Kel 2 Efektifitas Monetaris

 

=. =.6 6

Wdh dhbd bdrrtnfh nfh Flnr Flnrf fh Akhd khdtfr tfrns

Udkrn Udk rn Flnrfh Flnrfh Akhdt Akhdtdrns drns (Hdk-i (Hdk-ilfs lfsni) ni) ldmnc ldmnc adyfin adyfinhn hn mfcwf mfcwf idmnof idmnofifh ifh akhd ak hdtd tdrlf rlfc c yf yfhb hb ldmn ldmnc c dj djdi ditn tnjj ef eflf lfa a adap adapdh dhbf bfru rucn cn ku kutp tput ut ef eflf lfa a suft suftu u  pdrdikhkanfh. Ikhensn nhn enefsfrifh pfef fhflnsns mfcwf idmnofifh akhdtdr  adapuhyfn pdhbfruc yfhb mdrsnjft lfhbsuhb tdrcfefp pdranhtffh fbrdbft. Idtnif fef pdhfam pdhfamfcf fcfh h ufhb ufhb eflfa eflfa pdrdik pdrdikhka hkanfh nfh,, pdlfiu pdlfiu dikhka dikhkann fifh fifh lfhbsu lfhbsuhb hb adamdlfhofifhhyf eflfa mdhtui mfrfhb muifh adamdlfhofifhhyf eflfa mdhtui  surft mdrcfrbf. Udkrn Akhdtdrns Akhdtdrns oustru adafhefhb adafhefhb mfcwf idmnofifh idmnofifh jnsifllfc jnsifllfc yfhb tnefi djditnj eflfa adapdhbfrucn kutput pfef suftu pdrdikhkanfh. Cfl nhn ensdmfmifh ensdmf mifh kldc dispfhsnj dispfhsnj jnsifl adhnamulif adhnamulifh h fefhyf fefhyf djdi `rkwenhb kut . Djdi  `rkwenhb kut nhn adamuft pdhfamfcfh jnsifl tnefi mdrefapfi fpf-fpf tdrcfefp kutput eflfa pdrdikhkanfh (]kadr, =766).

=.=

Djditn Djditnjnt jntfs fs Idmnof Idmnofifh ifh Jnsifl Jnsifl efh Akhdt Akhdtdr dr adhuru adhurutt Wfhefh Wfhefhbfh bfh Akhdtfrns

Idbnftfh pdrdikhkanfh entdhtuifh kldc pdhbdlufrfh fbrdbft (yfntu AZ adhuru adh urutt pfhef pfhefhbf hbfh h bklkh bklkhbfh bfh akhdtd akhdtdrns rns efh @ + N + B adhuru adhurutt Idyhds). Idyhd s).

pdhefp pdhefpft ft

Ideuf Udkrn Udkrn nhn adhuhouiifh adhuhouiifh mfcwf mfcwf idmnofifh idmnofifh jnsifl efh akhdtdr  akhdtdr 

efpft adapdhbfrucn pdhbdlufrfh fbrdbft efh kldc ifrdhf ntu efpft enbuhfifh uh uhtu tui i adhs adhstf tfmn mnli lifh fh ef efh h adhb adhbda damf mfhb hbif ifh h id idbn bnftf ftfh h di dikh khka kann id frfc frfc yf yfhb hb ennhbnhifh. Bklkhbfh akhdtfrns ldmnc adhdifhifh pdrfhfh idmnofifh akhdtdr  eflfa adhbftfsn afsflfc pdhbfhbburfh afupuh nhjlfsn efh uhtui adh`nptfifh  pdrtuamucfh. Udrefpft pdhefpft yfhb hyftf pfef bklkhbfh akhdtdrns adhbdhfn dlfstnsntfs pdranhtffh ufhb efh dlfstnsntfs djnsndhsn akefl Afronhfl yfntu ? 6. Wdranh Wdranhtff tffh h ufhb ufhb tnefi tnefi dlfstns dlfstns Pnjft nhn tdrofen ifrdhf adhurut akhdtdrns yfhb adhdrusifh pdhefpft tdkrn iufhtntfs ufhb sdefhbifh afsyfrfift adanhtf ufhb tdrutfaf uhtui tuoufh trfhsfisn. =. Djnsnd Djnsndhsn hsn akef akefll Afronh Afronhfl fl sfhbf sfhbftt dlfstn dlfstnss

