| 单词 | neutrality of money |
| 释义 | neutrality of money The view that the level and growth rate of the money supply does not affect the real working of the economy. Unless there is complete price flexibility, this cannot be true in the short run. Even in the long run, fluctuations in the money supply affect real activity even if the trend does not. Given the growth rate of the money supply, in the long run its level can be expected to affect only the price level and not real activity. In the long run the rate of inflation depends on the growth rate of the money supply. There is widespread agreement that extreme inflation, or hyperinflation, is bad for real activity, and so is a falling price level; how moderate inflation affects real activity is a matter of controversy. Money can be neutral only in a limited long-run sense. |
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