The Genesis of Inflation and the Costs of Disinflation
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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
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美国国家经济研究局创建时间：
1991-02-01
