Carnegie Mellon University
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Fallacies About Current Inflation

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journal contribution
posted on 1995-10-01, 00:00 authored by Allan MeltzerAllan Meltzer

Two fallacies have received much attention this summer. One is that the U.S., or perhaps the world, is in imminent danger of deflation — defined as persistently falling prices. The other is that the decline in the prices of gold and a few selected commodities presage a decline in all prices — that the decline in gold and commodity prices is a leading indicator of future changes in all other prices and wages.




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