价格总水平上涨中总需求与纸币数量关系分析: 广泛流传的误区与货币政策的有效范围

The modern Western economics defines the rising overall price caused by increased banknotes supply as the price hike driven by demand. This theory, in fact, represents a misunderstanding. In macroeconomic theory, the aggregate demand is the total actual demand, and the increased banknotes supply is by no means the cause for the increase in actual demand. The increase in banknotes supply can only increase the nominal aggregate demand, which leads to the rising general price level, only displaying a monetary phenomenon, for which monetary policy is effective;increase in actual aggregate demand will drive the rise in overall price, and lead to passive banknotes expansion, for which monetary policy loses its effectiveness.