 

Pnjft nhn ensdmfmifh ensdmfmifh ifrdhf pfhefhbfh pfhefhbfh adrdif adhykikhb adhykikhb pfhefhbfh pfhefhbfh fcln-fcln dikhkan ilfsni yfhb mdrpdhefpft mfcwf tnhbift muhbf sfhbft  mdsfr pdrfhfhhyf eflfa adhdhtuifh nhvdstfsn yfhb fifh enlfiuifh enlfiuifh Mdrefsfrifh idpfef ideuf idyfinhfh nhn bklkhbfh akhdtdrns mdrpdhefpft  pdrtfaf idmnofifh jnsifl fifh adhnamulifh djdi `rkwenhb-kut   efh adhburfhbn idafapufhhyf adhnamulifh dispfhsn eflfa idbnftfh dikhkan, ideuf idmnofifh akhdtdr fifh adhnamulifh dispfhsn yfhb pdsft eflfa idbnftfh pdrdikhkanfh. Adhurut Adhur ut bklkhbfh bklkhbfh Akhdtdrns Akhdtdrns idmnofifh idmnofifh jnsifl adhnamuli adhnamulifh fh pdrumfcfh pdrumfcfh yfhb mdsfr tdrcfefp muhbf efh tnhbift nhjdstfsn. nhjds tfsn. Pdcnhbbf adwuoueifh `rkwenhbkut yfntu djdi efsfr jnsifl fifh sdmfbnfh mdsfr encfpusifh kldc pdhburfhbfh nhvdstf nhv dstfsn. sn. Wfef Wfef bfamfr bfamfr >.3 adhbbf adhbbfamf amfrif rifh h pfhefh pfhefhbfh bfh bklkhb bklkhbfh fh Akhdtdr Akhdtdrns, ns,  pdrcftnifh brfjni enmfwfc nhn. Pdmdlua pdlfisfhffh idmnofifh jnsifl pdhbdlufrfh fbrdbft feflfc FD7 afif pdhefpft hfsnkhfl feflfc ^7. Efsfr jnsifl, fpfmnlf tnefi  enniutn idhfnifh tnhbift muhbf, fifh adhnhbiftifh pdhbdlufrfh fbrdbft adhofen FD6 efh pdhefpftfh hfsnkhfl fifh adh`fpfn ^6. Udtfpn idhfnifh tnhbift muhbf fifh adhuruhifh adhuruhifh nhvdstfsn nhvdstfsn efh pdhbdlufrfh pdhbdlufrfh fbrdbft, fbrdbft, yfntu cfhyf adh`fpfn FD =. Pdcn Pdcnhb hbbf bf adhu adhuru rutt bk bklk lkhb hbfh fh Akhd Akhdtdr tdrns ns id idmn mnof ofif ifh h jnsi jnsifl fl fi fifh fh adhf adhfni niif ifh h  pdhefpftfh hfsnkhfl cfhyf sdmfhyfi ^7^=.

 

Pdefhbifh pdlfisfhffh idmnofifh akhdtdr adhydmfmifh pdhfwfrfh ufhb  mdrtfamfc efrn As7 adhofen As6. Brfjni (f) adhuhouiif adhuhouiifh h pdrtfamfcfh pdrtfamfcfh ufhb nhn adhydmfmifh tnhbift muhbf Adhbflfan pdhuruhfh yfhb mdsfr efrn r 7 adhofen r 6 efh sdtdrushyf adhbfinmftifh pdrtfamfcfh nhvdstfsn sdmfhyfi N7N6. Wdrumfcfh nhn adhbfi adhbfinmf nmftif tifh h pdhbdl pdhbdlufr ufrfh fh fbrdbf fbrdbftt mdrbdr mdrbdrfi fi efrn efrn FD7  adhofe adhofenn FD6  efh adhnhbiftifh pdhefpftfh hfsnkhfl yfhb mdsfr oualfchyf yfntu efrn ^7  adhofen

^ 6.

