首先,与货币存量保持不变的情况相比,货币存量的上升必然导致一个货币单位的购买力受损。
First and foremost, a rise in the money stock necessarily leads to an impairment of the purchasing power of a money unit - compared with a situation in which the money stock remains unchanged.
2009年全球产出大约减少了1%还多(基于平价购买力不变的情况下)——这是自1945年以来全球经济产出第一次切实的减少。
In 2009 world output probably shrank by more than 1% (on a purchasing-power-parity basis) -the first time since 1945 that the global economy actually got smaller.
但货币的价值并不总是稳定不变的,货币的购买力会随着通货膨胀或通货紧缩而产生变化。
Nevertheless, the value of money is not constant over time. The purchASing power of money changes AS a result of either inflation or deflation.
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