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vector-toc-level-2"> <a class="vector-toc-link" href="#Ancient_Europe"> <div class="vector-toc-text"> 2.2 Ancient Europe </div> </a> <ul id="toc-Ancient_Europe-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ancient_China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ancient_China"> <div class="vector-toc-text"> 2.3 Ancient China </div> </a> <ul id="toc-Ancient_China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Medieval_Egypt" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Medieval_Egypt"> <div class="vector-toc-text"> 2.4 Medieval Egypt </div> </a> <ul id="toc-Medieval_Egypt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Medieval_age_and_"price_revolution"_in_Western_Europe" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Medieval_age_and_"price_revolution"_in_Western_Europe"> <div class="vector-toc-text"> 2.5 Medieval age and "price revolution" in Western Europe </div> </a> <ul id="toc-Medieval_age_and_"price_revolution"_in_Western_Europe-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-After_1700" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#After_1700"> <div class="vector-toc-text"> 2.6 After 1700 </div> </a> <ul id="toc-After_1700-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Measures" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Measures"> <div class="vector-toc-text"> 3 Measures </div> </a> <button aria-controls="toc-Measures-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Measures subsection </button> <ul id="toc-Measures-sublist" class="vector-toc-list"> <li id="toc-Issues_in_measuring" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Issues_in_measuring"> <div class="vector-toc-text"> 3.1 Issues in measuring </div> </a> <ul id="toc-Issues_in_measuring-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Official_vs._true_vs._perceived_inflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Official_vs._true_vs._perceived_inflation"> <div class="vector-toc-text"> 3.2 Official vs. true vs. perceived inflation </div> </a> <ul id="toc-Official_vs._true_vs._perceived_inflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Inflation_expectations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation_expectations"> <div class="vector-toc-text"> 3.3 Inflation expectations </div> </a> <ul id="toc-Inflation_expectations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Causes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Causes"> <div class="vector-toc-text"> 4 Causes </div> </a> <button aria-controls="toc-Causes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Causes subsection </button> <ul id="toc-Causes-sublist" class="vector-toc-list"> <li id="toc-Historical_approaches" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Historical_approaches"> <div class="vector-toc-text"> 4.1 Historical approaches </div> </a> <ul id="toc-Historical_approaches-sublist" class="vector-toc-list"> <li id="toc-Before_1936" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Before_1936"> <div class="vector-toc-text"> 4.1.1 Before 1936 </div> </a> <ul id="toc-Before_1936-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynes_and_the_early_Keynesians" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Keynes_and_the_early_Keynesians"> <div class="vector-toc-text"> 4.1.2 Keynes and the early Keynesians </div> </a> <ul id="toc-Keynes_and_the_early_Keynesians-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetarism" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Monetarism"> <div class="vector-toc-text"> 4.1.3 Monetarism </div> </a> <ul id="toc-Monetarism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Rational_expectations_theory" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Rational_expectations_theory"> <div class="vector-toc-text"> 4.1.4 Rational expectations theory </div> </a> <ul id="toc-Rational_expectations_theory-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_Keynesians" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#New_Keynesians"> <div class="vector-toc-text"> 4.1.5 New Keynesians </div> </a> <ul id="toc-New_Keynesians-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-View_post-2000_to_present" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#View_post-2000_to_present"> <div class="vector-toc-text"> 4.2 View post-2000 to present </div> </a> <ul id="toc-View_post-2000_to_present-sublist" class="vector-toc-list"> <li id="toc-2021–2022_inflation_spike" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2021–2022_inflation_spike"> <div class="vector-toc-text"> 4.2.1 2021–2022 inflation spike </div> </a> <ul id="toc-2021–2022_inflation_spike-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Heterodox_views" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Heterodox_views"> <div class="vector-toc-text"> 4.3 Heterodox views </div> </a> <ul id="toc-Heterodox_views-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Effects_of_inflation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effects_of_inflation"> <div class="vector-toc-text"> 5 Effects of inflation </div> </a> <button aria-controls="toc-Effects_of_inflation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Effects of inflation subsection </button> <ul id="toc-Effects_of_inflation-sublist" class="vector-toc-list"> <li id="toc-General_effect" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General_effect"> <div class="vector-toc-text"> 5.1 General effect </div> </a> <ul id="toc-General_effect-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Negative" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Negative"> <div class="vector-toc-text"> 5.2 Negative </div> </a> <ul id="toc-Negative-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Positive" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Positive"> <div class="vector-toc-text"> 5.3 Positive </div> </a> <ul id="toc-Positive-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cost-of-living_allowance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cost-of-living_allowance"> <div class="vector-toc-text"> 5.4 Cost-of-living allowance </div> </a> <ul id="toc-Cost-of-living_allowance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Controlling_inflation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Controlling_inflation"> <div class="vector-toc-text"> 6 Controlling inflation </div> </a> <button aria-controls="toc-Controlling_inflation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Controlling inflation subsection </button> <ul id="toc-Controlling_inflation-sublist" class="vector-toc-list"> <li id="toc-Historical_approaches_to_inflation_control" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Historical_approaches_to_inflation_control"> <div class="vector-toc-text"> 6.1 Historical approaches to inflation control </div> </a> <ul id="toc-Historical_approaches_to_inflation_control-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Inflation_targeting" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation_targeting"> <div class="vector-toc-text"> 6.2 Inflation targeting </div> </a> <ul id="toc-Inflation_targeting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fixed_exchange_rates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fixed_exchange_rates"> <div class="vector-toc-text"> 6.3 Fixed exchange rates </div> </a> <ul id="toc-Fixed_exchange_rates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Gold_standard" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Gold_standard"> <div class="vector-toc-text"> 6.4 Gold standard </div> </a> <ul id="toc-Gold_standard-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Wage_and_price_controls" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Wage_and_price_controls"> <div class="vector-toc-text"> 6.5 Wage and price controls </div> </a> <ul id="toc-Wage_and_price_controls-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 7 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> 8 Notes </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 9 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> 10 Further reading </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 11 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Inflation</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 121 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-121" aria-hidden="true" > 121 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Inflasie" title="Inflasie – Afrikaans" lang="af" hreflang="af" data-title="Inflasie" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target">Afrikaans</a></li><li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/Inflation" title="Inflation – Alemannic" lang="gsw" hreflang="gsw" data-title="Inflation" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target">Alemannisch</a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%B6%D8%AE%D9%85_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A" title="تضخم اقتصادي – Arabic" lang="ar" hreflang="ar" data-title="تضخم اقتصادي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-as mw-list-item"><a href="https://as.wikipedia.org/wiki/%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A7%B0%E0%A6%BE%E0%A6%B8%E0%A7%8D%E0%A6%AB%E0%A7%80%E0%A6%A4%E0%A6%BF" title="মুদ্ৰাস্ফীতি – Assamese" lang="as" hreflang="as" data-title="মুদ্ৰাস্ফীতি" data-language-autonym="অসমীয়া" data-language-local-name="Assamese" class="interlanguage-link-target">অসমীয়া</a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Inflaci%C3%B3n" title="Inflación – Asturian" lang="ast" hreflang="ast" data-title="Inflación" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target">Asturianu</a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0nflyasiya" title="İnflyasiya – Azerbaijani" lang="az" hreflang="az" data-title="İnflyasiya" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D8%AA%D9%88%D8%B1%D9%85" title="تورم – South Azerbaijani" lang="azb" hreflang="azb" data-title="تورم" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target">تۆرکجه</a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%B8%E0%A7%8D%E0%A6%AB%E0%A7%80%E0%A6%A4%E0%A6%BF" title="মুদ্রাস্ফীতি – Bangla" lang="bn" hreflang="bn" data-title="মুদ্রাস্ফীতি" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target">বাংলা</a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Thong-h%C3%B2e_ph%C3%B2ng-ti%C3%B2ng" title="Thong-hòe phòng-tiòng – Minnan" lang="nan" hreflang="nan" data-title="Thong-hòe phòng-tiòng" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target">閩南語 / Bân-lâm-gú</a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Инфляция – Bashkir" lang="ba" hreflang="ba" data-title="Инфляция" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target">Башҡортса</a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%86%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D1%8B%D1%8F" title="Інфляцыя – Belarusian" lang="be" hreflang="be" data-title="Інфляцыя" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target">Беларуская</a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%86%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D1%8B%D1%8F" title="Інфляцыя – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Інфляцыя" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target">Беларуская (тарашкевіца)</a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://bh.wikipedia.org/wiki/%E0%A4%87%E0%A4%A8%E0%A5%8D%E0%A4%AB%E0%A5%8D%E0%A4%B2%E0%A5%87%E0%A4%B6%E0%A4%A8" title="इन्फ्लेशन – Bhojpuri" lang="bh" hreflang="bh" data-title="इन्फ्लेशन" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target">भोजपुरी</a></li><li class="interlanguage-link interwiki-bcl mw-list-item"><a href="https://bcl.wikipedia.org/wiki/Implasyon" title="Implasyon – Central Bikol" lang="bcl" hreflang="bcl" data-title="Implasyon" data-language-autonym="Bikol Central" data-language-local-name="Central Bikol" class="interlanguage-link-target">Bikol Central</a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%8F" title="Инфлация – Bulgarian" lang="bg" hreflang="bg" data-title="Инфлация" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-bar mw-list-item"><a href="https://bar.wikipedia.org/wiki/Inflazion" title="Inflazion – Bavarian" lang="bar" hreflang="bar" data-title="Inflazion" data-language-autonym="Boarisch" data-language-local-name="Bavarian" class="interlanguage-link-target">Boarisch</a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Inflacija" title="Inflacija – Bosnian" lang="bs" hreflang="bs" data-title="Inflacija" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target">Bosanski</a></li><li class="interlanguage-link interwiki-br mw-list-item"><a href="https://br.wikipedia.org/wiki/Monc%27hwez" title="Monc'hwez – Breton" lang="br" hreflang="br" data-title="Monc'hwez" data-language-autonym="Brezhoneg" data-language-local-name="Breton" class="interlanguage-link-target">Brezhoneg</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Inflaci%C3%B3" title="Inflació – Catalan" lang="ca" hreflang="ca" data-title="Inflació" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Inflace" title="Inflace – Czech" lang="cs" hreflang="cs" data-title="Inflace" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Chwyddiant" title="Chwyddiant – Welsh" lang="cy" hreflang="cy" data-title="Chwyddiant" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target">Cymraeg</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Inflation" title="Inflation – Danish" lang="da" hreflang="da" data-title="Inflation" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Inflation" title="Inflation – German" lang="de" hreflang="de" data-title="Inflation" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-dv mw-list-item"><a href="https://dv.wikipedia.org/wiki/%DE%87%DE%A8%DE%82%DE%B0%DE%8A%DE%B0%DE%8D%DE%AD%DE%9D%DE%A6%DE%82%DE%B0" title="އިންފްލޭޝަން – Divehi" lang="dv" hreflang="dv" data-title="އިންފްލޭޝަން" data-language-autonym="ދިވެހިބަސް" data-language-local-name="Divehi" class="interlanguage-link-target">ދިވެހިބަސް</a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Inflatsioon" title="Inflatsioon – Estonian" lang="et" hreflang="et" data-title="Inflatsioon" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target">Eesti</a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A0%CE%BB%CE%B7%CE%B8%CF%89%CF%81%CE%B9%CF%83%CE%BC%CF%8C%CF%82" title="Πληθωρισμός – Greek" lang="el" hreflang="el" data-title="Πληθωρισμός" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target">Ελληνικά</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Inflaci%C3%B3n" title="Inflación – Spanish" lang="es" hreflang="es" data-title="Inflación" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Inflacio" title="Inflacio – Esperanto" lang="eo" hreflang="eo" data-title="Inflacio" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li><li class="interlanguage-link interwiki-ext mw-list-item"><a href="https://ext.wikipedia.org/wiki/Enflacion" title="Enflacion – Extremaduran" lang="ext" hreflang="ext" data-title="Enflacion" data-language-autonym="Estremeñu" data-language-local-name="Extremaduran" class="interlanguage-link-target">Estremeñu</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Inflazio" title="Inflazio – Basque" lang="eu" hreflang="eu" data-title="Inflazio" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D9%88%D8%B1%D9%85" title="تورم – Persian" lang="fa" hreflang="fa" data-title="تورم" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Inflation" title="Inflation – French" lang="fr" hreflang="fr" data-title="Inflation" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Boilsci%C3%BA" title="Boilsciú – Irish" lang="ga" hreflang="ga" data-title="Boilsciú" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target">Gaeilge</a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Inflaci%C3%B3n" title="Inflación – Galician" lang="gl" hreflang="gl" data-title="Inflación" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target">Galego</a></li><li class="interlanguage-link interwiki-gu mw-list-item"><a href="https://gu.wikipedia.org/wiki/%E0%AA%AB%E0%AB%81%E0%AA%97%E0%AA%BE%E0%AA%B5%E0%AB%8B" title="ફુગાવો – Gujarati" lang="gu" hreflang="gu" data-title="ફુગાવો" data-language-autonym="ગુજરાતી" data-language-local-name="Gujarati" class="interlanguage-link-target">ગુજરાતી</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9D%B8%ED%94%8C%EB%A0%88%EC%9D%B4%EC%85%98" title="인플레이션 – Korean" lang="ko" hreflang="ko" data-title="인플레이션" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B3%D5%B6%D5%A1%D5%B3" title="Գնաճ – Armenian" lang="hy" hreflang="hy" data-title="Գնաճ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target">Հայերեն</a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%AB%E0%A5%80%E0%A4%A4%E0%A4%BF" title="मुद्रास्फीति – Hindi" lang="hi" hreflang="hi" data-title="मुद्रास्फीति" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target">हिन्दी</a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Inflacija" title="Inflacija – Croatian" lang="hr" hreflang="hr" data-title="Inflacija" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target">Hrvatski</a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Inflaciono" title="Inflaciono – Ido" lang="io" hreflang="io" data-title="Inflaciono" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target">Ido</a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Inflasi" title="Inflasi – Indonesian" lang="id" hreflang="id" data-title="Inflasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li><li class="interlanguage-link interwiki-ie mw-list-item"><a href="https://ie.wikipedia.org/wiki/Inflation" title="Inflation – Interlingue" lang="ie" hreflang="ie" data-title="Inflation" data-language-autonym="Interlingue" data-language-local-name="Interlingue" class="interlanguage-link-target">Interlingue</a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Ver%C3%B0b%C3%B3lga" title="Verðbólga – Icelandic" lang="is" hreflang="is" data-title="Verðbólga" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target">Íslenska</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Inflazione" title="Inflazione – Italian" lang="it" hreflang="it" data-title="Inflazione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%90%D7%99%D7%A0%D7%A4%D7%9C%D7%A6%D7%99%D7%94" title="אינפלציה – Hebrew" lang="he" hreflang="he" data-title="אינפלציה" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Inflasi" title="Inflasi – Javanese" lang="jv" hreflang="jv" data-title="Inflasi" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target">Jawa</a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B9%E0%B2%A3%E0%B2%A6%E0%B3%81%E0%B2%AC%E0%B3%8D%E0%B2%AC%E0%B2%B0" title="ಹಣದುಬ್ಬರ – Kannada" lang="kn" hreflang="kn" data-title="ಹಣದುಬ್ಬರ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target">ಕನ್ನಡ</a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%98%E1%83%9C%E1%83%A4%E1%83%9A%E1%83%90%E1%83%AA%E1%83%98%E1%83%90" title="ინფლაცია – Georgian" lang="ka" hreflang="ka" data-title="ინფლაცია" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target">ქართული</a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Инфляция – Kazakh" lang="kk" hreflang="kk" data-title="Инфляция" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target">Қазақша</a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Lavich%C3%A8" title="Lavichè – Haitian Creole" lang="ht" hreflang="ht" data-title="Lavichè" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target">Kreyòl ayisyen</a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Инфляция – Kyrgyz" lang="ky" hreflang="ky" data-title="Инфляция" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target">Кыргызча</a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%AA%E0%BA%B0%E0%BA%9E%E0%BA%B2%E0%BA%A7%E0%BA%B0%E0%BB%80%E0%BA%87%E0%BA%B4%E0%BA%99%E0%BB%80%E0%BA%9F%E0%BA%B5%E0%BB%89" title="ສະພາວະເງິນເຟີ້ – Lao" lang="lo" hreflang="lo" data-title="ສະພາວະເງິນເຟີ້" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target">ລາວ</a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Inflatio_monetalis" title="Inflatio monetalis – Latin" lang="la" hreflang="la" data-title="Inflatio monetalis" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target">Latina</a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Infl%C4%81cija" title="Inflācija – Latvian" lang="lv" hreflang="lv" data-title="Inflācija" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target">Latviešu</a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Inflatioun" title="Inflatioun – Luxembourgish" lang="lb" hreflang="lb" data-title="Inflatioun" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target">Lëtzebuergesch</a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Infliacija" title="Infliacija – Lithuanian" lang="lt" hreflang="lt" data-title="Infliacija" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/Inflatie" title="Inflatie – Limburgish" lang="li" hreflang="li" data-title="Inflatie" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target">Limburgs</a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Inflazion" title="Inflazion – Lombard" lang="lmo" hreflang="lmo" data-title="Inflazion" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target">Lombard</a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Infl%C3%A1ci%C3%B3" title="Infláció – Hungarian" lang="hu" hreflang="hu" data-title="Infláció" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target">Magyar</a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%98%D0%B0" title="Инфлација – Macedonian" lang="mk" hreflang="mk" data-title="Инфлација" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target">Македонски</a></li><li class="interlanguage-link interwiki-mg mw-list-item"><a href="https://mg.wikipedia.org/wiki/Fidangan%27_ny_vidim-piainana" title="Fidangan' ny vidim-piainana – Malagasy" lang="mg" hreflang="mg" data-title="Fidangan' ny vidim-piainana" data-language-autonym="Malagasy" data-language-local-name="Malagasy" class="interlanguage-link-target">Malagasy</a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%A8%E0%B4%BE%E0%B4%A3%E0%B4%AF%E0%B4%AA%E0%B5%8D%E0%B4%AA%E0%B5%86%E0%B4%B0%E0%B5%81%E0%B4%AA%E0%B5%8D%E0%B4%AA%E0%B4%82" title="നാണയപ്പെരുപ്പം – Malayalam" lang="ml" hreflang="ml" data-title="നാണയപ്പെരുപ്പം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target">മലയാളം</a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%9A%E0%A4%B2%E0%A4%A8%E0%A4%B5%E0%A4%BE%E0%A4%A2" title="चलनवाढ – Marathi" lang="mr" hreflang="mr" data-title="चलनवाढ" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target">मराठी</a></li><li class="interlanguage-link interwiki-xmf mw-list-item"><a href="https://xmf.wikipedia.org/wiki/%E1%83%98%E1%83%9C%E1%83%A4%E1%83%9A%E1%83%90%E1%83%AA%E1%83%98%E1%83%90" title="ინფლაცია – Mingrelian" lang="xmf" hreflang="xmf" data-title="ინფლაცია" data-language-autonym="მარგალური" data-language-local-name="Mingrelian" class="interlanguage-link-target">მარგალური</a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D8%AA%D8%B6%D8%AE%D9%85_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%89" title="تضخم اقتصادى – Egyptian Arabic" lang="arz" hreflang="arz" data-title="تضخم اقتصادى" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target">مصرى</a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Inflasi" title="Inflasi – Malay" lang="ms" hreflang="ms" data-title="Inflasi" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li><li class="interlanguage-link interwiki-min mw-list-item"><a href="https://min.wikipedia.org/wiki/Inflasi" title="Inflasi – Minangkabau" lang="min" hreflang="min" data-title="Inflasi" data-language-autonym="Minangkabau" data-language-local-name="Minangkabau" class="interlanguage-link-target">Minangkabau</a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8" title="Инфляци – Mongolian" lang="mn" hreflang="mn" data-title="Инфляци" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target">Монгол</a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%84%E1%80%BD%E1%80%B1%E1%80%80%E1%80%BC%E1%80%B1%E1%80%B8%E1%80%96%E1%80%B1%E1%80%AC%E1%80%84%E1%80%BA%E1%80%B8%E1%80%95%E1%80%BD%E1%80%81%E1%80%BC%E1%80%84%E1%80%BA%E1%80%B8" title="ငွေကြေးဖောင်းပွခြင်း – Burmese" lang="my" hreflang="my" data-title="ငွေကြေးဖောင်းပွခြင်း" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target">မြန်မာဘာသာ</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Inflatie" title="Inflatie – Dutch" lang="nl" hreflang="nl" data-title="Inflatie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-nds-nl mw-list-item"><a href="https://nds-nl.wikipedia.org/wiki/Inflatie" title="Inflatie – Low Saxon" lang="nds-NL" hreflang="nds-NL" data-title="Inflatie" data-language-autonym="Nedersaksies" data-language-local-name="Low Saxon" class="interlanguage-link-target">Nedersaksies</a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE_%E0%A4%B8%E0%A5%8D%E0%A4%AB%E0%A4%BF%E0%A4%A4%E0%A5%80" title="मुद्रा स्फिती – Nepali" lang="ne" hreflang="ne" data-title="मुद्रा स्फिती" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target">नेपाली</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%A4%E3%83%B3%E3%83%95%E3%83%AC%E3%83%BC%E3%82%B7%E3%83%A7%E3%83%B3" title="インフレーション – Japanese" lang="ja" hreflang="ja" data-title="インフレーション" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-frr mw-list-item"><a href="https://frr.wikipedia.org/wiki/Inflatsion" title="Inflatsion – Northern Frisian" lang="frr" hreflang="frr" data-title="Inflatsion" data-language-autonym="Nordfriisk" data-language-local-name="Northern Frisian" class="interlanguage-link-target">Nordfriisk</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Inflasjon" title="Inflasjon – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Inflasjon" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Inflasjon" title="Inflasjon – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Inflasjon" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target">Norsk nynorsk</a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Inflacion" title="Inflacion – Occitan" lang="oc" hreflang="oc" data-title="Inflacion" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target">Occitan</a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Inflyatsiya" title="Inflyatsiya – Uzbek" lang="uz" hreflang="uz" data-title="Inflyatsiya" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target">Oʻzbekcha / ўзбекча</a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%AE%E0%A8%B9%E0%A8%BF%E0%A9%B0%E0%A8%97%E0%A8%BE%E0%A8%88" title="ਮਹਿੰਗਾਈ – Punjabi" lang="pa" hreflang="pa" data-title="ਮਹਿੰਗਾਈ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target">ਪੰਜਾਬੀ</a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D8%A7%D9%81%D8%B1%D8%A7%D8%B7_%D8%B2%D8%B1" title="افراط زر – Western Punjabi" lang="pnb" hreflang="pnb" data-title="افراط زر" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target">پنجابی</a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%A7%D9%86%D9%81%D9%84%D8%A7%D8%B3%D9%8A%D9%88%D9%86" title="انفلاسيون – Pashto" lang="ps" hreflang="ps" data-title="انفلاسيون" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target">پښتو</a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Inflatschoon" title="Inflatschoon – Low German" lang="nds" hreflang="nds" data-title="Inflatschoon" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target">Plattdüütsch</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Inflacja" title="Inflacja – Polish" lang="pl" hreflang="pl" data-title="Inflacja" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Infla%C3%A7%C3%A3o" title="Inflação – Portuguese" lang="pt" hreflang="pt" data-title="Inflação" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Infla%C8%9Bie" title="Inflație – Romanian" lang="ro" hreflang="ro" data-title="Inflație" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Инфляция – Russian" lang="ru" hreflang="ru" data-title="Инфляция" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Инфляция – Yakut" lang="sah" hreflang="sah" data-title="Инфляция" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target">Саха тыла</a></li><li class="interlanguage-link interwiki-sco mw-list-item"><a href="https://sco.wikipedia.org/wiki/Inflation" title="Inflation – Scots" lang="sco" hreflang="sco" data-title="Inflation" data-language-autonym="Scots" data-language-local-name="Scots" class="interlanguage-link-target">Scots</a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Inflacioni" title="Inflacioni – Albanian" lang="sq" hreflang="sq" data-title="Inflacioni" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target">Shqip</a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/Nflazzioni" title="Nflazzioni – Sicilian" lang="scn" hreflang="scn" data-title="Nflazzioni" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target">Sicilianu</a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B6%8B%E0%B6%AF%E0%B7%8A%E0%B6%B0%E0%B6%B8%E0%B6%B1%E0%B6%BA" title="උද්ධමනය – Sinhala" lang="si" hreflang="si" data-title="උද්ධමනය" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target">සිංහල</a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Inflation" title="Inflation – Simple English" lang="en-simple" hreflang="en-simple" data-title="Inflation" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%D8%A7%D9%81%D8%B1%D8%A7%D8%B7_%D8%B2%D8%B1" title="افراط زر – Sindhi" lang="sd" hreflang="sd" data-title="افراط زر" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target">سنڌي</a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Infl%C3%A1cia_(ekonomika)" title="Inflácia (ekonomika) – Slovak" lang="sk" hreflang="sk" data-title="Inflácia (ekonomika)" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target">Slovenčina</a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Inflacija" title="Inflacija – Slovenian" lang="sl" hreflang="sl" data-title="Inflacija" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target">Slovenščina</a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%DA%BE%DB%95%DA%B5%D8%A7%D9%88%D8%B3%D8%A7%D9%86%DB%8C_%D8%A6%D8%A7%D8%A8%D9%88%D9%88%D8%B1%DB%8C" title="ھەڵاوسانی ئابووری – Central Kurdish" lang="ckb" hreflang="ckb" data-title="ھەڵاوسانی ئابووری" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target">کوردی</a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%98%D0%B0" title="Инфлација – Serbian" lang="sr" hreflang="sr" data-title="Инфлација" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target">Српски / srpski</a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Inflacija" title="Inflacija – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Inflacija" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target">Srpskohrvatski / српскохрватски</a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Inflasi" title="Inflasi – Sundanese" lang="su" hreflang="su" data-title="Inflasi" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target">Sunda</a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Inflaatio" title="Inflaatio – Finnish" lang="fi" hreflang="fi" data-title="Inflaatio" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target">Suomi</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Inflation" title="Inflation – Swedish" lang="sv" hreflang="sv" data-title="Inflation" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Implasyon_(presyo)" title="Implasyon (presyo) – Tagalog" lang="tl" hreflang="tl" data-title="Implasyon (presyo)" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target">Tagalog</a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%A3%E0%AE%B5%E0%AF%80%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AE%AE%E0%AF%8D" title="பணவீக்கம் – Tamil" lang="ta" hreflang="ta" data-title="பணவீக்கம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target">தமிழ்</a></li><li class="interlanguage-link interwiki-tt mw-list-item"><a href="https://tt.wikipedia.org/wiki/%D0%98%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D0%B8%D1%8F" title="Инфляция – Tatar" lang="tt" hreflang="tt" data-title="Инфляция" data-language-autonym="Татарча / tatarça" data-language-local-name="Tatar" class="interlanguage-link-target">Татарча / tatarça</a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%A6%E0%B1%8D%E0%B0%B0%E0%B0%B5%E0%B1%8D%E0%B0%AF%E0%B1%8B%E0%B0%B2%E0%B1%8D%E0%B0%AC%E0%B0%A3%E0%B0%82" title="ద్రవ్యోల్బణం – Telugu" lang="te" hreflang="te" data-title="ద్రవ్యోల్బణం" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target">తెలుగు</a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A0%E0%B8%B2%E0%B8%A7%E0%B8%B0%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B9%80%E0%B8%9F%E0%B9%89%E0%B8%AD" title="ภาวะเงินเฟ้อ – Thai" lang="th" hreflang="th" data-title="ภาวะเงินเฟ้อ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target">ไทย</a></li><li class="interlanguage-link interwiki-din mw-list-item"><a href="https://din.wikipedia.org/wiki/Thi%C9%94r%C3%AB%C9%A3%C9%94%CC%88c" title="Thiɔrëɣɔ̈c – Dinka" lang="din" hreflang="din" data-title="Thiɔrëɣɔ̈c" data-language-autonym="Thuɔŋjäŋ" data-language-local-name="Dinka" class="interlanguage-link-target">Thuɔŋjäŋ</a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%A2%D0%B0%D0%B2%D0%B0%D1%80%D1%80%D1%83%D0%BC" title="Таваррум – Tajik" lang="tg" hreflang="tg" data-title="Таваррум" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target">Тоҷикӣ</a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Enflasyon" title="Enflasyon – Turkish" lang="tr" hreflang="tr" data-title="Enflasyon" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li><li class="interlanguage-link interwiki-tk mw-list-item"><a href="https://tk.wikipedia.org/wiki/Infl%C3%BDasi%C3%BDa_n%C3%A4medir" title="Inflýasiýa nämedir – Turkmen" lang="tk" hreflang="tk" data-title="Inflýasiýa nämedir" data-language-autonym="Türkmençe" data-language-local-name="Turkmen" class="interlanguage-link-target">Türkmençe</a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%86%D0%BD%D1%84%D0%BB%D1%8F%D1%86%D1%96%D1%8F" title="Інфляція – Ukrainian" lang="uk" hreflang="uk" data-title="Інфляція" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target">Українська</a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%A7%D9%81%D8%B1%D8%A7%D8%B7_%D8%B2%D8%B1" title="افراط زر – Urdu" lang="ur" hreflang="ur" data-title="افراط زر" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target">اردو</a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%D9%BE%DB%87%D9%84_%D9%BE%D8%A7%D8%AE%D8%A7%D9%84%D9%84%D9%89%D9%82%D9%89" title="پۇل پاخاللىقى – Uyghur" lang="ug" hreflang="ug" data-title="پۇل پاخاللىقى" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target">ئۇيغۇرچە / Uyghurche</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/L%E1%BA%A1m_ph%C3%A1t" title="Lạm phát – Vietnamese" lang="vi" hreflang="vi" data-title="Lạm phát" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-zh-classical mw-list-item"><a href="https://zh-classical.wikipedia.org/wiki/%E9%80%9A%E8%B2%A8%E8%86%A8%E8%84%B9" title="通貨膨脹 – Literary Chinese" lang="lzh" hreflang="lzh" data-title="通貨膨脹" data-language-autonym="文言" data-language-local-name="Literary Chinese" class="interlanguage-link-target">文言</a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Implasyon" title="Implasyon – Waray" lang="war" hreflang="war" data-title="Implasyon" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target">Winaray</a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E9%80%9A%E8%B4%A7%E8%86%A8%E8%83%80" title="通货膨胀 – Wu" lang="wuu" hreflang="wuu" data-title="通货膨胀" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target">吴语</a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%90%D7%99%D7%A0%D7%A4%D7%9C%D7%90%D7%A6%D7%99%D7%A2" title="אינפלאציע – Yiddish" lang="yi" hreflang="yi" data-title="אינפלאציע" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target">ייִדיש</a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%80%9A%E8%B2%A8%E8%86%A8%E8%84%B9" title="通貨膨脹 – Cantonese" lang="yue" hreflang="yue" data-title="通貨膨脹" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target">粵語</a></li><li class="interlanguage-link interwiki-diq mw-list-item"><a href="https://diq.wikipedia.org/wiki/Enflasyon" title="Enflasyon – Zazaki" lang="diq" hreflang="diq" data-title="Enflasyon" data-language-autonym="Zazaki" data-language-local-name="Zazaki" class="interlanguage-link-target">Zazaki</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%80%9A%E8%B4%A7%E8%86%A8%E8%83%80" title="通货膨胀 – Chinese" lang="zh" hreflang="zh" data-title="通货膨胀" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> </ul> <div class="after-portlet after-portlet-lang"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q35865#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" 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<div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Devaluation of currency over a period of time</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about a rise in general price level. For the expansion of the early universe, see <a href="/wiki/Inflation_(cosmology)" class="mw-redirect" title="Inflation (cosmology)">Inflation (cosmology)</a>. 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.sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a class="mw-selflink selflink">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist">Mainstream <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> Heterodox <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /> <a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a> <a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar 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title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:World_inflation_rate_April_2024.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/World_inflation_rate_April_2024.png/440px-World_inflation_rate_April_2024.png" decoding="async" width="440" height="299" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/World_inflation_rate_April_2024.png/660px-World_inflation_rate_April_2024.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c7/World_inflation_rate_April_2024.png/880px-World_inflation_rate_April_2024.png 2x" data-file-width="1320" data-file-height="896" /></a><figcaption>Inflation rates among members of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> in April 2024</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UK_and_US_1989-present_monthly_CPI.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/UK_and_US_1989-present_monthly_CPI.svg/440px-UK_and_US_1989-present_monthly_CPI.svg.png" decoding="async" width="440" height="272" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/UK_and_US_1989-present_monthly_CPI.svg/660px-UK_and_US_1989-present_monthly_CPI.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/02/UK_and_US_1989-present_monthly_CPI.svg/880px-UK_and_US_1989-present_monthly_CPI.svg.png 2x" data-file-width="1132" data-file-height="700" /></a><figcaption>UK and US monthly inflation rates from January 1989<a href="#cite_note-1">[1]</a><a href="#cite_note-2">[2]</a></figcaption></figure> In <a href="/wiki/Economics" title="Economics">economics</a>, inflation is a general increase in the prices of goods and services in an <a href="/wiki/Economy" title="Economy">economy</a>. This is usually measured using a <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a> (CPI).<a href="#cite_note-3">[3]</a><a href="#cite_note-4">[4]</a><a href="#cite_note-5">[5]</a><a href="#cite_note-6">[6]</a> When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a> of money.<a href="#cite_note-7">[7]</a><a href="#cite_note-8">[8]</a> The opposite of CPI inflation is <a href="/wiki/Deflation" title="Deflation">deflation</a>, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general <a href="/wiki/Price_index" title="Price index">price index</a>.<a href="#cite_note-Mankiw_2002_22–32-9">[9]</a> As prices faced by households do not all increase at the same rate, the <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a> (CPI) is often used for this purpose. Changes in inflation are widely attributed to fluctuations in <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real</a> <a href="/wiki/Demand" title="Demand">demand</a> for goods and services (also known as <a href="/wiki/Demand_shock" title="Demand shock">demand shocks</a>, including changes in <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal</a> or <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>), changes in available supplies such as during <a href="/wiki/Energy_crisis" title="Energy crisis">energy crises</a> (also known as <a href="/wiki/Supply_shock" title="Supply shock">supply shocks</a>), or changes in inflation expectations, which may be self-fulfilling.<a href="#cite_note-Blanchard-10">[10]</a> Moderate inflation affects economies in both positive and negative ways. The negative effects would include an increase in the <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of holding money, uncertainty over future inflation, which may discourage investment and savings, and, if inflation were rapid enough, shortages of <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">goods</a> as consumers begin <a href="/wiki/Hoarding_(economics)" title="Hoarding (economics)">hoarding</a> out of concern that prices will increase in the future. Positive effects include reducing unemployment due to <a href="/wiki/Nominal_rigidity" title="Nominal rigidity">nominal wage rigidity</a>,<a href="#cite_note-11">[11]</a> allowing the central bank greater freedom in carrying out <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>, encouraging loans and investment instead of money hoarding, and avoiding the inefficiencies associated with deflation. Today, some economists favour a low and steady rate of inflation, though inflation is less popular with the general public than with economists, since "...inflation simultaneously transfers some of [the] people’s income into the hands of government."<a href="#cite_note-econjournalwatch.org-12">[12]</a> Low (as opposed to zero or <a href="/wiki/Deflation" title="Deflation">negative</a>) inflation reduces the probability of economic <a href="/wiki/Recessions" class="mw-redirect" title="Recessions">recessions</a> by enabling the labor market to adjust more quickly in a downturn and reduces the risk that a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> prevents <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> from stabilizing the economy while avoiding the costs associated with high inflation.<a href="#cite_note-aeaweb.org-13">[13]</a> The task of keeping the rate of inflation low and stable is usually given to <a href="/wiki/Central_bank" title="Central bank">central banks</a> that control monetary policy, normally through the setting of interest rates and by carrying out <a href="/wiki/Open_market_operation" title="Open market operation">open market operations</a>.<a href="#cite_note-Blanchard-10">[10]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Terminology">Terminology</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=1" title="Edit section: Terminology">edit</a>]</div> The term originates from the Latin inflare (to blow into or inflate). Conceptually, inflation refers to the general trend of prices, not changes in any specific price. For example, if people choose to buy more cucumbers than tomatoes, cucumbers consequently become more expensive and tomatoes less expensive. These changes are not related to inflation; they reflect a shift in tastes. Inflation is related to the value of currency itself. When currency was linked with gold, if new gold deposits were found, the price of gold and the value of currency would fall, and consequently, prices of all other goods would become higher.