外文翻译--隐蔽性通货膨胀的影响及其应用

1、外文翻译-隐蔽性通货膨胀的影响及其应用 本科毕业论文设计外 文 翻 译外文出处 Springer-Verlag Berlin Heidelberg2021173-182 外文作者 Cengiz KahramanTufan Demireland Nihan Demirel 原文Effects of Inflation under Fuzziness and Some ApplicationsAbstractThis chapter presents the ways of incorporating the parameter fuzzy inflation to the engineering

2、 economy analyses Inflation is a financial parameter difficult to estimate The fuzzy set theory gives us the possibility of converting linguistic expressions about inflation estimates to numerical values In the chapter discounted cash flow techniques including these fuzzy expressions and some numeri

3、cal examples are given The obtained results show the interval of the worst and the best possible outcomes when fuzzy inflation rates are taken into account 1 IntroductionInflation is an increase in the amount of money necessary to obtain the same amount of product or service before the inflated pric

4、e was present With the inflation in anytime prices rise and the purchasing power decreases it takes more dollars for the same amount of goods or services Deflation is the opposite of inflation It has the oppositeeffects with deflation prices decrease and the purchasing power increases With the defla

5、tion it takes fewer dollars in the future to buy the same amount of goods or services as it does today The governments can be face to face with the inflation much more commonly than deflation at national economy Blank and Tarquin 2002Sharp-Bette and Park 1990 Degarmo et al 1990 Gnen 1990 Young 1993

6、Most people are undoubtedly aware that inflation has to do with price increases What is perhaps less well-known is that the meaning of the word inflation has changed somewhat over time Originally the word inflation was used to describe a characteristic of money that its value was eroded This happens

7、 when all prices in an economy rise at the same rate over time When all prices rise at the same ratehouseholds incomes for example wages increase as much as their expenses This means that households have to pay more for the same quantity of goods Howeverneither household consumption nor its actual v

8、alue utility is affected when all prices rise at the same rateOver time however the meaning of the word inflation has changed somewhat Today it is often used synonymously with the words price increase and can there by describe any kind of price rises not just increases in all prices For example one

9、often hears of wage inflation domestic inflation or imported inflation None of these terms mean an increase in all prices Rather they refer to rises in the prices of certain specific goods or servicesThe most common and most well-known measure of inflation is the change in the consumer price index -

10、 the CPI The CPI is a so-called cost-of-living index or compensation index This means that the CPI measures how consumers cost of living changes over time If consumers incomes increase at the same rate as their cost of living their utility will be unchanged over time The CPI is often used for exactl

11、y this purpose - as a basis for adjusting pensions or determining how compensation clauses in different agreements should be interpretedTo adjust for the effects of inflation in project evaluation most authors prefer to use a general index such as the Consumers Price Index The reason is as follows S

12、ince it is the investors real income or purchasing power that we seek to enhancethere is a slight advantage in choosing an index of Consumer Goods prices such as the CPI The changeable value of currency is the reason of inflation With the inflation the currency value goes down The inflation and defl

13、ation can be occurred as higher prices for food cars and other purchased commodities and services for the people On the other hand for the business and government inflation has eroded the purchasingpower of savings and earnings if interest rates and salary raises have not kept pace with general pric

14、e trends Inflation types are shown belowCost push inflation Increases in producers costs that are passed along to customerssometimes with disproportionate escalations that push prices up Demand-pull inflation Excessive spending power of consumers sometimes obtained at the expense of savings that pul

15、ls prices upWhen the literature is searched we can see that there are few works on fuzzy inflationKahraman and Tolga 1995 examine the effects of fuzzy inflation rate on aftertaxrate calculations De and Goswami 2006 present an EOQ model with fuzzyinflation rate and fuzzy deterioration rate when a del

16、ay in payment is permissible2 Relation between Inflation and InterestInflation affects everyone with some degree The degree of inflation affects the consequences when inflation is mild the economy prospers When inflation is moderateincreased demand pulls prices still higher When inflation is severe

