请教bajjio，不断提高的实物资本是指投资实物资产所需的资本增加吗？那么降低现金支付又是为何呢？

实在是在下愚笨，一遇上这样的问题，尤其是涉及到货币问题的，我就头昏。请您再指点以下，衷心

感谢！

感谢bajjio，我理解了，原来你所解释的降低现金支付平衡使我产生了误解，可是我还想麻烦您和其他同志，问一问一道在曼昆第四版《宏观经济学》中的一题：（书中178页第8题）

假设消费取决于实际货币余额水平(根据实际货币余额是财富的一部分).说明如果实际货币余额取决于名义利率,那么,货币增长率的提高会影响消费.投资.和实际利率.名义利率对预期通货膨胀的调整大于一对一呢,还是小于一对一?这个怎么理解呢？从古典二分法和费雪效应推导出的这个结论称为蒙代尔--托宾效应.你如何决定蒙代尔--托宾效应在实际中是否重要呢?这个又该怎么办呢？

An increase in the rate of money growth leads to an increase in the rate of inflation. Inflation, in turn, causes the nominal interest rate to rise, which means that the opportunity
cost of holding money increases. As a result, real money balances fall. Since money is part of wealth, real wealth also falls. A fall in wealth reduces consumption,and, therefore, increases saving. The increase in saving leads to an outward shift of the saving schedule, This leads to a lower real interest rate.

The classical dichotomy states that a change in a nominal variable such as inflation does not affect real variables. In this case, the classical dichotomy does not hold;the increase in the rate of inflation leads to a decrease in the real interest rate. The Fisher effect states that i = r + π. In this case, since the real interest rate r falls, a 1-percent increase in inflation increases the nominal interest rate i by less than 1 percent.

Most economists believe that this Mundell–Tobin effect is not important because real money balances are a small fraction of wealth.

[此贴子已经被作者于2006-3-19 21:19:38编辑过]