<a href="#cite_note-14">[14]</a> <div class="mw-heading mw-heading3"><h3 id="Classical_economics">Classical economics</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=2" title="Edit section: Classical economics">edit</a>]</div> By the nineteenth century, economists categorised three separate factors that cause a rise or fall in the price of goods: a change in the <a href="/wiki/Value_(economics)" title="Value (economics)">value</a> or production costs of the good, a change in the price of money which then was usually a fluctuation in the <a href="/wiki/Commodity" title="Commodity">commodity</a> price of the metallic content in the currency, and currency depreciation resulting from an increased supply of currency relative to the quantity of redeemable metal backing the currency. Following the proliferation of private <a href="/wiki/Banknote" title="Banknote">banknote</a> currency printed during the <a href="/wiki/American_Civil_War" title="American Civil War">American Civil War</a>, the term "inflation" started to appear as a direct reference to the currency depreciation that occurred as the quantity of redeemable banknotes outstripped the quantity of metal available for their redemption. At that time, the term inflation referred to the <a href="/wiki/Devaluation" title="Devaluation">devaluation</a> of the currency, and not to a rise in the price of goods.<a href="#cite_note-Bryan-15">[15]</a> This relationship between the over-supply of banknotes and a resulting <a href="/wiki/Depreciation" title="Depreciation">depreciation</a> in their value was noted by earlier classical economists such as <a href="/wiki/David_Hume" title="David Hume">David Hume</a> and <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, who would go on to examine and debate what effect a currency devaluation has on the price of goods.<a href="#cite_note-16">[16]</a> <div class="mw-heading mw-heading3"><h3 id="Related_concepts">Related concepts</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=3" title="Edit section: Related concepts">edit</a>]</div> Other economic concepts related to inflation include: <a href="/wiki/Deflation" title="Deflation">deflation</a> – a fall in the general price level;<a href="#cite_note-17">[17]</a> <a href="/wiki/Disinflation" title="Disinflation">disinflation</a> – a decrease in the rate of inflation;<a href="#cite_note-18">[18]</a> <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> – an out-of-control inflationary spiral;<a href="#cite_note-19">[19]</a> <a href="/wiki/Stagflation" title="Stagflation">stagflation</a> – a combination of inflation, slow economic growth and high unemployment;<a href="#cite_note-20">[20]</a> <a href="/wiki/Reflation" title="Reflation">reflation</a> – an attempt to raise the general level of prices to counteract deflationary pressures;<a href="#cite_note-21">[21]</a> and <a href="/wiki/Asset_price_inflation" title="Asset price inflation">asset price inflation</a> – a general rise in the prices of financial assets without a corresponding increase in the prices of goods or services;<a href="#cite_note-22">[22]</a> <a href="/wiki/Agflation" title="Agflation">agflation</a> – an advanced increase in the <a href="/wiki/Food_inflation" title="Food inflation">price for food</a> and industrial agricultural crops when compared with the general rise in prices.<a href="#cite_note-23">[23]</a> More specific forms of inflation refer to sectors whose prices vary semi-independently from the general trend. "House price inflation" applies to changes in the <a href="/wiki/House_price_index" title="House price index">house price index</a><a href="#cite_note-24">[24]</a> while "energy inflation" is dominated by the costs of oil and gas.<a href="#cite_note-25">[25]</a> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=4" title="Edit section: History">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:US_Historical_Inflation_Ancient.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/US_Historical_Inflation_Ancient.svg/400px-US_Historical_Inflation_Ancient.svg.png" decoding="async" width="400" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/US_Historical_Inflation_Ancient.svg/600px-US_Historical_Inflation_Ancient.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/US_Historical_Inflation_Ancient.svg/800px-US_Historical_Inflation_Ancient.svg.png 2x" data-file-width="821" data-file-height="400" /></a><figcaption>US historical inflation (in blue) and deflation (in green) from the mid-17th century to the beginning of the 21st</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Overview">Overview</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=5" title="Edit section: Overview">edit</a>]</div> Inflation has been a feature of history during the entire period when money has been used as a means of payment. One of the earliest documented inflations occurred in <a href="/wiki/Alexander_the_Great" title="Alexander the Great">Alexander the Great</a>'s empire 330 <a href="/wiki/Common_Era" title="Common Era">BCE</a>.<a href="#cite_note-parkin-26">[26]</a> Historically, when <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a> was used, periods of inflation and deflation would alternate depending on the condition of the economy. However, when large, prolonged infusions of gold or silver into an economy occurred, this could lead to long periods of inflation. The adoption of <a href="/wiki/Fiat_currency" class="mw-redirect" title="Fiat currency">fiat currency</a> by many countries, from the 18th century onwards, made much larger variations in the supply of money possible.<a href="#cite_note-27">[27]</a> Rapid increases in the <a href="/wiki/Money_supply" title="Money supply">money supply</a> have taken place a number of times in countries experiencing political crises, producing <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflations</a> – episodes of extreme inflation rates much higher than those observed in earlier periods of <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a>. The <a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">hyperinflation in the Weimar Republic</a> of Germany is a notable example. The <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> in Venezuela is the highest in the world, with an annual inflation rate of 833,997% as of October 2018.<a href="#cite_note-28">[28]</a> Historically, inflations of varying magnitudes have occurred, interspersed with corresponding deflationary periods,<a href="#cite_note-parkin-26">[26]</a> from the <a href="/wiki/Price_revolution" title="Price revolution">price revolution</a> of the 16th century, which was driven by the flood of gold and particularly silver seized and mined by the Spaniards in Latin America, to the largest paper money inflation of all time in Hungary after World War II.<a href="#cite_note-PeterB-29">[29]</a> However, since the 1980s, inflation has been held low and stable in countries with independent <a href="/wiki/Central_bank" title="Central bank">central banks</a>. This has led to a moderation of the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a> and a reduction in variation in most macroeconomic indicators – an event known as the <a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>.<a href="#cite_note-30">[30]</a> <style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:354px;max-width:354px"><div class="trow"><div class="tsingle" style="width:352px;max-width:352px"><div class="thumbimage"><a href="/wiki/File:Fineness_of_early_Roman_Imperial_silver_coins.png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/81/Fineness_of_early_Roman_Imperial_silver_coins.png/350px-Fineness_of_early_Roman_Imperial_silver_coins.png" decoding="async" width="350" height="257" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/81/Fineness_of_early_Roman_Imperial_silver_coins.png/525px-Fineness_of_early_Roman_Imperial_silver_coins.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/81/Fineness_of_early_Roman_Imperial_silver_coins.png/700px-Fineness_of_early_Roman_Imperial_silver_coins.png 2x" data-file-width="2520" data-file-height="1852" /></a></div><div class="thumbcaption">Silver purity through time in early Roman imperial silver coins. To increase the number of silver coins in circulation while short on silver, the Roman imperial government repeatedly <a href="/wiki/Debasement" title="Debasement">debased</a> the coins. They melted relatively pure silver coins and then struck new silver coins of lower purity but of nominally equal value. Silver coins were relatively pure before Nero (AD 54–68), but by the 270s had hardly any silver left.</div></div></div><div class="trow"><div class="tsingle" style="width:352px;max-width:352px"><div class="thumbimage"><a href="/wiki/File:Decline_of_the_antoninianus.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Decline_of_the_antoninianus.jpg/350px-Decline_of_the_antoninianus.jpg" decoding="async" width="350" height="74" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Decline_of_the_antoninianus.jpg/525px-Decline_of_the_antoninianus.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Decline_of_the_antoninianus.jpg/700px-Decline_of_the_antoninianus.jpg 2x" data-file-width="1400" data-file-height="294" /></a></div><div class="thumbcaption">The silver content of Roman silver coins rapidly declined during the <a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a>.</div></div></div></div></div> <div class="mw-heading mw-heading3"><h3 id="Ancient_Europe">Ancient Europe</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=6" title="Edit section: Ancient Europe">edit</a>]</div> Alexander the Great's conquest of the <a href="/wiki/Achaemenid_Empire" title="Achaemenid Empire">Persian Empire</a> in 330 BCE was followed by one of the earliest documented inflation periods in the ancient world.<a href="#cite_note-parkin-26">[26]</a> Rapid increases in the quantity of money or in the overall <a href="/wiki/Money_supply" title="Money supply">money supply</a> have occurred in many different societies throughout history, changing with different forms of money used.<a href="#cite_note-31">[31]</a><a href="#cite_note-32">[32]</a> For instance, when silver was used as currency, the government could collect silver coins, melt them down, mix them with other, less valuable metals such as copper or lead and reissue them at the same <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">nominal value</a>, a process known as <a href="/wiki/Debasement" title="Debasement">debasement</a>. At the ascent of <a href="/wiki/Nero" title="Nero">Nero</a> as Roman emperor in AD 54, the <a href="/wiki/Denarius" title="Denarius">denarius</a> contained more than 90% silver, but by the 270s hardly any silver was left. By diluting the silver with other metals, the government could issue more coins without increasing the amount of silver used to make them. When the cost of each coin is lowered in this way, the government profits from an increase in <a href="/wiki/Seigniorage" title="Seigniorage">seigniorage</a>.<a href="#cite_note-33">[33]</a> This practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and services as before. These goods and services would experience a price increase as the value of each coin is reduced.<a href="#cite_note-34">[34]</a> Again at the end of the third century CE during the reign of <a href="/wiki/Diocletian" title="Diocletian">Diocletian</a>, the <a href="/wiki/Roman_Empire" title="Roman Empire">Roman Empire</a> experienced rapid inflation.<a href="#cite_note-parkin-26">[26]</a> <div class="mw-heading mw-heading3"><h3 id="Ancient_China">Ancient China</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=7" title="Edit section: Ancient China">edit</a>]</div> <a href="/wiki/Song_dynasty" title="Song dynasty">Song dynasty</a> China introduced the practice of printing paper money to create <a href="/wiki/Fiat_currency" class="mw-redirect" title="Fiat currency">fiat currency</a>.<a href="#cite_note-Glahn-35">[35]</a> During the Mongol <a href="/wiki/Yuan_dynasty" title="Yuan dynasty">Yuan dynasty</a>, the government spent a great deal of money fighting <a href="/wiki/Mongol_conquests" class="mw-redirect" title="Mongol conquests">costly wars</a>, and reacted by printing more money, leading to inflation.<a href="#cite_note-Ropp2010-36">[36]</a> Fearing the inflation that plagued the Yuan dynasty, the <a href="/wiki/Ming_dynasty" title="Ming dynasty">Ming dynasty</a> initially rejected the use of paper money, and reverted to using copper coins.<a href="#cite_note-Bernholz-37">[37]</a> <div class="mw-heading mw-heading3"><h3 id="Medieval_Egypt">Medieval Egypt</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=8" title="Edit section: Medieval Egypt">edit</a>]</div> During the <a href="/wiki/Mali_Empire" title="Mali Empire">Malian</a> king <a href="/wiki/Mansa_Musa" title="Mansa Musa">Mansa Musa</a>'s <a href="/wiki/Hajj" title="Hajj">hajj</a> to <a href="/wiki/Mecca" title="Mecca">Mecca</a> in 1324, he was reportedly accompanied by a <a href="/wiki/Camel_train" title="Camel train">camel train</a> that included thousands of people and nearly a hundred camels. When he passed through <a href="/wiki/Cairo" title="Cairo">Cairo</a>, he spent or gave away so much gold that it depressed its price in Egypt for over a decade,<a href="#cite_note-38">[38]</a> reducing its purchasing power. A contemporary Arab historian remarked about Mansa Musa's visit: <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">Gold was at a high price in Egypt until they came in that year. The <a href="/wiki/Mithqal" title="Mithqal">mithqal</a> did not go below 25 <a href="/wiki/Dirham" title="Dirham">dirhams</a> and was generally above, but from that time its value fell and it cheapened in price and has remained cheap till now. The mithqal does not exceed 22 dirhams or less. This has been the state of affairs for about twelve years until this day by reason of the large amount of gold which they brought into Egypt and spent there [...].