17、prices rise much faster than wages do When inflation is hyperinflation this is the most dangerous level of inflation this uncontrolled inflation destroys a nations economy Park2006 Hyperinflation is a problem in countries where political instability overspending by the government weak international

18、trade balances etc is present Sharp-Betteand Park 1990 When the government has inflation in its economy first of all it pays attention to credit restrictions wage controls contraction of the money supply reduction in demand by raising taxes increased demand by reducing taxes enlarged supply of goods

19、 through greater productivity stimulated by investment incentives and wage-price guidelines backed by political persuasion to manage inflation and its effects on the economy Park 2006 On the other hand the government can redefine the currency in terms of the currency of another country control banks

20、 and corporations and control of the flow of capital into and out of the country in order to decrease inflation Sharp-Bette and Park 1990 Most of the engineering economists are more interested in the effects of inflation than its causes and corrections Due to inflation a dollar assumes different val

21、ues at different times The dollars do not have the same value for yesterday today and tomorrow The engineering economists have to predict the dollars values and organize their works by concerning with inflation and also they have to research what would happen if inflation became high level such as m

22、oderate or severe21 Inflation MeasurementThe measurement of inflation is difficult because the prices of different goods and services do not increase or decrease by the same amount they change at different times by the different amounts The calculation of a general inflation rate can be changed by g

23、eographical differences in prices and different buying habits of consumersThe whole sale price index producer price index and consumer price index are used for the measurement of inflation rates The consumer price index is the most commonly used technique for the inflation rate measurementThe whole

24、sale price index WPI This index measures inflation at the whole sale level for both consumer and industrial goodsProducer price index PPI This index measures average changes in prices receivedby producers of all commodities On the other hand PPI is a composite that measures changes in prices paid fo

25、r selected goods and services used by producers Blank and Tarquin 2002 Consumer price index CPI For calculation of CPI prices for goods are obtained monthly and are averaged according to demographic distributions Then the prices are weighted according to the expenditure proportions of the typical fa

26、mily Park2006 CPI is a composite that measures changes in prices paid for selected goods and services used by ultimate consumers Blank and Tarquin 2002 In CPI seven different things are measured as fixed market basket of goods foods and beverageshousing apparel and upkeep transportation medical care

27、 entertainment and other education personal care etc This index shows the effect of retail price changes on a selected standard of living22 Impact of InflationThe analysts have to be interested in the impact of inflation on economic evaluations There are two basic methods for researchers in the lite

28、rature for consideration of inflation in their calculationsConstant real dollars All cash flows are converted to money units that have constant purchasing power for eliminating inflation effects It is generally easier to estimate future costs in constant dollars because the estimator is familiar wit

29、h todays values On the other hand there are two weaknesses limiting the usefulness of the constant dollar tax effects are ignored and no provision is made for differences inescalation rates among price and cost components Biermann and Smidt 1990 It is denoted RFuture dollars In the amount of money u

30、nits that are called future dollars actually exchanged at the time of each transaction for estimating cash flows Future dollars are sometimes called then-current dollars nominal dollars or actual dollars It is denoted as AIt is a simple matter to convert estimates in real dollar flow to actual dolla

31、r flow when inflation is assumed to be a constant rate To make comparisons between monetary amounts which occur in different time periods the different-valued dollars must first be converted to constant value dollars in order to represent the same purchasing power over time Sharp-Bette and Park 1990

32、 As an economic evaluation when the rate of inflation increases there is a corresponding increase in the market interest rate Inflation is differential rather than uniform Goods and services prices do not always change proportionately Including the effect of inflation is a second-order refinement fo

33、r economic evaluations the first-order refinement was the inclusion of the effect of taxes on basic cash flowFor eliminating weaknesses of the constant dollar approach the analysts can use after-tax actual cash flow comparisons In the literature there are three different comparisons for actual cash

