请教“芒代尔—托宾”效应？

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如题，请指教什么是“芒代尔—托宾效应”？非常感谢

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关键词：托宾效应 非常感谢 请指教 效应 芒代尔—托宾

芒德尔指出，在高通货膨胀情况下，投资者为了应付不断提高的实物资本，就会降低他们的现金支付平衡。因此，甚至预期的通货膨胀也会产生真正的经济效应——这被称为芒德尔-托宾效应（Mundell-Tobin effect）。

以下是引用bajjio在2006-3-16 22:03:00的发言：
芒德尔指出，在高通货膨胀情况下，投资者为了应付不断提高的实物资本，就会降低他们的现金支付平衡。因此，甚至预期的通货膨胀也会产生真正的经济效应——这被称为芒德尔-托宾效应（Mundell-Tobin effect）。

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！

高通货膨胀会使投资者降低现金的持有，而将资金用来购买实物资本.

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]

天哪，面对如此回答，我实在有点晕，只能慢慢翻译了。

致以最诚挚的谢意给bajjio！！！

在高通货膨胀情况下，投资者为了应付不断提高的实物资本，就会降低他们的现金支付平衡。因此，甚至预期的通货膨胀也会产生真正的经济效应

这个的根本原因是因为人是风险规避的

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.

货币增长导致通货膨胀，通胀的增长导致名义利率的增长，这时，“拥有货币”的成本就大了，由于货币是社会财富的一部分，这样全社会财富就会减少，于是消费减少，储蓄增加，使得储蓄单发生了表面变化，但实际利率下降了

古典理论认为，像通货膨胀这样的名义变量的变化不会影响实际变量，其实古典理论没有注意到通货膨胀的增长会导致实际利率的下降——i = r + π，所以根据这个费雪定律，通胀π增长1，名义利率i增长小于1

因此大多数经济学家认为，当实际货币平衡不是占社会财富的大部分时，托宾定律是无效的

实际货币余额下降来自未预期到的[因此也无法为之调整行为的]当期价格的上涨。这个无法调整的东西就是当期持有的名义货币量；也就是说，如果这个假设成立，名义利率的涨跌也无法影响到当期持有的名义货币量从而无法影响到实际货币持有量。