<div class="templatequotecite">— <cite><a href="/wiki/Chihab_Al-Umari" class="mw-redirect" title="Chihab Al-Umari">Chihab Al-Umari</a>, Kingdom of Mali<a href="#cite_note-39">[39]</a></cite></div></blockquote> <div class="mw-heading mw-heading3"><h3 id="Medieval_age_and_"price_revolution"_in_Western_Europe">Medieval age and "price revolution" in Western Europe</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=9" title="Edit section: Medieval age and "price revolution" in Western Europe">edit</a>]</div> There is no reliable evidence of inflation in Europe for the thousand years that followed the fall of the Roman Empire, but from the <a href="/wiki/Middle_Ages" title="Middle Ages">Middle Ages</a> onwards reliable data do exist. Mostly, the medieval inflation episodes were modest, and there was a tendency that inflationary periods were followed by deflationary periods.<a href="#cite_note-parkin-26">[26]</a> From the second half of the 15th century to the first half of the 17th, Western Europe experienced a major inflationary cycle referred to as the "<a href="/wiki/Price_revolution" title="Price revolution">price revolution</a>",<a href="#cite_note-40">[40]</a><a href="#cite_note-41">[41]</a> with prices on average rising perhaps sixfold over 150 years. This is often attributed to the influx of gold and silver from the <a href="/wiki/New_World" title="New World">New World</a> into <a href="/wiki/Habsburg_Spain" title="Habsburg Spain">Habsburg Spain</a>,<a href="#cite_note-42">[42]</a> with wider availability of <a href="/wiki/Silver_coin" title="Silver coin">silver</a> in previously <a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">cash-starved Europe</a> causing widespread inflation.<a href="#cite_note-43">[43]</a><a href="#cite_note-44">[44]</a> European population rebound from the <a href="/wiki/Black_Death" title="Black Death">Black Death</a> began before the arrival of New World metal, and may have begun a process of inflation that New World silver compounded later in the 16th century.<a href="#cite_note-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="After_1700">After 1700</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=10" title="Edit section: After 1700">edit</a>]</div> A pattern of intermittent inflation and deflation periods persisted for centuries until the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> in the 1930s, which was characterized by major deflation. Since the Great Depression, however, there has been a general tendency for prices to rise every year. In the 1970s and early 1980s, annual inflation in most industrialized countries reached two digits (ten percent or more). The double-digit inflation era was of short duration, however, inflation by the mid-1980s returned to more modest levels. Amid this, general trends there have been spectacular high-inflation episodes in individual countries in <a href="/wiki/Interwar_period" title="Interwar period">interwar Europe</a>, towards the end of the <a href="/wiki/Nationalist_government" title="Nationalist government">Nationalist Chinese government</a> in 1948–1949, and later in some Latin American countries, in Israel, and in Zimbabwe. Some of these episodes are considered <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> periods, normally designating inflation rates that surpass 50 percent monthly.<a href="#cite_note-parkin-26">[26]</a> <div class="mw-heading mw-heading2"><h2 id="Measures">Measures</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=11" title="Edit section: Measures">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Consumer_price_index" title="Consumer price index">Consumer price index</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Inflation_data.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Inflation_data.webp/570px-Inflation_data.webp.png" decoding="async" width="570" height="251" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Inflation_data.webp/855px-Inflation_data.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/Inflation_data.webp/1140px-Inflation_data.webp.png 2x" data-file-width="3925" data-file-height="1725" /></a><figcaption><a href="/wiki/Producer_price_index" title="Producer price index">PPI</a> is a <a href="/wiki/Leading_indicator" class="mw-redirect" title="Leading indicator">leading indicator</a>, CPI and PCE <a href="/wiki/Latency_(engineering)" title="Latency (engineering)">lag</a><a href="#cite_note-46">[46]</a> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  <a href="/wiki/Producer_price_index" title="Producer price index">PPI</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Core PPI</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Consumer_price_index" title="Consumer price index">CPI</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Core_inflation" title="Core inflation">Core</a> CPI</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">PCE</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Core PCE</div></figcaption></figure> Given that there are many possible measures of the price level, there are many possible measures of price inflation. Most frequently, the term "inflation" refers to a rise in a broad price index representing the overall price level for goods and services in the economy. The <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a> (CPI), the <a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">personal consumption expenditures price index</a> (PCEPI) and the <a href="/wiki/GDP_deflator" title="GDP deflator">GDP deflator</a> are some examples of broad price indices. However, "inflation" may also be used to describe a rising price level within a narrower set of assets, goods or services within the economy, such as <a href="/wiki/Commodity" title="Commodity">commodities</a> (including food, fuel, metals), <a href="/wiki/Tangible_asset" class="mw-redirect" title="Tangible asset">tangible assets</a> (such as real estate), services (such as entertainment and health care), or <a href="/wiki/Labour_(economics)" class="mw-redirect" title="Labour (economics)">labor</a>. Although the values of capital assets are often casually said to "inflate," this should not be confused with inflation as a defined term; a more accurate description for an increase in the value of a capital asset is appreciation. The FBI (CCI), the <a href="/wiki/Producer_price_index" title="Producer price index">producer price index</a>, and <a href="/wiki/Employment_cost_index" title="Employment cost index">employment cost index</a> (ECI) are examples of narrow price indices used to measure price inflation in particular sectors of the economy. <a href="/wiki/Core_inflation" title="Core inflation">Core inflation</a> is a measure of inflation for a subset of consumer prices that excludes food and energy prices, which rise and fall more than other prices in the short term. The <a href="/wiki/Federal_Reserve_Board" class="mw-redirect" title="Federal Reserve Board">Federal Reserve Board</a> pays particular attention to the core inflation rate to get a better estimate of long-term future inflation trends overall.<a href="#cite_note-47">[47]</a> The inflation rate is most widely calculated by determining the movement or change in a price index, typically the <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a>.<a href="#cite_note-48">[48]</a> The inflation rate is the percentage change of a price index over time. The <a href="/wiki/Retail_Prices_Index" class="mw-redirect" title="Retail Prices Index">Retail Prices Index</a> is also a measure of inflation that is commonly used in the United Kingdom. It is broader than the CPI and contains a larger basket of goods and services. Inflation is politically driven, and policy can directly influnce the trend of inflation. The RPI is indicative of the experiences of a wide range of household types, particularly low-income households.<a href="#cite_note-49">[49]</a> To illustrate the method of calculation, in January 2007, the U.S. Consumer Price Index was 202.416, and in January 2008 it was 211.080. The formula for calculating the annual percentage rate inflation in the CPI over the course of the year is: <math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \left({\frac {211.080-202.416}{202.416}}\right)\times 100\%=4.28\%}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow> <mo>(</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mn>211.080</mn> <mo>−</mo> <mn>202.416</mn> </mrow> <mn>202.416</mn> </mfrac> </mrow> <mo>)</mo> </mrow> <mo>×</mo> <mn>100</mn> <mi mathvariant="normal">%</mi> <mo>=</mo> <mn>4.28</mn> <mi mathvariant="normal">%</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \left({\frac {211.080-202.416}{202.416}}\right)\times 100\%=4.28\%}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/09b20856c173a67c8646cf2c4697abe71aebcbba" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.505ex; width:39.773ex; height:6.176ex;" alt="{\displaystyle \left({\frac {211.080-202.416}{202.416}}\right)\times 100\%=4.28\%}"> The resulting inflation rate for the CPI in this one-year period is 4.28%, meaning the general level of prices for typical U.S. consumers rose by approximately four percent in 2007.<a href="#cite_note-50">[50]</a> Other widely used price indices for calculating price inflation include the following: <ul><li><a href="/wiki/Producer_price_index" title="Producer price index">Producer price indices</a> (PPIs) which measures average changes in prices received by domestic producers for their output. This differs from the CPI in that price subsidization, profits, and taxes may cause the amount received by the producer to differ from what the consumer paid. There is also typically a delay between an increase in the PPI and any eventual increase in the CPI. Producer price index measures the pressure being put on producers by the costs of their raw materials. This could be "passed on" to consumers, or it could be absorbed by profits, or offset by increasing productivity. In India and the United States, an earlier version of the PPI was called the <a href="/wiki/Wholesale_price_index" title="Wholesale price index">Wholesale price index</a>.</li> <li><a href="/wiki/Commodity_price_index" title="Commodity price index">Commodity price indices</a>, which measure the price of a selection of commodities. In the present commodity price indices are weighted by the relative importance of the components to the "all in" cost of an employee.</li> <li><a href="/wiki/Core_inflation" title="Core inflation">Core price indices</a>: because food and oil prices can change quickly due to changes in <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> conditions in the food and oil markets, it can be difficult to detect the long run trend in price levels when those prices are included. Therefore, most <a href="/wiki/List_of_national_and_international_statistical_services" title="List of national and international statistical services">statistical agencies</a> also report a measure of 'core inflation', which removes the most volatile components (such as food and oil) from a broad price index like the CPI. Because core inflation is less affected by short run supply and demand conditions in specific markets, <a href="/wiki/Central_bank" title="Central bank">central banks</a> rely on it to better measure the inflationary effect of current <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>.</li></ul> Other common measures of inflation are: <ul><li><a href="/wiki/GDP_deflator" title="GDP deflator">GDP deflator</a> is a measure of the price of all the goods and services included in gross domestic product (GDP). The <a href="/wiki/US_Commerce_Department" class="mw-redirect" title="US Commerce Department">US Commerce Department</a> publishes a deflator series for US GDP, defined as its nominal GDP measure divided by its real GDP measure.</li></ul> ∴ <math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\mbox{GDP Deflator}}={\frac {\mbox{Nominal GDP}}{\mbox{Real GDP}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="false" scriptlevel="0"> <mtext>GDP Deflator</mtext> </mstyle> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mstyle displaystyle="false" scriptlevel="0"> <mtext>Nominal GDP</mtext> </mstyle> <mstyle displaystyle="false" scriptlevel="0"> <mtext>Real GDP</mtext> </mstyle> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\mbox{GDP Deflator}}={\frac {\mbox{Nominal GDP}}{\mbox{Real GDP}}}}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b76ec4642401219386e3ece7d5eec7e79d480a78" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.005ex; width:32.36ex; height:5.509ex;" alt="{\displaystyle {\mbox{GDP Deflator}}={\frac {\mbox{Nominal GDP}}{\mbox{Real GDP}}}}"> <ul><li>Regional inflation The Bureau of Labor Statistics breaks down CPI-U calculations down to different regions of the US.</li> <li>Historical inflation Before collecting consistent econometric data became standard for governments, and for the purpose of comparing absolute, rather than relative standards of living, various economists have calculated imputed inflation figures. Most inflation data before the early 20th century is imputed based on the known costs of goods, rather than compiled at the time. It is also used to adjust for the differences in real standard of living for the presence of technology.</li> <li><a href="/wiki/Asset_price_inflation" title="Asset price inflation">Asset price inflation</a> is an undue increase in the prices of real assets, such as real estate.</li></ul> In some cases, the measures are meant to be more humorous or to reflect a single place. This includes: <ul><li>The <a href="/wiki/Christmas_Price_Index" title="Christmas Price Index">Christmas Price Index</a>, which calculates the cost of the items mentioned in a song, "<a href="/wiki/The_Twelve_Days_of_Christmas_(song)" title="The Twelve Days of Christmas (song)">The Twelve Days of Christmas"</a>.<a href="#cite_note-Olson-51">[51]</a></li> <li>The <a href="/wiki/Big_Mac_Index" title="Big Mac Index">Big Mac Index</a>, which compares prices across countries.<a href="#cite_note-52">[52]</a></li> <li>The <a href="/wiki/Jollof_index" title="Jollof index">Jollof index</a>, which calculates the price of food needed to make a <a href="/wiki/Jollof_rice" title="Jollof rice">Jollof rice</a>, a popular African dish.<a href="#cite_note-53">[53]</a></li> <li>The <a href="/wiki/Two_Dishes_One_Soup_Index" title="Two Dishes One Soup Index">Two Dishes One Soup Index</a>, which calculates the price of food needed to cook one soup and two other dishes for a small family in Hong Kong.