The Genesis of Inflation and the Costs of Disinflation
探讨高通胀如何产生以及消除它为何代价高昂，重点分析价格刚性和可信度问题在反通胀成本中的作用，以及一次性宏观冲击引发持续通胀的谜题。
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.