今天要为大家讲解的知识点是Alevel经济中一个非常重要的高频考点:inflation通货膨胀。Inflation的重要性体现在它跟宏观部分绝大多数的知识点都有关联,本文会为大家讲解Inflation给经济带来的利弊。
通常情况下,大家一般会认为inflation只会给经济带来负面的影响,其实,它也能给经济带来一定的好处。
今天,会从以下四个方面来为大家讲解:
Inflation通货膨胀的定义
Inflation, disinflation和deflation的区别
Inflation给经济带来的不利影响
Inflation给经济带来的有利影响
定义
Inflation:a sustained increase in an economy’s price level.
通货膨胀是指,一国的价格水平持续上涨。
举例说明,如果inflation rate为6%,则表示相比上一个周期,价格水平上涨了6%。
说到这里,大家需注意区分inflation,disinflation和deflation的区别。
Disinflation是指通货率inflation rate下降,但整体的price level依然在上升。
只有发生了deflation,pricelevel才会下降。大家一定要注意区分这三个概念。
概念讲完,接下来咱们来看Inflation给经济带来的利和弊。
Inflation带来的不利影响
Inflation给经济带来的不利影响,主要有八个:
1. A reduction in net exports 出口减少
Domestically produced goods become more expensive compared with imported goods; higher prices lead to a fall in export.
Inflation会使得国产商品价格增长,高价会导致对其出口商品的需求下降。
2.An unplanned redistribution of income
收入的重新分配
People who borrow money will gain because as they have less to pay in real value. Savers, will lose as inflation is eroding the value of their saving.
借款人(贷款人)能够获利,因为Inflation会使得他们拥有的债务实际价值下降;而存款的人则会损失,因为他们拥有的存款的实际价值会下降。
The poor and middle classes suffer because their wages and salaries are more or less fixed but the prices of commodities continue to rise. They become more impoverished. On the other hand, businessmen, industrialists, traders, real estate holders, speculators, and others with variable incomes gain during rising prices.
高Inflation不利于低收入和中产阶层,因为他们的工资相对固定,因此物价上涨会使得他们更加贫穷;而富裕阶层可以从Inflation中获利,因为他们持有大量资产,当发生Inflation时,这些资产会升值。
3.Menu cost 菜单成本
These affect firms and are the costs involved in changing prices. For example, catalogues, price tags, bar codes and advertisements have to be changed. This involves staff time and is unpopular with customers.
当商品价格发生变化时,商家需要更换价格标签、产品目录、条形码、菜单和广告等,这些都会对商家带来额外成本。
4. Shoe leather cost 皮鞋成本
The increased costs of transactions in search of the highest rate of interest.
皮鞋成本当发生较高的Inflation时,货币购买力下降,人们为了降低损失,有时会持有更少的现金,将钱存入银行,或者到处寻找更高的利率来减少货币的贬值,在这一过程中,人们需要频繁奔波于各银行之间,花费时间和精力,甚至将皮鞋都磨破了(这是一种幽默的比喻方式)。
5. Fiscal drag (bracket creep) 财政拖累
Inflation makes nominal income rise, so bump into a higher tax bracket, so people need to pay more tax with more real income.
Inflation会使得人们的名义收入增加,因此进入更高的纳税等级,从而不得不缴纳更高的税。
6.Discouragement of investment投资减少
Unanticipated inflation can create uncertainty and so make it more difficult for firms to plan ahead.
Inflation会带来的很多的不确定性,因此公司很难去做长远计划,因此投资有可能会减少。
7. Inflationary noise (money illusion)
货币幻觉
This arises when inflation causes consumers and firms to confuse price signals. For example, when prices rise, it may actually become relatively cheaper if they rise less than inflation.
Inflation会使得价格信号具有迷惑性,比方说有时虽然某些产品的价格上涨了,但并没有涨过通货膨胀,因此其价格其实是相对降低了。
8.Inflation causing inflation
通货膨胀造成价格进一步上涨
Inflation may generate further inflation as workers may press for higher wages, firms may raise prices to cover expected higher costs and consumers may seek to purchase products now before their prices rise further.
Inflation会使得物价进一步提升。当价格水平上涨时,工人们会要求更高的工资以应对生活成本的上涨,公司就有可能对其产品涨价,以应对上涨的工资成本。除此之外,如果消费者认为未来价格还会上涨,则会大量购买囤积商品。这些因素都会造成Inflation加剧。
Inflation带来的有利影响
高Inflation rate会给经济带来很多不利影响,但是低的、平稳的通货膨胀率也能给经济带来一定的好处,我们一起来看一下三点:
1. Stimulating output 刺激产量
A low and stable inflation rate caused by increasing demand may make firms feel optimistic about the future. In addition, if prices rise by more than costs, profits will increase, which will provide funds for investment.
由需求增加带来的较低的、平稳的通货膨胀率可以使公司对未来感到乐观,会增加产量。
2. Reduce the burden of debt 减少债务负担
Real interest rates may fall due to inflation or may even become negative. For example, those who have borrowed money to buy a house may experience a fall in their mortgage payments in real terms.
借款人(贷款人)能够获利,因为Inflation会使得他们拥有的债务实际价值下降,而且他们支付的实际利息也会下降。
3. Prevent some unemployment: 降低失业率
Firms in difficulties may have to reduce their costs to survive. Inflation would enable them to reduce the real costs of labour by either keeping nominal (money) wages constant or by not raising them in line with inflation.
物价上涨时,如果公司发给员工的名义工资不变,则工资的实际价值其实是下降的,这就在一定程度上能降低公司的成本,公司则不会裁员或者雇佣更多的员工。这在一定程度上可以降低失业率。
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