34、flowsNo responsive charges in after-tax analysisMultiple inflation rates in an after-tax analysisAfter-tax modified cash flow comparison译文隐蔽性通货膨胀的影响及其应用摘要这个章节主要包扩隐蔽性通货膨胀分析方法通货膨胀是一个难以估计的财政参数隐蔽性通货膨胀理论告诉我们如何表达通货膨胀以及如何用数值表达隐蔽性通货膨胀在本章节中忽略了现金流量的影响表述了隐蔽性的概念以及列举一些数据结果显示在考虑了隐蔽性通货膨胀后的最坏可能结果和最好可能结果结果的差距一简介通货膨胀

35、概念指的是货币的增长没有与之对应的相同数量的产品或者效劳在通货膨胀下物价是当前物价在通货膨胀时期随着物价上升货币购置力会减少将来将花费更多的美元才得到和今天相同数量的产品或效劳通货紧缩是通货膨胀的对立面起到相反的效果当通货紧缩时期物价下降和货币购置力增加将来将花费更少的美元得到和今天相同的数量产品或效劳通常情况下政府面对通货膨胀情况多于通货紧缩的情况Blank and Tarquin 2002Sharp-Bette and Park 1990 Degarmo et al 1990 Gnen 1990 Young 1993毫无疑问多数人认为通货膨胀必伴随物价增加但很少有人知道通货膨胀一词的意思已

36、随着时间的流逝发生改变了最初通货膨胀一词用来描述价值被贬值的货币的特征这发生在经济和物价同比增长的时候所有物价以相同的比率上升时家庭的收入例如工资增长和家庭支出相同这表示家庭必须为相同的数量的商品支付更多的货币然而在物价上升相同比率时家庭支出和实际的价值效用均不受其影响随着经济的开展通货膨胀一词的意思有所改变现在通货膨胀经常被定义为当物价不同增长时可以描述多种物价上涨不只在所有物价相同比率增长的情况例如我们经常听说工资通货膨胀国内通货膨胀或进口通货膨胀这些并不意味着所有商品的价格都上涨更确切地说他们指的是某些特定产品或效劳物价的上涨计量通货膨胀的最多最常用的方法是消费者物价指数 - CPICP

37、I 是所谓的生活本钱指数或补偿指数 CPI 是用来测量消费者生活本钱随着时间的变化而变化如果消费者的收入和生活本钱增长相通他们的效用随着时间的流逝将是不变的CPI 经常被用来确定这样的目标即用于调整养老金或确定协议的补偿条款应该怎样的得到的补偿数为调整工程评估中通货膨胀的效果多数作者喜欢使用一个常规的指数例如消费者物价指数理由如下它是投资者的实际收入或我们试图提高的购置力这是使用CPI的一个好处货币的可变价值是通货膨胀的原因当通货膨胀时货币价值下降通货膨胀和通货紧缩更容易发生在如食物汽车等商品和效劳物价上升时时候在另一方面对商业和政府而言如果利率和工资薪酬的增加没有跟上一般物价的增长那么通货膨

38、胀就会削弱了储蓄和收入购置力通货膨胀的类型如下本钱推动通货膨胀生产者的本钱增加转嫁给消费者从而本钱增长不成比例的拉动物价增长需求拉动通货膨胀过度的消费能力限制了储蓄增长从而带动了物价的增长收索相关文献我们发现隐藏的通货膨胀导致失业Kahraman 和 Tolga1995 年计算了隐蔽通货膨胀的税后影响De 和 Goswami2006 年发表了一个关于测量隐蔽性通货膨胀率和延期付款后隐蔽程度的EOQ模型二通胀和利率之间的关系通货膨胀在一定程度上影响每个人通货膨胀程度决定了通货膨胀的影响程度在温和通货膨胀下经济缓慢增长日益增加的需求拉动物价在恶性通货膨胀下物价上涨高于工资上涨当处在恶性通货膨胀时恶性通货膨胀是通货膨胀之中危险水平最高的不受控制的通货膨胀摧毁一个国家的经济水平 Park2006 当一个国家政治不稳定政府过度支出国际贸易失衡等等夏普-Betteand 公园 1990 年将出现恶性通货膨胀的问题当一国政府