The Quantity Theory of Money : MV=PY

양적완화 이후 본원통화는 자금마치 $3.5 조달러 늘어는데도 인플레이션 생기지않은 이유는 화폐의속도/회전률 보면 이해가 됩니다.  1990 이전까지는 화폐의속도/회전률 물가상승률은 상호연관성이 있었읍니다. 화페의속도/회전률이  빠르면 물가도 오르고 화폐의속도/회전률  떨어지면 물가도 하락했습니다. 그런데 이관계가1990 이후로 깨졌습니다. 그이유는미국경제가 좋아졌지면서  화폐의속도/회전률 상승해도 강한달러로 수입품의가격이 하락으로 물가는 상승하지 않았습니다. 특히  2008  금융위기이후로 미연준이 양적완화로본원통화량을  $3.5 조달러를 늘렸고 이로인해서 국민총생산량은 늘었지만 오히려 물가는 답보하거나 오히려 하락했습니다. 그이유는  화폐의속도/회전률이 급속히 떨어져서 그렇습니다.

Although the money supply (M2) was increasing considerably because of the implementation of three quantitative easings from 2009 to 2014, the inflation has not gone up yet due to the declining of velocity of money supply (M2).   The relationship between the velocity of money and inflation were positively correlated until 1990, but the relationship did not hold after 1990 due to globalization. The velocity of money increased from 1990 to 2006, but the inflation rates were stable because of low prices of imports from china.
After the financial crisis in 2007, the monetary base increased by $3.5 trillions of dollars and the U.S. economy grew positively again. However, the inflation rate continues to stay low because the velocity of money falls from 1.7 to 1.58 which is the historical lowest point.

 

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