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The Case for Gradualism in Policies to Reduce Inflation

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journal contribution
posted on 13.07.2011, 00:00 by Allan MeltzerAllan Meltzer

Inflation is usually defined as a sustained rate of increase in a broadly based index of prices. Whatever meaning one gives to the imprecise term "sustained," the past fifteen years seem to meet the standard. Both the all-item consumer price index and the implicit GNP deflator have increased in every quarter since late 1965, and neither seems likely to reach a zero rate of change in the near future.

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13/07/2011

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