</li> <li>The <a href="/wiki/Herengracht_index" title="Herengracht index">Herengracht index</a>, which calculates the price of housing in a fashionable neighborhood of <a href="/wiki/Amsterdam" title="Amsterdam">Amsterdam</a>.<a href="#cite_note-54">[54]</a></li> <li>The <a href="/wiki/Lipstick_index" title="Lipstick index">Lipstick index</a>, which claimed that when the economy got worse, small luxury sales, such as <a href="/wiki/Lipstick" title="Lipstick">lipstick</a>, would go up.<a href="#cite_note-55">[55]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Issues_in_measuring">Issues in measuring</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=12" title="Edit section: Issues in measuring">edit</a>]</div> Measuring inflation in an economy requires objective means of differentiating changes in nominal prices on a common set of goods and services, and distinguishing them from those price shifts resulting from changes in value such as volume, quality, or performance. For example, if the price of a can of corn changes from $0.90 to $1.00 over the course of a year, with no change in quality, then this price difference represents inflation. This single price change would not, however, represent general inflation in an overall economy. Overall inflation is measured as the price change of a large "basket" of representative goods and services. This is the purpose of a <a href="/wiki/Price_index" title="Price index">price index</a>, which is the combined price of a "basket" of many goods and services. The combined price is the sum of the weighted prices of items in the "basket". A weighted price is calculated by multiplying the <a href="/wiki/Unit_price" title="Unit price">unit price</a> of an item by the number of that item the average consumer purchases. Weighted pricing is necessary to measure the effect of individual unit price changes on the economy's overall inflation. The <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a>, for example, uses data collected by surveying households to determine what proportion of the typical consumer's overall spending is spent on specific goods and services, and weights the average prices of those items accordingly. Those weighted average prices are combined to calculate the overall price. To better relate price changes over time, indexes typically choose a "base year" price and assign it a value of 100. Index prices in subsequent years are then expressed in relation to the base year price.<a href="#cite_note-Taylor-56">[56]</a> While comparing inflation measures for various periods one has to take into consideration the <a href="/wiki/Base_effect_(inflation)" class="mw-redirect" title="Base effect (inflation)">base effect</a> as well. Inflation measures are often modified over time, either for the relative weight of goods in the basket, or in the way in which goods and services from the present are compared with goods and services from the past. Basket weights are updated regularly, usually every year, to adapt to changes in consumer behavior. Sudden changes in consumer behavior can still introduce a weighting bias in inflation measurement. For example, during the COVID-19 pandemic it has been shown that the basket of goods and services was no longer representative of consumption during the crisis, as numerous goods and services could no longer be consumed due to government containment measures ("lock-downs").<a href="#cite_note-57">[57]</a><a href="#cite_note-58">[58]</a> Over time, adjustments are also made to the type of goods and services selected to reflect changes in the sorts of goods and services purchased by 'typical consumers'. New products may be introduced, older products disappear, the quality of existing products may change, and consumer preferences can shift. Different segments of the population may naturally consume different "baskets" of goods and services and may even experience different inflation rates. It is argued that companies have put more innovation into bringing down prices for wealthy families than for poor families.<a href="#cite_note-59">[59]</a> Inflation numbers are often <a href="/wiki/Seasonally_adjusted" class="mw-redirect" title="Seasonally adjusted">seasonally adjusted</a> to differentiate expected cyclical cost shifts. For example, home heating costs are expected to rise in colder months, and seasonal adjustments are often used when measuring inflation to compensate for cyclical energy or fuel demand spikes. Inflation numbers may be averaged or otherwise subjected to statistical techniques to remove <a href="/wiki/Statistical_noise" class="mw-redirect" title="Statistical noise">statistical noise</a> and <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> of individual prices.<a href="#cite_note-60">[60]</a><a href="#cite_note-61">[61]</a> When looking at inflation, economic institutions may focus only on certain kinds of prices, or special indices, such as the <a href="/wiki/Core_inflation" title="Core inflation">core inflation</a> index which is used by central banks to formulate <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>.<a href="#cite_note-62">[62]</a> Most inflation indices are calculated from weighted averages of selected price changes. This necessarily introduces distortion, and can lead to legitimate disputes about what the true inflation rate is. This problem can be overcome by including all available price changes in the calculation, and then choosing the <a href="/wiki/Median" title="Median">median</a> value.<a href="#cite_note-63">[63]</a> In some other cases, governments may intentionally report false inflation rates; for instance, during the presidency of <a href="/wiki/Cristina_Kirchner" class="mw-redirect" title="Cristina Kirchner">Cristina Kirchner</a> (2007–2015) the <a href="/wiki/Government_of_Argentina" title="Government of Argentina">government of Argentina</a> was criticised for manipulating economic data, such as inflation and GDP figures, for political gain and to reduce payments on its inflation-indexed debt.<a href="#cite_note-64">[64]</a><a href="#cite_note-65">[65]</a> <div class="mw-heading mw-heading3"><h3 id="Official_vs._true_vs._perceived_inflation">Official vs. true vs. perceived inflation</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=13" title="Edit section: Official vs. true vs. perceived inflation">edit</a>]</div> The true inflation is one percentage point lower than the official one, according to research. Therefore, the 2% inflation target is needed to prevent the true inflation being close to zero or even deflation. The reasons are the following:<a href="#cite_note-66">[66]</a> <ul><li>Substitution effect: People buy fewer products with the highest price rises and more of those whose prices have risen less. Therefore, the price of their non-fixed shopping basket rises less than that of a fixed shopping basket.</li> <li>Unobserved quality improvements: Even though statisticians try to take quality improvements into account, they are not able to do it fully. This is why people rather buy current products at the higher prices than old products at their old prices.</li> <li>New goods: The current shopping basket is much better, because it has goods that you previously could not even dream of.<a href="#cite_note-67">[67]</a></li></ul> Nevertheless, people overestimate the inflation even vs. the measured inflation. This is because they focus more on commonly-bought items than on durable goods, and more on price increases than on price decreases.<a href="#cite_note-SC-68">[68]</a> On the other hand, different people have different shopping baskets and hence face different inflation rates.<a href="#cite_note-SC-68">[68]</a> <div class="mw-heading mw-heading3"><h3 id="Inflation_expectations">Inflation expectations</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=14" title="Edit section: Inflation expectations">edit</a>]</div> Inflation expectations or expected inflation is the rate of inflation that is anticipated for some time in the foreseeable future. There are two major approaches to modeling the formation of inflation expectations. <a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive expectations</a> models them as a weighted average of what was expected one period earlier and the actual rate of inflation that most recently occurred. <a href="/wiki/Rational_expectations" title="Rational expectations">Rational expectations</a> models them as unbiased, in the sense that the expected inflation rate is not systematically above or systematically below the inflation rate that actually occurs. A long-standing survey of inflation expectations is the University of Michigan survey.<a href="#cite_note-69">[69]</a> Inflation expectations affect the economy in several ways. They are more or less built into <a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">nominal interest rates</a>, so that a rise (or fall) in the expected inflation rate will typically result in a rise (or fall) in nominal interest rates, giving a smaller effect if any on <a href="/wiki/Real_interest_rate" title="Real interest rate">real interest rates</a>. In addition, higher expected inflation tends to be built into the rate of wage increases, giving a smaller effect if any on the changes in <a href="/wiki/Real_wages" title="Real wages">real wages</a>. Moreover, the response of inflationary expectations to monetary policy can influence the division of the effects of policy between inflation and unemployment (see <a href="/wiki/Monetary_policy_credibility" class="mw-redirect" title="Monetary policy credibility">monetary policy credibility</a>). <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=15" title="Edit section: Causes">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Cleanup_reorganize plainlinks metadata ambox ambox-style" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Ambox_rewrite.svg/40px-Ambox_rewrite.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Ambox_rewrite.svg/60px-Ambox_rewrite.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Ambox_rewrite.svg/80px-Ambox_rewrite.svg.png 2x" data-file-width="620" data-file-height="620" /></div></td><td class="mbox-text"><div class="mbox-text-span">This section may be in need of reorganization to comply with Wikipedia's <a href="/wiki/Wikipedia:Manual_of_Style/Layout" title="Wikipedia:Manual of Style/Layout">layout guidelines</a>. Please help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Inflation&action=edit">editing the article</a> to make improvements to the overall structure. (February 2024) (<a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a>)</div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Historical_approaches">Historical approaches</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=16" title="Edit section: Historical approaches">edit</a>]</div> Theories of the origin and causes of inflation have existed since at least the 16th century. Two competing theories, the <a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">quantity theory of money</a> and the <a href="/wiki/Real_bills_doctrine" title="Real bills doctrine">real bills doctrine</a>, appeared in various disguises during century-long debates on recommended central bank behaviour. In the 20th century, <a href="/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesian</a>, <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">monetarist</a> and <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical</a> (also known as <a href="/wiki/Rational_expectations" title="Rational expectations">rational expectations</a>) views on inflation dominated post-World War II <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a> discussions, which were often heated intellectual debates, until some kind of synthesis of the various theories was reached by the end of the century. <div class="mw-heading mw-heading4"><h4 id="Before_1936">Before 1936</h4>[<a href="/w/index.php?title=Inflation&action=edit&section=17" title="Edit section: Before 1936">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Real_bills_doctrine" title="Real bills doctrine">Real bills doctrine</a></div> The <a href="/wiki/Price_revolution" title="Price revolution">price revolution</a> from ca. 1550–1700 caused several thinkers to present what is now considered to be early formulations of the <a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">quantity theory of money</a> (QTM). Other contemporary authors attributed rising price levels to the debasement of national coinages. Later research has shown that also growing output of <a href="/wiki/Central_Europe" title="Central Europe">Central European</a> silver mines and an increase in the <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity of money</a> because of innovations in the payment technology, in particular the increased use of <a href="/wiki/Bill_of_exchange" class="mw-redirect" title="Bill of exchange">bills of exchange</a>, contributed to the price revolution.<a href="#cite_note-Dimand-70">[70]</a> An alternative theory, the <a href="/wiki/Real_bills_doctrine" title="Real bills doctrine">real bills doctrine</a> (RBD), originated in the 17th and 18th century, receiving its first authoritative exposition in <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>'s <a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a>.<a href="#cite_note-71">[71]</a> It asserts that banks should issue their money in exchange for short-term real bills of adequate value. As long as banks only issue a dollar in exchange for assets worth at least a dollar, the issuing bank's assets will naturally move in step with its issuance of money, and the money will hold its value. Should the bank fail to get or maintain assets of adequate value, then the bank's money will lose value, just as any financial security will lose value if its asset backing diminishes. The real bills doctrine (also known as the backing theory) thus asserts that inflation results when money outruns its issuer's assets. The quantity theory of money, in contrast, claims that inflation results when money outruns the economy's production of goods. During the 19th century, three different schools debated these questions: The <a href="/wiki/British_Currency_School" title="British Currency School">British Currency School</a> upheld a quantity theory view, believing that the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>'s issues of bank notes should vary one-for-one with the bank's gold reserves. In contrast to this, the <a href="/wiki/British_Banking_School" title="British Banking School">British Banking School</a> followed the real bills doctrine, recommending that the bank's operations should be governed by the needs of trade: Banks should be able to issue currency against bills of trading, i.e. "real bills" that they buy from merchants. A third group, the Free Banking School, held that competitive private banks would not overissue, even though a monopolist central bank could be believed to do it.