=. =.0 0

Udkr Udkrnn Akh Akhdt dtdr dr adhu adhuru rutt Anl Anltk tkh h Jrn Jrnde deaf afh h

Fef mdmdrfpf pfhefhbfh Idyhds yfhb tnefi ensuifn pfifr-pfifr dikhkan, tdrutfaf tdru tfaf pfhefh pfhefhbfh bfhhyf hyf tdhtfh tdhtfhb b pdrluh pdrluhyf yf `fapur `fapur tfhbfh tfhbfh pdadrnh pdadrnhtfc tfc eflfa eflfa adhbfrfcifh efh adamnamnhb pdrdikhkanfh pfef frfc yfhb ennhbnhifh. Irntni   pflnhb vkifl eftfhb efrn pfifr-pfifr dikhkan hdkilfsni ikhsdrvftnj. Adrdif efpft enmfbn ftfs euf bklkhbfh , yfntu bklkhbfh tuf efh bklkhbfh auef. Efrn bklkhbfh tuf efpft ensdmutifh mdmdrfpf hfaf sdpdrtn Adhbdr, Jrdedrn`c Fubust vkh Cfydi sdefhbifh sdefhbifh bklkhbfh auef auef yfntu Anltkh Jrndeafh efrn efrn Thnvdrsnty kj  @cnbfbk. Jrndeafh feflfc pdheuiuhb mdrft pdrdikhkanfh mdmfs. Jrndeafh adlncft  pdrfh pdadrnhtfc eflfa mftfs-mftfs mftfs -mftfs tdrtdhtu oustru enpdrluifh uhtui adh`nptfifh suftu suft u pdrdik pdrdikhk hkanf anfh h en afhf afhf pfsfr pfsfr mdmfs mdmfs efpft efpft mdrjuh mdrjuhbsn bsn ldmnc ldmnc djditn djditnj. j. Wdrfh Wdrfh  pdhtnhb pdadrnhtfc mfbn Jrndeafh, yfntu uhtui adamfhtu adh`nptfifh nilna  pdrdikhkanfh yfhb sdcft. Onif nilna pdrdikhkanfh sdcft, afif pfsfr mdmfs fifh

 

efpft adhoflfhifh adhoflfhifh juhbsnhyf juhbsnhyf sd`frf djditnj. djditnj. Rflfupuh Rflfupuh sdenint `fapur `fapur tfhbfh tfhbfh  pdadrnhtfc enpdrluifh, tdtfpn Jrndeafh tnefi suif edhbfh tdrlflu mfhyfi  idmnofi idm nofisfh sfhffh ffh,, sdmfm sdmfm tdrlflu tdrlflu mfhyfi mfhyfi idmnof idmnofisf isfhff hffh h oustru oustru mnsf mnsf adhnam adhnamuli ulifh fh  mdrmfbfn idrubnfh. Thtui adhodlfsifh frbuadhtfsnhyf Jrndeafh adamdrnifh `khtkc tdhtfhb idmnofisfhffh ifua muruc nhn en sftu snsn adafhb aulnf. Udtfpn onif tnhbift upfc yfh yfhb

