The Genesis of Inflation and the Costs of Disinflation
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NBER Working Paper No. 3621
Issued in February 1991
NBER Program(s): EFG
This essay asks how high inflation arises and why it is costly to eliminate. Specifically, the paper discusses the roles of price rigidity and credibility problems in explaining the costs of disinflation; the puzzle of persistent inflation triggered by onetime macroeconomic shocks; and the case for returning to adaptive expectations in theories of inflation.
Published: Journal of Money, Credit, and Banking, August 1991, 23(3), Part 2, pp. 439-452
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