### 经济代写|宏观经济学作业代写Macroeconomics代考|MONEY, INFLATION

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|宏观经济学作业代写Macroeconomics代考|THE EXCHANGE RATE

Four hundred years ago, Spain’s Francisco de Quevedo wrote, “Over kings and priests and scholars, rules the mighty Lord of Money,” which still seems to be true today. Money gives purchasing power over resources, and its rate of expansion (the rate at which it grows) is closely related to inflation.

In this chapter, we analyze how monetary authorities regulate the circulation of money and the relationship between money and economic activity. Additionally, two closely related issues are studied: price determination and the role of the exchange rate, after which we can understand what sometimes motivates governments to abandon the use of one currency in favor of another-the French franc for the euro, or the Ecuadoran sucre for the dollar. The study of these topics will also help us understand the reasons for the current discussion of the role of the dollar as

the world’s reserve currency and the competition it faces from the euro, the yuan, the yen, the pound, and other currencies.

How the exchange rate should be managed is a matter that is permanently discussed by economic authorities across the world. At the turn of the twenty-first century, however, the discussion became ever more heated as a result of the accelerated globalization process, substantial growth volume, and the deepening of financial relations.

## 经济代写|宏观经济学作业代写Macroeconomics代考|Money

Money serves as a means of exchange for goods and services, thereby eliminating the need for barter, and as an accounting unit. Money also serves as a unit of account because all goods can be expressed in monetary terms; thus only a single price for each good is required for transactions to occur.

Therefore, prices are the rate at which money is exchanged for goods. Money also serves in certain circumstances as means to store value: the bills and coins that someone carries in her pocket today will probably have the same value a week later, in terms of their ability to acquire goods. As a store of value, money has some advantages over other assets, such as being the most liquid of all; also, its nominal value in the future is not subject to

uncertainty (as is often the case with different financial instruments such as futures and derivatives). However, as we shall see below, inflation deteriorates the value of money as a store of wealth.

Money is crucial for the development of commercial and financial transactions in any modern economy. Without money, operations would have to be done through barter. Although it may sound like something of the past, barter is still used in some situations. For example, in early 2002 Argentina was in a deep crisis and lacked means of payment as a result of the “corralito,” a measure that prevented checking account and deposit holders from withdrawing funds from banks. Under these circumstances, in places like small public markets, barter was used to carry out smaller economic transactions. Another example is Zimbabwe, which until 2009 suffered from huge price instability, facing both a terrible hyperinflation and repeated deflations (or negative inflation), and so, since people did not want to keep local currency, many turned to barter for everyday transactions. The case of Venezuela is more recent: after experiencing an inflation rate above $1,000,000$ percent by the end of 2018 , combined with a shortage of products in the formal market, people began using barter to acquire basic consumption goods.

However, barter is extremely inefficient, because it requires a mutual coincidence of needs. For example, a sick painter would need a doctor willing to treat him in exchange for one of his paintings. In addition, the price of each good would need to be fixed in terms of all others; people would have to calculate and agree on how many hens are equivalent to a chair, how many to a lecture on economics, and so on.

## 经济代写|宏观经济学作业代写Macroeconomics代考|The History of Money and Gresham’s Law

From the dawn of human history, societies have recognized the many inconveniences of barter, so they have turned to money. Although it is not clear when some form of money was first used, we know that metallic money began to be used around 5000-6000 BCE.

While metals offer many advantages over forms of money other than bills, all sorts of commodities have been used as money throughout history: colored seashells in India, cigarettes in the prison camps of World War II, and even whale’s teeth in Fiji.

Gresham’s law helps explain societal shifts toward current forms of money. It is named after Sir Thomas Gresham, founder of the Royal London Stock Exchange, who famously stated that “bad money drives out good.” By this he was referring to a money system based on nonstandard objects, where, for example, if gold and chicken are the two forms of money in circulation, the more valuable of the two will disappear from circulation. This law

constitutes an interesting facet of the historical use of money.

For example, at one time in Tanzania, livestock served as money, and soon people realized that only the weakest and sickest animals were being used in transactions. The reason was very simple: the value of goods and services was expressed in number of heads of cattle, without distinguishing between good and bad ones. Since livestock has an intrinsic value for its meat, milk, leather, and transportation services, it was more convenient to pay with the faulty cattle and keep the healthy ones. This explains why societies increasingly turned to standardizing and certifying forms of money based on precious metals.

Coinage emerged in Greece in the seventh century $\mathrm{BCE}$ and proved to be a useful way to relieve this problem, so it quickly became popular. Coins substantially reduced the need to weigh and certify the metals, thereby facilitating transactions. For about four hundred years, until the third century BCE, the Athenian drachma kept its silver content virtually unchanged and was by far the predominant currency of the Old World.

## 广义线性模型代考

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## MATLAB代写

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