Chuyn 6CHNH SCH TIN T V CHNH SCH TI KHA 2013 Pearson Education, Inc. All rights reserved.20-2 L thuyt s luqng tin t M= the money supplyP = price levelY =aggregate output (income)PY = aggregate nominal income (nominal GDP)V = velocity of money (average number of times per year that a dollar is spent)V =PYMEquation of ExchangeM V = PYTc ! l"u th#ng ti$n t% v& 'h"(ng tr)nh trao *i 2013 Pearson Education, Inc. All rights reserved.20-3 L thuyt s luqng tin t(tip theo) Tc!l"uth#ngti$nt%t"(ngi*n+nh trong ng,n h-n T*ng s.n l"/ng 0 12c to&n d3ng 45tha6*itrongcungti$nch7.nhh"0ng 8n 12c gi9 45:i8n*itrong12cgi9l&;8te Figure 9Cost-Push Inflation 2013 Pearson Education, Inc. All rights reserved.20->l Figure 10Demand-Pull Inflation 2013 Pearson Education, Inc. All rights reserved.20-Q0 APPLICATION The Great Inflation tok that ke have eNa1ined the roots oh inhlationar6 1onetar6 'olic6, ke can investigate the causes oh the rise in .4. inhlation hro1 1l[Q to 1le2, a 'eriod du::ed the reat Inhlation Panel WaY oh Digure 11 docu1ents the rise in inhlation during those 6ears. ust :ehore the reat Inhlation started, the inhlation rate kas :elok 2a at an annual rateo :6 the late 1l_0s, it averaged around ea and 'ea;ed at nearl6 1>a in 1le0 ahter the oil 'rice shoc; in 1l_l Panel W:Y oh Digure 11 co1'ares the actual une1'lo61ent rate to esti1ates oh the natural rate oh une1'lo61ent 2013 Pearson Education, Inc. All rights reserved.20-Q1 Figure 11Inflation and Unemployment, 1965-1982Vai tr ca ky vng trong chnh sch tin t 2013 Pearson Education, Inc. All rights reserved.20-Q3 Lucas Critique of Policy Evaluation Zacro-econo1etric 1odelswcollections oh e