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The Costs of Inflation
Expected inflation is the level of inflation that economic agents expect in the future.
Unexpected inflation is the level of inflation that we experience that is either below or above that which we expected; it is the component of inflation that is a surprise.
Expected inflation can give rise to:
menu costs and
shoe leather costs.
Unanticipated (unexpected) inflation can in addition:
lead to inequitable transfers of wealth between borrowers and lenders (including losses to savings);
give rise to risk premia in borrowing rates and the prices of other assets; and
reduce the information content of market prices.
The Components of GDP:The Components of GDP:servicesM = Imports
Applications of the Normal Distribution:horizon.,safety-first ratioSFRatio=[ERP–RL]σP?[Practice:ABCAllocation C = 8.5 – 4.5 14.34 = 0.279
Benefits and Costs of Regional Trading Areas:integration.cultureFirstSecondintegration limits the extent to which member countries can pursue independent economic and social policies.
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