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Greenspan has been condemned by such advocates of organized labor as Robert Reich for his monomaniacal devotion to controlling inflation at the expense of all other social goals.
Hence, if Greenspan does succeed in reducing inflation to zero, it will not be the result of his personal magnetism, but simply a sign that the current inflationary cycle has run its course, and inevitably a happy age of price stability is to follow.
Unfortunately, this idea is refuted by history: Romer and Romer show that efforts to reduce inflation almost inevitably produce recessions.
I show that staggered adjustment in theory should not impede the response of inflation to such a policy.
I believe one reason for this is that thus far we have avoided a cyclical upswing in inflation, so that the buy-in-advance motive has been less of an influence.
This definition is conceptually sound because inflation is at least as much a state of mind as it is a statistic.
Polio/makers and academics have noticed that the inflation process in the United States and other countries has changed markedly since 2000.
Food inflation hurts poor more than rich as poor spend higher proportion of their income on food items as compared to rich.
In general, all inflation targets, as currently administered, have a few common elements such as the requirement to achieve a desired inflation rate in terms of a cost of living index, usually the consumer price index (CPI).
Both inflation rates are also lower than they were in 2010, during the country's last episode of disinflation.
Various theories have been proposed to explain the Phillips curve and most of these theories agree that there is no significant long-term tradeoff between inflation and the level of economic activity.
In particular, they speculated that the way inflation hurt economic growth was by interfering with the role financial intermediaries play in an economy.