Accounting for Inflation: The Dog That Didn't Bark
指出学术界和实务界提出的价格变动会计方法存在根本缺陷，即假设实际部门与货币部门相互独立，这一假设已被理论和证据否定，解释了为何政府和监管机构不愿采用调整价格变动的会计准则。
A fundamental flaw in the methods that academics and practitioner bodies have proposed to account for price changes is that they assume the real and monetary sectors are independent. This is the logic of classical macroeconomics pre‐Keynes/Friedman, which long since has been discredited by theory and evidence. Both economy‐wide and idiosyncratic shocks to firms’ factor prices are unlikely to be positively correlated with their financial strengths, as assumed by the price adjustment methods that have been proposed. This helps explain the historical reluctance of governments and regulatory bodies to embrace proposed accounting standards that require firms to adjust their financial statements for either general or firm‐specific price changes. For example, firms then would tend to report stronger balance sheets at a time of weakened financial positions.