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山东大学货币经济学（英）授课教案
课程代码
课程名称
授课教师姓名
授课日期
授课方式
职称
授课时数
授课地点
0023100710-4
Monetary Economics
Kong Danfeng (孔丹凤)
金融数学 2011 级 39 人
授课对象
留学生 2 人（荷兰、意大利）
本单元或章节的教学目的与要求
Chapter 24 Money and Inflation
月 日（）
授课+讨论
Professor
18 周 周 3
中心理综楼 208
The problem of inflation is probably the issue in monetary theory that most captures students’ interest. Chapter 24
opens by discussing the evidence on the link between money and inflation, showing students that the coming analysis is a
useful way of understanding the inflation process.
The analysis of the inflation process is based on straightforward applications of aggregate demand and supply
analysis. These applications will give students further practice with this model and will further convince them of its
usefulness.
The chapter ends by discussing the activist/nonactivist debate and how inflation might best be prevented. An
important factor in this discussion is whether or not credibility matters to successful anti-inflation policy. The importance
of credibility to successful policymaking is now at the forefront of debates in the economics profession and it is
highlighted in the application on the importance of credibility to Volcker’s victory over inflation. It provides an
introduction to some of the issues that have been raised in the recent literature on rational expectations.
授课主要内容及学时分配
Chapter 24 Money and Inflation

Money and Inflation: Evidence
German Hyperinflation, 1921–1923
Recent Episodes of Rapid Inflation

Meaning of Inflation

Views of Inflation
How Money Growth Produces Inflation
Can Other Factors Besides Money Growth Produce a Sustained Inflation
Can Other Factors Besides Money Growth Produce a Sustained Inflation?

Summary

Origins on Inflationary Monetary Policy
High Employment Targets and Inflation
Budget Deficits and Inflation

Activist/Nonactivist Policy Debate
Responses to High Unemployment
Activist and Nonactivist Positions
Expectations and the Activist/Nonactivist Debate
Activist Versus Nonactivist: Conclusions

Summary
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重点、难点及对学生的要求（掌握、熟悉、了解、自学）
 Why Study Money and Monetary Policy?
Money and Business Cycles
Money and Inflation
Money and Interest Rates
Conduct of Monetary Policy
Fiscal Policy and Monetary Policy
主要外语词汇
Chapter 24
Money and Inflation
accommodating policy
discretionary policy
cost-push inflation
demand-pull inflation
printing money
monetizing the debt
constant-money-growth-rate rule
government budget constraint
Ricardian equivalence
辅助教学情况（多媒体课件、板书、绘图、标本、示教等）
多媒体课件、板书
课程网站资源 http://www.course.sdu.edu.cn/G2S/Template/View.aspx?action=view&courseType=0&courseId=325
复习思考题
Chapter 24 Money and Inflation
1. "There are frequently years when the inflation rate is high and yet money growth is quite low. Therefore, the statement
that inflation is a monetary phenomenon cannot be correct." Comment.
2. Why do economists focus on historical episodes of hyperinflation to decide whether inflation is a monetary
phenomenon?
3. "Because increases in government spending raise the aggregate demand curve, fiscal policy by itself can be the source
of inflation." Is this statement true, false, or uncertain? Explain your answer.
4. "A cost-push inflation occurs as a result of workers' attempts to push up their wages. Therefore, in nation does not have
to be a monetary phenomenon." Is this statement true, false, or uncertain? Explain your answer.
5. "Because government policymakers do not consider inflation desirable, their policies cannot be the source of inflation."
Is this statement true, false, or uncertain? Explain your answer.
6. "A budget deficit that is only temporary cannot be the source of inflation." Is this statement true, false, or uncertain?
Explain your answer.
7. How can the Fed's desire to prevent high interest rates lead to inflation?
8. "If the data and recognition lags could be reduced, discretionary policy would more likely be beneficial to the
economy." Is this statement true, false, or uncertain? Explain your answer.
9. "The more sluggish wage and price adjustment is, the more variable output and the price level are when a discretionary
policy is pursued." Is this statement true, false, or uncertain? Explain your answer.
10. "If the public believes that the monetary authorities will pursue a discretionary policy, a cost-push inflation is more
likely to develop." Is this statement true, false, or uncertain? Exp1ain your answer.
11. Why are discretionary policies to eliminate unemployment more likely to lead to inflation than nondiscretionary
policies?
12. "The less important expectations about policy are to movements of the aggregate supply curve, the stronger the case
is for discretionary policy to eliminate unemployment." Is this statement true, false, or uncertain? Explain your answer.
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13. If the economy's self-correcting mechanism works slowly, should the government necessarily pursue discretionary
policy to eliminate unemployment?
14. "To prevent inflation, the Fed should follow Teddy Roosevelt's advice: 'Speak softly and carry a big stick’”What
would the Fed's "big stick" be? What is the statement trying to say?
15. In a speech early m the Iraq-Kuwait crisis in 1990. President George H. W. Bush stated that although his heart went
out to the hostages held by Saddam Hussein, he would not let this hostage-taking deter the United States from insisting
on the withdrawal of Iraq from Kuwait. Do you think that Bush's position made sense? Explain why or why not.
参考教材（资料）
1、Frederic S. Mishkin, The Economics of Money, Banking and Financial Markets, 8th edition,
Pearson Education, 2007.
2、米什金，《货币金融学（中文版）》（第九版）（郑艳文、荆国勇译），中国人民大学出版社，2011 年。
3、姜旭朝、胡金焱、孔丹凤，《货币经济学》（第二版），经济科学出版社，2008 年。
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