<a href="#cite_note-72">[72]</a> The debate between currency, or quantity theory, and banking schools during the 19th century prefigures current questions about the credibility of money in the present. In the 19th century, the banking schools had greater influence in policy in the United States and Great Britain, while the <a href="/wiki/British_Currency_School" title="British Currency School">currency schools</a> had more influence "on the continent", that is in non-British countries, particularly in the <a href="/wiki/Latin_Monetary_Union" title="Latin Monetary Union">Latin Monetary Union</a> and the <a href="/wiki/Scandinavian_Monetary_Union" title="Scandinavian Monetary Union">Scandinavian Monetary Union</a>. During the Bullionist Controversy during the <a href="/wiki/Napoleonic_Wars" title="Napoleonic Wars">Napoleonic Wars</a>, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a> argued that the Bank of England had engaged in over-issue of bank notes, leading to commodity price increases. In the late 19th century, supporters of the quantity theory of money led by <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a> debated with supporters of <a href="/wiki/Bimetallism" title="Bimetallism">bimetallism</a>. Later, <a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a> sought to explain price movements as the result of real shocks rather than movements in money supply, resounding statements from the real bills doctrine.<a href="#cite_note-Dimand-70">[70]</a> In 2019, monetary historians <a href="/wiki/Thomas_M._Humphrey" title="Thomas M. Humphrey">Thomas M. Humphrey</a> and <a href="/wiki/Richard_Timberlake" title="Richard Timberlake">Richard Timberlake</a> published "Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder 1922–1938".<a href="#cite_note-73">[73]</a> <div class="mw-heading mw-heading4"><h4 id="Keynes_and_the_early_Keynesians">Keynes and the early Keynesians</h4>[<a href="/w/index.php?title=Inflation&action=edit&section=18" title="Edit section: Keynes and the early Keynesians">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Keynesian_Revolution" title="Keynesian Revolution">Keynesian Revolution</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Keynes%27s_theory_of_wages_and_prices" title="Keynes's theory of wages and prices">Keynes's theory of wages and prices</a></div> John Maynard Keynes in his 1936 main work <a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a> emphasized that wages and prices were <a href="/wiki/Nominal_rigidity" title="Nominal rigidity">sticky</a> in the short run, but gradually responded to <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> shocks. These could arise from many different sources, e.g. autonomous movements in investment or fluctuations in private wealth or interest rates.<a href="#cite_note-parkin-26">[26]</a> Economic policy could also affect demand, <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> by affecting interest rates and <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a> either directly through the level of <a href="/wiki/Government_final_consumption_expenditure" title="Government final consumption expenditure">government final consumption expenditure</a> or indirectly by changing <a href="/wiki/Disposable_and_discretionary_income" class="mw-redirect" title="Disposable and discretionary income">disposable income</a> via tax changes. The various sources of variations in aggregate demand will cause cycles in both output and price levels. Initially, a demand change will primarily affect output because of the price stickiness, but eventually prices and wages will adjust to reflect the change in demand. Consequently, movements in real output and prices will be positively, but not strongly, correlated.<a href="#cite_note-parkin-26">[26]</a> Keynes' propositions formed the basis of <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a> which came to dominate macroeconomic research and economic policy in the first decades after World War II.<a href="#cite_note-Blanchard-10">[10]</a>: 526  Other Keynesian economists developed and reformed several of Keynes' ideas. Importantly, <a href="/wiki/William_Phillips_(economist)" class="mw-redirect" title="William Phillips (economist)">Alban William Phillips</a> in 1958 published indirect evidence of a negative relation between inflation and unemployment, confirming the Keynesian emphasis on a positive correlation between increases in real output (normally accompanied by a fall in unemployment) and rising prices, i.e. inflation. Phillips' findings were confirmed by other empirical analyses and became known as a <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a>. It quickly became central to macroeconomic thinking, apparently offering a stable trade-off between <a href="/wiki/Price_stability" title="Price stability">price stability</a> and employment. The curve was interpreted to imply that a country could achieve low unemployment if it were willing to tolerate a higher inflation rate or vice versa.<a href="#cite_note-Blanchard-10">[10]</a>: 173  The Phillips curve model described the U.S. experience well in the 1960s, but failed to describe the <a href="/wiki/1973%E2%80%9375_recession" class="mw-redirect" title="1973–75 recession">stagflation experienced in the 1970s</a>. <div class="mw-heading mw-heading4"><h4 id="Monetarism">Monetarism</h4>[<a href="/w/index.php?title=Inflation&action=edit&section=19" title="Edit section: Monetarism">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:CPI_1914-2022.webp" class="mw-file-description"><img alt="CPI 1914–2022" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/400px-CPI_1914-2022.webp.png" decoding="async" width="400" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/600px-CPI_1914-2022.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/800px-CPI_1914-2022.webp.png 2x" data-file-width="3962" data-file-height="1902" /></a><figcaption> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Inflation</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Deflation" title="Deflation">Deflation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  <a href="/wiki/Money_supply" title="Money supply">M2 money supply</a> increases Year/Year</div> </figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:M2_and_Inflation_USA.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/530px-M2_and_Inflation_USA.svg.png" decoding="async" width="530" height="385" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/795px-M2_and_Inflation_USA.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/1060px-M2_and_Inflation_USA.svg.png 2x" data-file-width="706" data-file-height="513" /></a><figcaption>Inflation and the growth of money supply (M2)</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></div> During the 1960s the Keynesian view of inflation and macroeconomic policy altogether were challenged by <a href="/wiki/Monetarism" title="Monetarism">monetarist</a> theories, led by <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>.<a href="#cite_note-Blanchard-10">[10]</a>: 528–529  Friedman famously stated that "Inflation is always and everywhere a monetary phenomenon."<a href="#cite_note-74">[74]</a> He revived the <a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">quantity theory of money</a> by <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a> and others, making it into a central tenet of monetarist thinking, arguing that the most significant factor influencing inflation or deflation is how fast the <a href="/wiki/Money_supply" title="Money supply">money supply</a> grows or shrinks.<a href="#cite_note-Lagassé,_Paul_2000-75">[75]</a> The quantity theory of money, simply stated, says that any change in the amount of money in a system will change the price level. This theory begins with the <a href="/wiki/Equation_of_exchange" title="Equation of exchange">equation of exchange</a>: <dl><dd><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle MV=PQ,}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mi>V</mi> <mo>=</mo> <mi>P</mi> <mi>Q</mi> <mo>,</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle MV=PQ,}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/0a5a4bf3fbd376fdb51880d25a3a0722d5b21430" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:11.558ex; height:2.509ex;" alt="{\displaystyle MV=PQ,}"></dd></dl> where <dl><dd><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle M}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle M}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/f82cade9898ced02fdd08712e5f0c0151758a0dd" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:2.442ex; height:2.176ex;" alt="{\displaystyle M}"> is the nominal quantity of money;</dd> <dd><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle V}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>V</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle V}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/af0f6064540e84211d0ffe4dac72098adfa52845" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.787ex; height:2.176ex;" alt="{\displaystyle V}"> is the <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity of money</a> in final expenditures;</dd> <dd><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle P}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle P}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b4dc73bf40314945ff376bd363916a738548d40a" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.745ex; height:2.176ex;" alt="{\displaystyle P}"> is the general price level;</dd> <dd><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Q}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Q</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Q}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/8752c7023b4b3286800fe3238271bbca681219ed" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:1.838ex; height:2.509ex;" alt="{\displaystyle Q}"> is an index of the <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real value</a> of final expenditures.</dd></dl> In this formula, the general price level is related to the level of real economic activity (Q), the quantity of money (M) and the velocity of money (V). The formula itself is simply an uncontroversial <a href="/wiki/Accounting_identity" title="Accounting identity">accounting identity</a> because the velocity of money (V) is defined residually from the equation to be the ratio of final nominal expenditure (<math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle PQ}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> <mi>Q</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle PQ}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/56648d25dcb487300d460480dec33d3c713fe4ca" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:3.584ex; height:2.509ex;" alt="{\displaystyle PQ}">) to the quantity of money (M).<a href="#cite_note-Mankiw-76">[76]</a>: 99  Monetarists assumed additionally that the velocity of money is unaffected by monetary policy (at least in the long run), that the real value of output is also <a href="/wiki/Exogenous" class="mw-redirect" title="Exogenous">exogenous</a> in the long run, its long-run value being determined independently by the productive capacity of the economy, and that money supply is exogenous and can be controlled by the monetary authorities. Under these assumptions, the primary driver of the change in the general price level is changes in the quantity of money.<a href="#cite_note-Mankiw-76">[76]</a> Consequently, monetarists contended that monetary policy, not fiscal policy, was the most potent instrument to influence aggregate demand, real output and eventually inflation. This was contrary to Keynesian thinking which in principle recognized a role for monetary policy, but in practice believed that the effect from interest rate changes to the real economy was slight, making monetary policy an ineffective instrument, preferring fiscal policy.<a href="#cite_note-Blanchard-10">[10]</a>: 528  Conversely, monetarists considered fiscal policy, or government spending and taxation, as ineffective in controlling inflation.<a href="#cite_note-Lagassé,_Paul_2000-75">[75]</a> Friedman also took issue with the traditional Keynesian view concerning the Phillips curve. He, together with <a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a>, contended that the trade-off between inflation and unemployment implied by the Phillips curve was only temporary, but not permanent. If politicians tried to exploit it, it would eventually disappear because higher inflation would over time be built into the economic expectations of households and firms.<a href="#cite_note-Blanchard-10">[10]</a>: 528–529  This line of thinking led to the concept of <a href="/wiki/Potential_output" title="Potential output">potential output</a> (sometimes called the "natural gross domestic product"), a level of GDP where the economy is stable in the sense that inflation will neither decrease nor increase. This level may itself change over time when institutional or natural constraints change. It corresponds to the Non-Accelerating Inflation Rate of Unemployment, <a href="/wiki/NAIRU" title="NAIRU">NAIRU</a>, or the "natural" rate of unemployment (sometimes called the "structural" level of unemployment).<a href="#cite_note-Blanchard-10">[10]</a> If GDP exceeds its potential (and unemployment consequently is below the NAIRU), the theory says that inflation will accelerate as suppliers increase their prices. If GDP falls below its potential level (and unemployment is above the NAIRU), inflation will decelerate as suppliers attempt to fill excess capacity, cutting prices and undermining inflation.