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　　A-Level經濟學問答題詳解

　　Deflation and Disinflation

　　Deflation(通貨緊縮)與 disinflation(通貨膨脹減緩)經常在A-Level考試中出現，兩者的區別如下，小伙伴們認真閱讀哦 !

　　Deflation is a persistent fall in the average price level in the economy.

　　Disinflation is a falling rate of inflation.

　　通貨緊縮是經濟體中價格水平持續下降的情況，通貨膨脹減緩是通貨膨脹率下降。兩者的本質區別，Deflation(通貨緊縮)是指價格水平下降，disinflation(通貨膨脹減緩)是指價格水平還在上漲，只是漲幅變小。

　　對經濟體整體而言，價格下降是好情況嗎?未必，通貨緊縮的影響如下：

　　Consequences of Deflation

　　A: Falling consumption: Consumers delay purchases as they expect further price reductions. AD shrinks even more, pushing even lower the average price level.

　　B: Reducing investment: As demand is low, firms are forced to cut prices, to cut down costs & even to reduce their scale of production. Low business confidence will also discourage investment.

　　C: Rising bankruptcies: Firms’ profits decline. As a result, dividends & investment

　　returns fall and so share prices also fall. Business insolvencies will increase.

　　D: Rising unemployment: Since demand is low & prices are falling, firms will lay off workers and/or reduce wages. Unemployment will rise & this will further discourage consumption.

　　E: vicious cycle of falling prices/falling AD e.g. “lost decade” in Japan

　　F: reduced effectiveness of monetary & fiscal policyas interest rates cannot fall below zero & households prefer to save/postpone spending

　　G: banking system at risk as loans are not repaid

　　H: negative multiplier effect

　　I: government debt expands in real terms

　　相關A-level 真題：

　　1. (June, 2012v3)

　　(b) Discuss whether a period of inflation or a period of deflation is more economically desirable.

　　[12]

　　Solution:

　　1) 答題思路：題目分成三部分答寫：先寫inflation與deflation的定義;再分別寫inflation與deflation的consequence;最后寫自己的觀點覺得哪個是more economically desirable并寫原因。

　　2) 得分點：

　　? For knowledge and understanding of ‘inflation’ and ‘deflation’. 2 marks

　　? For an analysis of the effects of inflation and deflation. Up to 8 marks

　　(Only inflation or deflation considered 6 max)

　　? For an evaluative comment on the relative desirability of inflation and deflation.2 marks

　　3) 真題答案：

　　Inflation is a sustained rise in the general price level. Deflation is a sustained fall in the general price level or a reduction in aggregate economic activity. Inflation has effects on international competitiveness, shoe leather and menu costs, the distribution of income, the ability to plan and the level of confidence. Deflation is linked to rising unemployment, falling economic growth, lower living standards, changing international competitiveness, changing distribution of income(differently to inflation) and loss of confidence. There is some overlap between the effects, and the effects may depend upon the rate of change. Mild inflation is often thought to be desirable. Governments may favour inflation as it reduces the real value of debt and increase income though higher tax revenue. The desirability will depend on the standpoint adopted.