庇古效应

货币产出效应的作用机制包括两个环节：第一环节是货币供给通过凯恩斯效应和庇古效应作用于总需求；

The mechanism of the money output effect includes two links : The first link is that the money supply influences the aggregate demand through Keynes Effect and Pigu Effect .

但是，随着价格总水平的持续下降，这种对总需求的扩张效应，会通过庇古财富效应的转向、凯恩斯利率效应的转向和蒙代尔-弗莱明汇率效应的制约等，对总需求产生负向效应。

However , with the sustained fall in the general price level , that expansionary effect on the general demand will change to affect the general demand negatively by the direction changing of Pigou-effect , Keynes-effect and the restriction of Mundel-Fleming-effect .

论文认为，在价格总水平下降的初期，价格总水平的下降可能会通过庇古的财富效应、凯恩斯的利率效应和蒙代尔-弗莱明汇率效应对总需求产生积极的影响。

This paper thinks , in the early day of the price falling , the lower general level of prices may effect the general demand positively by Pigou-effect , Keynes-effect and Mundel-Fleming-effect .