entd entdtf tfpi pifh fh

tdrl tdrlfl flu u

tnh tnhbb bbn, n,

yfhb fhb

adh dhy ydm dmfm fmi ifh

pdh pdhbu bufs fsff

dh dhbb bbfh fh

 mdrprkeuisn,finmfthyf pdranhtffh tdrcfefp tdhfbf idrof fifh eniurfhbn, efh  pdhbfhbburfh fifh adlufs, yfhb pfef bnlnrfhhyf adhydmfmifh tnhbift idsdofctdrffh adrdif sdafinh fholki. Pdrfhbfh Jrndeafh tdrcfefp pfhefhbfh Idyhds tdlfc adhburfhbn ekanhfsn afirk afi rk dikhka dikhkann Idyhds Idyhdsnfh nfh eflfa eflfa adaprk adaprkaks aksnif nifh h idmnof idmnofisf isfhff hffh h dikhka dikhkann  pdadrnhtfc. Rflfupuh fofrfh-fofrfh Idyhds pdrhfc mdrcfsnl adad`fcifh afsflfc- afsflfc dikhkan yfhb encfefpn edhbfh mdrmfbfn idmnofisfhffh ofhif  pdhedi, tdtfpn idmdrcfsnlfhhyf tnefi mdrlfhbsuhb lfaf. Mdrifln-ifln prdenisn yfhb enefsfrifh pfef fofrfh Idyhds adldsdt efh tnefi mdrcfsnl adad`fcifh afsflfc stfbhfs stfb hfsnn (pdrtu (pdrtuamu amucfh cfh dikhka dikhkann yfhb yfhb lfamft lfamft)) yfhb yfhb encfef encfefpn pn dikhka dikhkann euhnf euhnf sdtdlfc tfcuh 27-fh. Pdpdrtn eflfa adhydldsfnifh afsflfc stfbjlfsn (adhuruhhyf  pdrtuamucfh dikhkan efh adhnhbifthyf pdhbfhbburfh ensfft yfhb mdrsfaffh), id idmn mnofi ofisfh sfhffh ffh jn jnsi sifl fl ef efh h akhd akhdtd tdrr Idyh Idyhds ds mk mkld ldc c en enif iftfi tfifh fh lu luap apuc uc tk tktf tfl. l. Idtnef Idt nefimd imdrcf rcfsnlf snlfh h fofrfhfofrfh-fofr fofrfh fh Idyhds Idyhds eflfa eflfa adad`fc adad`fcifh ifh afsflfc afsflfc-afsfl af sflfc fc yf yfhb hb encf encfef efpn pn adlf adlfcn cnrif rifh h su suft ftu u flnrf flnrfh h mf mfru ru yf yfhb hb en ensdm sdmut ut “flnr “flnrfh fh akhd ak hdtf tfrn rns‑, s‑, yf yfhb hb adhb adhbut utfa fafi fifh fh id idmn mnof ofis isfh fhff ffh h akhd akhdtd tdrr ef eflf lfa a adhb adhbft ftfsn fsn id idad adlu lutt di dikh khka kann wfit wfitu u ntu. ntu. Ifrdh Ifrdhff pf pfef ef pr prnh nhsnp snphy hyff id idlk lkap apki ki akhd akhdtf tfrn rnss adhbfouifh adhbf ouifh prdpksnsn prdpksnsn mfcwf pdridamfhbfh pdridamfhbfh prkeuisn, prkeuisn, idsdapftfh idsdapftfh idrof, efh cfrbf-cfrbf efh pdrtuamucfh oualfc ufhb mdrdefr adrupfifh uhsur yfhb pflnhb efpft enfheflifh eflfa pdridamfhbfh akhdtdr. Jrndea Jrn deafh fh sdlflu sdlflu adhdif adhdifhif hifh h mfcwf mfcwf pdrnlf pdrnlfiu iu eflfa eflfa lfo lfou u pdrtua pdrtuamuc mucfh fh  oualfc ufhb mdrdefr ‐ fisdldrfsn efh edsdldrfsn sfhbft adapdhbfrucn fitnvntfsfi fitn tnvn vntfs tfs di dikh khka kann rn rnnl nl.. Idtn Idtnef efis istf tfmn mnlf lfh h ef eflf lfa a pd pdrtu rtuam amuc ucfh fh akhd akhdtdr tdr fi fifh fh tdr`dran tdr` dranh h eflfa eflfa mdrmfb mdrmfbfn fn fitnvn fitnvntfs tfs dikhka dikhkan. n. Efrn Efrn cfsnl cfsnl stuen stuen cnstkr cnstkrnsh nshyf yf nf

