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8 Cards in this Set

  • Front
  • Back
inflation
increase in the overall level of prices
deflation
decrease in the overall level of prices
hyperinflation
extremely high rate of inflation
Quantity theory of money
the theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate
nominal variables
variables measured in monetary units
real variables
variables measured in physical units
classical dichotomy
the theoretical separation of nominal and real variables
monetary neutrality
the proposition that changed in the money suypply fo not affect real variables