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Lecture 13

ECON102 Lecture Notes - Lecture 13: Excess Supply, Measurement Canada, Liquidity Preference


Department
Economics
Course Code
ECON102
Professor
J.Scott Beesley
Lecture
13

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
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

Inaon:
Deaon:
!! "
Classical Theory of Inaon

 
The Level of Prices and the Value of Money
!"
o# $
o#
%&'(
#$)%*(
Money Supply, Money Demand, and Monetary Equilibrium

+, - $

o%(
o%.(%$($

/0
o1
#/
o
2$3
How Supply and Demand for Money Determine the Equilibrium Price Level
The E&ects of a Monetary Injecon
0$
o1$,-
$$
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An Increase in the Money Supply (11.2)
$$
Quanty Theory of Money:#$$

A Brief Look at the Adjustment Process
4$
56 27&#1$655689
86 23
:6 ;$
<6 $
=6 >
?6 .
@6 ;7&,1$655689
The Classical Dichotomy and Monetary Neutrality
;$6
oNominal Variables:A
oReal Variables:A
Classical Dichotomy:
Monetary Neutrality:$0
Velocity and the Quanty Equaon
4$
oVelocity of Money:$
oQuanty Equaon:
!$
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