 

adhyna adh ynapul pulifh ifh mfcwf mfcwf sd`frf sd`frf uaua uaua lfo lfou u pdrtua pdrtuamuc mucfh fh ufhb ufhb yfhb yfhb tnhbbn tnhbbn fifh fifh adhydm adh ydmfmi fmifh fh tdrofen tdrofenhyf hyf mkkas mkkas efh nhjlfsn nhjlfsn,, sdefhb sdefhbifh ifh pdhuru pdhuruhfh hfh eflfa eflfa lfo lfou u  pdrtuamucfh ufhb efpft adhnamulifh rdsdsn efh ifefhb-ifefhb mfcifh oubf edjlfsn. Ifrdhf suifr enprdenisn, afifhyf Jrndeafh sfhbft adhbfhourifh uhtui  tnefi tdrlflu sdrnhb mdrafnh- afnh edhbfh idmnofisfhffh akhdtdr. Wdrdikhkanfh  ofhbfh tdrlflu sdrnhb en stdl (jnhd tuhhnhb) sdpdrtn yfhb enfhourifh iumu Idyhdsnfh, Idyhd snfh, sdmfm efapfi efapfi idmnofisfhf idmnofisfhffh fh akhdtdr akhdtdr yfhb mdrumfc-umfc mdrumfc-umfc oustru mnsf adamuft pdrdikhkanfh tnefi stfmnl. Pd Pdcn cnhb hbbf bf

efpf efpftt

ensn ensnap apul ulif ifh h

Fl Flnr nrfh fh

akhd akhdtf tfrn rnss

pf pfef ef

pr prnh nhsn snph phyf yf

adhdif adh difhif hifh h mfcwf mfcwf pdrida pdridamfh mfhbfh bfh akhdtd akhdtdrr adrup adrupfif fifh h uhsur uhsur pdhtnh pdhtnhb b eflfa eflfa  pdridamfhbfh prkeuisn, idsdapftfh idrof, cfrbf ‐ cfrbf efh pdrtuamucfh  oualfc ufhb mdrdefr. Idlkapki akhdtfrns mdrfsuasn mfcwf adifhnsad pfsfr en eflfa pdrdikhkanfh efpft mdroflfh sd`frf ktkaftns sdcnhbbf cfrbf ‐ cfrbf efpft sdbdrf adhydsufnifh (hfni ftfu turuh) fpfmnlf tdrofen pdrmdeffh (ldmnc mdsfr ftfu ldmnc ldm nc id`nl) id`nl) fhtfrf fhtfrf pdranh pdranhtffh tffh efh pdhfwf pdhfwfrfh rfh pfsfr. pfsfr. Ukikc Ukikc fln flnrfh rfh akhdtfr akhdtfrns ns Anltkh Jrndeafh adhdifhifh mfcwf pdrnlfiu eflfa pdrtuamucfh oualfc ufhb  mdrdefr sfhbft adapdhbfrucn fitnvntfs ‐ fitnvntfs dikhkan. Ptki oualfc ufhb  mdrdefr eflfa pdrdikhkanfh fifh adhdhtuifh lfou nhjlfsn eflfa ofhbif pfhofhb. pfhofhb.

=.5 =.5

Wdrf Wdrfhf hfh h ufhb ufhb efl eflfa fa pdr pdrdi dikh khka kanf nfh h pfef pfef pfh pfhef efhb hbfh fh akh akhdt dtfr frns ns

Bklk Bk lkhb hbfh fh

akhd akhdtf tfrn rnss

adhd adhdht htui uifh fh

tnhb tnhbif iftt

id idbn bnft ftfh fh

di dikh khka kann

ef efh h

 pdhefpftfh hfsnkhfl edhbfh adhbbuhfifh adhbbuhfifh pdrsfaffh, yfntu? AZ 1 WU Adhurut tdkrn tdrsdmut hnlfn Z efh U tdtfp, afif pdrtfamfcfh pdhfwfrfh ufhb fifh adhnamulifh idhfnifh cfrbf yfhb sfaf lfouhyf edhbfh pdhfwfrfh ufhb. ufh b. Bklkhb Bklkhbfh fh akhdtfr akhdtfrns, ns, eflfa eflfa adhbbu adhbbuhfi hfifh fh pdrsfa pdrsfaffh ffh enftfs enftfs,, tnefi tnefi lfbn lfbn adansflifh mfcwf Z efh U tdtfp, tdtfpn mdridyfinhfh mfcwf Z efpft enrfaflifh hnlfnhyf efh yfhb ldmnc pdhtnhb lfbn hnlfnhyf rdlftnj stfmnl. Idstfmnlfh hnlfn Z ensdmfmifh kldc idmnfsffh afsyfrfift uhtui adhbbuhfifh ufhbhyf tnefi mfhyfi  adhbflfan pdrumfcfh eflfa ofhbif pdhedi.

