价格总水平上涨中总需求与纸币数量关系分析——广泛流传的误区与货币政策的有效范围

Analysis of Relationship between Total Demand and Banknotes Supply in Rising Overall Price——Widespread Misunderstanding and Effective Range of Monetary Policy

现代西方经济学将纸币数量增加导致的价格总水平上涨划归为需求拉动价格总水平上涨,实际上这是一个误区。宏观经济理论中的总需求是指实际总需求,纸币数量增加不是实际总需求增加的原因。纸币数量增加只会增加名义总需求,其导致的价格总水平上涨,只是一个货币现象,对此,货币政策是有效的;实际总需求增加会拉动价格总水平上涨,并导致被动性纸币膨胀,对此,货币政策是失效的。

The modern Western economics defines the rising overall price caused by increased banknotes supply as the price hike driven by demand. This theory, in fact, represents a misunderstanding. In macroeconomic theory, the aggregate demand is the total actual demand, and the increased banknotes supply is by no means the cause for the increase in actual demand. The increase in banknotes supply can only increase the nominal aggregate demand, which leads to the rising gen- eral price level, only displaying a monetary phenomenon, for which monetary policy is effective; increase in actual aggre- gate demand will drive the rise in overall price, and lead to passive banknotes expansion, for which monetary policy loses its effectiveness.