshaveidentifiedsixcostsofinflation:shoeleathercostsassociatedwithreducedmoneyholdings,menucostsassociatedwithmorefrequentadjustmentofprices,increasedvariabilityofrelativeprices,unintendedchangesintaxliabilitiesduetononindexationofthetaxcode,confusio
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