 

Wdrsfaffh Wdrsfa ffh AZ 1 WU efpft ensdedrcfifh ensdedrcfifh adhofen adhofen  AZ  y 1 WU ftfu  AZ  y 1 ^. Edhbfh Edhbfh edaninfh edaninfh pdrsfaf pdrsfaffh fh  AZ  y  1 ^ pfef cfinifthyf mdrfrtn pdhefpftfh hfsnkh hfsn khfl fl yfhb yfhb fifh fifh en`fpf en`fpfnn pfef pfef suftu suftu wfitu wfitu tdrtdh tdrtdhtu tu (^) tdrbfh tdrbfhtuh tuhb b idpfef idpfef  oualfc ufhb pdhfwfrfh ufhb (A) efh idlfoufh pdrdefrfh pdrdefrfh ufhb (Z  y ). ftfupu puh h AZ pf pfef ef cf cfin inif ifth thyf yf adhu adhuho houi uiif ifh h hn hnlf lfnn Wdrs Wdrsfa faff ffh h  AZ  y  ftfu trfhsfi trfh sfisn sn yfhb yfhb mdrlfi mdrlfiu u eflfa eflfa pdrdik pdrdikhka hkanfh nfh.. Eflfa Eflfa pdrdik pdrdikhka hkanfh nfh akedrh akedrh idbnftf idb nftfh h prkeui prkeuisn sn ( adhbcf adhbcfsnli snlifh fh mfrfhb mfrfhb efh ofsf ) feflfc feflfc uhtui uhtui adadhu adadhucn cn idmutucfh pfsfr. Afif ufhb pdrlu enbuhfifh uhtui adamnfyfn trfhsfisn yfhb  mdrlfiu. Tfhb yfhb tdrsdenf eflfa pdrdikhkanfh fifh enbuhfifh sdlfaf  mdmdrfpf ifln eflfa sdtfcuh uhtui adamnfyfn mdrmfbfn odhns trfhsfisn mfrfhb efh  ofsf en fhtfrf pdhoufl efh pdamdln. Edhbfh edaninfh hnlfn  AZ  y  ft ftfu fu AZ adhbbfamfrifh hnlfn trfhsfisn mfrfhb efh ofsf yfhb tdr`nptf eflfa pdrdikhkanfh eflfa sftu tfcuh tdrtdhtu.

 

EFJUF] WTPUFIF

Flpkh, P. =763. Djditnjntfs =763. Djditnjntfs Idmnofifh Jnsifl efh Akhdtdr Udrcfefp Udrcfefp Zfrnfmdl  Afirk Dikhkan Nhekhdsnf. cttp?//s`cklfr.uhfhe.f`.ne/03=70/=/=.%=7MFM%=7N %=7%=3WDHEFCTLTFH%=>-`khvdrtde.pej 

Puinrhk, Puinr hk, Pfekhk. Pfekhk. =776. =776.  Wdhbfhtfr Udkrn Afirkdikhkan , Densn Ideuf. Ideuf. Ofifrtf ? WU ]fof Brfjnhek Wdrsfef

Wutkhb, Wutkh b, Nsifhefr. Fheofswftn, Fheofswftn, Hurnhb Eyfc. =767.  Wdhbfhtfr Dikhkan Afirk, Afirk, Densn Ideuf. Ofifrtf ? Antrf Rf`fhf Adenf

Fjnj Fj nju uee eenh nh,, Pyf„f yf„fe. e. =77 770. 0.  Flnrfh Akhdtfrns. Thn Thnvdr vdrsnt sntfs fs Puaftd Puaftdrf rf Ttfrf. Ttfrf. Nhekhdsnf cttp?//rdpksntkry.usu.f`.ne/mntstrdfa/cfheld/6=054:23>/20=3/stpdafjnjueenh0.pej;sdqudh`d16