Posted on Categories:Macroeconomics, 宏观经济学, 经济代写

# 经济代写|宏观经济学代考Macroeconomics代写|ECON4012 More on infation

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## 经济代写|宏观经济学代考Macroeconomics代写|More on infation

Perhaps the most famous quote about inflation came from the late Milton Friedman, a much -respected economist at the University of Chicago, who stated that, “inflation is always and everywhere a monetary phenomenon” (from Friedman (1963), “Inflation: Causes and Consequences, Asia Publishing House”). Since inflation is understood to be a rise in the average prices of goods and services in the economy, that summation seems almost too basic. Of course, inflation is a monetary phenomenon! It is about money! But, just as different academics have argued over time as to what really causes inflation, misunderstandings persist even in our modern economy.

Friedman proposed the theory that inflation is all about the money supply. How much money is in the system? Too much money will create inflation, too little may cause deflation. As a monetarist, he believed that a restrictive money supply, too inadequate to feed the natural behavior of the economy, would cause prices to fall because too little money chasing too many goods would result in situation where supply exceeds demand. Conversely, if there is too much money in the economy, then prices will increase in response to demand which is outpacing supply.

Using the well-known Quantity Theory of Money, we can see the mathematical version of Friedman’s ideas. The quantity theory equation states that $\mathrm{MV}=\mathrm{PY}$, where $\mathrm{M}$ is money supply, $\mathrm{V}$ is the velocity of money, $\mathrm{P}$ is the price level, and $\mathrm{Y}$ is real GDP. There is some evidence that the velocity of money-which measures how often a dollar bill circulates around in our economy over a given period of time-tends to be relatively stable, while real GDP is determined by factors such as capital, labor, and technology. If this is true, then from $M V=P Y$, changes in $M$ must filter through to changes in $\mathrm{P}$, and a change in $\mathrm{P}$ is the very definition of inflation. When presented this way, this seems quite logical. However, this is a prime example of a theory that can be best explained with a clear understanding of the way that the modern monetary system actually works.

## 经济代写|宏观经济学代考Macroeconomics代写|Quantitative easing by the Fed

With the knowledge that the central bank will feed reserves into the system as required to meet demand, how can it ensure that the banking system as a whole does not continue lending beyond a point that is healthy for the economy? Is there a point at which the Fed would simply stop supplying reserves in the United States? From a practical standpoint, the answer is no. The Fed is motivated to supply reserves as needed in order keep the Fed funds rate at target. After all, the Fed’s end goal is to maintain healthy inflation and employment levels.

That leads us to consider ‘quantitative easing’ or ‘ $\mathrm{QE}$,’ as it is often called. With the 2008-2009 recession still fresh in our minds and news reports, most of us are quite familiar with the term, which sounds very sophisticated and powerful. But, beyond a basic understanding that it has something to do with trying to help a sluggish economy, most people do not really understand what it means. Very simply, it is open market operations on a grand scale. Before such measures are undertaken, the Fed would have, through normal open market operations, targeted the Fed funds rate as low as it could feasibly go. If that has not sufficiently bolstered consumer confidence to encourage spending, QE could be initiated in an attempt to give the economy a nudge.

# 宏观经济学代写

## 经济代写|宏观经济学代考Macroeconomics代写|Quantitative easing by the Fed

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。