<a href="#cite_note-77">[77]</a> <div class="mw-heading mw-heading4"><h4 id="Rational_expectations_theory">Rational expectations theory</h4>[<a href="/w/index.php?title=Inflation&action=edit&section=20" title="Edit section: Rational expectations theory">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Rational_expectations" title="Rational expectations">Rational expectations</a></div> In the early 1970s, <a href="/wiki/Rational_expectations_theory" class="mw-redirect" title="Rational expectations theory">rational expectations theory</a> led by economists like <a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas</a>, <a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas Sargent</a> and <a href="/wiki/Robert_Barro" title="Robert Barro">Robert Barro</a> transformed macroeconomic thinking radically. They held that economic actors look rationally into the future when trying to maximize their well-being, and do not respond solely to immediate <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity costs</a> and pressures.<a href="#cite_note-Blanchard-10">[10]</a>: 529–530  In this view, future expectations and strategies are important for inflation as well. One implication was that agents would anticipate the likely behaviour of central banks and base their own actions on these expectations. A central bank having a reputation of being "soft" on inflation will generate high inflation expectations, which again will be self-fulfilling when all agents build expectations of future high inflation into their nominal contracts like wage agreements. On the other hand, if the central bank has a reputation of being "tough" on inflation, then such a policy announcement will be believed and inflationary expectations will come down rapidly, thus allowing inflation itself to come down rapidly with minimal economic disruption. The implication is that <a href="/wiki/Credibility" title="Credibility">credibility</a> becomes very important for central banks in fighting inflation.<a href="#cite_note-Blanchard-10">[10]</a>: 467–469  <div class="mw-heading mw-heading4"><h4 id="New_Keynesians">New Keynesians</h4>[<a href="/w/index.php?title=Inflation&action=edit&section=21" title="Edit section: New Keynesians">edit</a>]</div> Events during the 1970s proved Milton Friedman and other critics of the traditional Phillips curve right: The relation between the inflation rate and the unemployment rate broke down. Eventually, a consensus was established that the break-down was due to agents changing their inflation expectations, confirming Friedman's theory. As a consequence, the notion of a <a href="/wiki/Natural_rate_of_unemployment" title="Natural rate of unemployment">natural rate of unemployment</a> (alternatively called the structural rate of unemployment) was accepted by most economists, meaning that there is a specific level of unemployment that is compatible with stable inflation. <a href="/wiki/Stabilization_policy" title="Stabilization policy">Stabilization policy</a> must therefore try to steer economic activity so that the actual unemployment rate converges towards that level.<a href="#cite_note-Blanchard-10">[10]</a>: 176–189  The trade-off between the <a href="/wiki/Unemployment_rate" class="mw-redirect" title="Unemployment rate">unemployment rate</a> and inflation implied by Phillips thus holds in the short term, but not in the long term.<a href="#cite_note-chang-78">[78]</a> Also the <a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">oil crises of the 1970s</a> causing at the same time rising unemployment and rising inflation (i.e. <a href="/wiki/Stagflation" title="Stagflation">stagflation</a>) led to a broad recognition by economists that <a href="/wiki/Supply_shock" title="Supply shock">supply shocks</a> could independently affect inflation.<a href="#cite_note-parkin-26">[26]</a><a href="#cite_note-Blanchard-10">[10]</a>: 529  During the 1980s a group of researchers named <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">new Keynesians</a> emerged who accepted many originally non-Keynesian concepts like the importance of monetary policy, the existence of a natural level of unemployment and the incorporation of rational expectations formation as a reasonable benchmark. At the same time they believed, like Keynes did, that various <a href="/wiki/Market_imperfection" class="mw-redirect" title="Market imperfection">market imperfections</a> in different markets like labour markets and financial markets were also important to study to understand both inflation generation and <a href="/wiki/Business_cycle" title="Business cycle">business cycles</a>.<a href="#cite_note-Blanchard-10">[10]</a>: 533–534  During the 1980s and 1990s, there were often heated intellectual debates between new Keynesians and new classicals, but by the 2000s, a synthesis gradually emerged. The result has been called the new Keynesian model,<a href="#cite_note-Blanchard-10">[10]</a>: 535  the "<a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>"<a href="#cite_note-Goodfriend-79">[79]</a><a href="#cite_note-80">[80]</a> or simply the "new consensus" model.<a href="#cite_note-Goodfriend-79">[79]</a> <div class="mw-heading mw-heading3"><h3 id="View_post-2000_to_present">View post-2000 to present</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=22" title="Edit section: View post-2000 to present">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Economic_analysis_of_climate_change" title="Economic analysis of climate change">Economic analysis of climate change</a> and <a href="/wiki/Housing_shortage" class="mw-redirect" title="Housing shortage">Housing shortage</a></div> A common view beginning around the year 2000 and holding through to the present time on inflation and its causes can be illustrated by a modern Phillips curve including a role for supply shocks and inflation expectations beside the original role of aggregate demand (determining employment and unemployment fluctuations) in influencing the inflation rate.<a href="#cite_note-Blanchard-10">[10]</a> Consequently, demand shocks, supply shocks and inflation expectations are all potentially important determinants of inflation,<a href="#cite_note-congress-81">[81]</a> confirming the basis of the older <a href="/wiki/Triangle_model" title="Triangle model">triangle model</a> by <a href="/wiki/Robert_J._Gordon" title="Robert J. Gordon">Robert J. Gordon</a>:<a href="#cite_note-82">[82]</a> <ul><li>Demand shocks may both decrease and increase inflation. So-called <a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">demand-pull inflation</a> may be caused by increases in aggregate demand due to increased private and government spending,<a href="#cite_note-Biden_Is_Clueless_About_Inflation_–_Reason_–_Nick_Gillespie_&_Regan_Taylor_reporting-83">[83]</a><a href="#cite_note-Blame_Insane_Government_Spending_for_Inflation_–_Reason_–_Veronique_De_Rugy-84">[84]</a> etc. Conversely, negative demand shocks may be caused by <a href="/wiki/Contractionary" class="mw-redirect" title="Contractionary">contractionary</a> economic policy.</li> <li>Supply shocks may also lead to both higher or lower inflation, depending on the character of the shock. <a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push inflation</a> is caused by a drop in aggregate supply (potential output). This may be due to natural disasters, war or increased prices of inputs. For example, a sudden decrease in the supply of oil, leading to increased oil prices, can cause cost-push inflation. Producers for whom oil is a part of their costs could then pass this on to consumers in the form of increased prices.<a href="#cite_note-Britannica-85">[85]</a></li> <li>Inflation expectations play a major role in forming actual inflation. High inflation can prompt employees to demand rapid wage increases to keep up with consumer prices. In this way, rising wages in turn can help fuel inflation as firms pass these higher labor costs on to their customers as higher prices, leading to a feedback loop. In the case of collective bargaining, wage growth may be set as a function of inflationary expectations, which will be higher when inflation is high. This can cause a <a href="/wiki/Wage-price_spiral" title="Wage-price spiral">wage-price spiral</a>. In a sense, inflation begets further inflationary expectations, which beget further <a href="/wiki/Built-in_inflation" title="Built-in inflation">(built-in) inflation</a>.<a href="#cite_note-Britannica-85">[85]</a></li></ul> The important role of rational expectations is recognized by the emphasis on credibility on the part of central banks and other <a href="/wiki/Policy-makers" class="mw-redirect" title="Policy-makers">policy-makers</a>.<a href="#cite_note-Goodfriend-79">[79]</a> The monetarist assertion that monetary policy alone could successfully control inflation formed part of the new consensus which recognized that both monetary and fiscal policy are important tools for influencing aggregate demand.<a href="#cite_note-Goodfriend-79">[79]</a><a href="#cite_note-Blanchard-10">[10]</a>: 528  Indeed, monetary policy is under normal circumstances considered to be the preferable instrument to contain inflation.<a href="#cite_note-congress-81">[81]</a><a href="#cite_note-Blanchard-10">[10]</a> At the same time, most central banks have abandoned trying to target money growth as originally advocated by the monetarists. Instead, most central banks in developed countries focus on adjusting interest rates to achieve an explicit inflation target.<a href="#cite_note-Romer-86">[86]</a><a href="#cite_note-Blanchard-10">[10]</a>: 505–509  The reason for central bank reluctance in following money growth targets is that the money stock measures that central banks can control tightly, e.g. the <a href="/wiki/Monetary_base" title="Monetary base">monetary base</a>, are not very closely linked to aggregate demand, whereas conversely money supply measures like <a href="/wiki/M2_(economics)" class="mw-redirect" title="M2 (economics)">M2</a>, which are in some cases more closely correlated with aggregate demand, are difficult to control for the central bank. Also, in many countries the relationship between aggregate demand and all money stock measures have broken down in recent decades, weakening further the case for monetary policy rules focusing on the money supply.<a href="#cite_note-Romer-86">[86]</a>: 608  However, while more disputed in the 1970s, surveys of members of the <a href="/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a> (AEA) since the 1990s have shown that most professional American economists generally agree with the statement "Inflation is caused primarily by too much growth in the money supply", while the same surveys have shown a lack of consensus by AEA members since the 1990s that "In the short run, a reduction in unemployment causes the rate of inflation to increase" has developed despite more agreement with the statement in the 1970s.<a href="#cite_note-AEAConsensus-92">[list 1]</a> <a href="/wiki/2021%E2%80%932023_inflation_surge#Housing_shortage" title="2021–2023 inflation surge">Housing shortages</a><a href="#cite_note-93">[92]</a><a href="#cite_note-94">[93]</a><a href="#cite_note-:3-95">[94]</a><a href="#cite_note-96">[95]</a> and <a href="/wiki/2021%E2%80%932023_inflation_surge#Climate_change" title="2021–2023 inflation surge">climate change</a><a href="#cite_note-97">[96]</a><a href="#cite_note-98">[97]</a><a href="#cite_note-:2-99">[98]</a><a href="#cite_note-100">[99]</a> have both been cited as significant drivers of inflation in the 21st century. <div class="mw-heading mw-heading4"><h4 id="2021–2022_inflation_spike">2021–2022 inflation spike</h4>[<a href="/w/index.php?title=Inflation&action=edit&section=23" title="Edit section: 2021–2022 inflation spike">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/2021%E2%80%932022_inflation_spike" class="mw-redirect" title="2021–2022 inflation spike">2021–2022 inflation spike</a></div> In 2021–2022, most countries experienced a considerable <a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">increase in inflation</a>, peaking in 2022 and declining in 2023. The causes are believed to be a mixture of demand and supply shocks, whereas inflation expectations generally seem to remain anchored (as per May 2023).<a href="#cite_note-Brookings-101">[100]</a> Possible causes on the demand side include expansionary fiscal and monetary policy in the wake of the global <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, whereas supply shocks include <a href="/wiki/Supply_chain" title="Supply chain">supply chain</a> problems also caused by the pandemic<a href="#cite_note-Brookings-101">[100]</a> and exacerbated by energy price rises following the <a href="/wiki/Russian_invasion_of_Ukraine" title="Russian invasion of Ukraine">Russian invasion of Ukraine</a> in 2022. The term <a href="/wiki/Sellers%27_inflation" class="mw-redirect" title="Sellers' inflation">sellers' inflation</a> was coined during this period to describe the effect of corporate profits as a possible cause of inflation: Price inelasticity can contribute to inflation when <a href="/wiki/Consolidation_(business)" title="Consolidation (business)">firms consolidate</a>, tending to support monopoly or <a href="/wiki/Monopsony" title="Monopsony">monopsony</a> conditions anywhere along the <a href="/wiki/Supply_chain" title="Supply chain">supply chain</a> for goods or services. When this occurs, firms can provide greater <a href="/wiki/Shareholder_value" title="Shareholder value">shareholder value</a> by taking a larger proportion of <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profits</a> than by investing in providing greater volumes of their outputs.<a href="#cite_note-Mankiw7partV-102">[101]</a><a href="#cite_note-BivinsEpi22-103">[102]</a> Shortly after initial energy price shocks caused by the Russian invasion of Ukraine had subsided, oil companies found that supply chain constrictions, already exacerbated by the ongoing global pandemic, supported price inelasticity, i.e., they began lowering prices to match the <a href="/wiki/Price_of_oil" title="Price of oil">price of oil</a> when it fell much more slowly than they had increased their prices when costs rose.<a href="#cite_note-104">[103]</a> The <a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">quantity theory of money</a> has long been popular with <a href="/wiki/Libertarian-conservative" class="mw-redirect" title="Libertarian-conservative">libertarian-conservative</a> critics of the Federal Reserve. During the COVID pandemic and its immediate aftermath, the M2 money supply increased at the fastest rate in decades, leading some to link the growth to the 2021-2023 inflation surge. Fed chairman <a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> said in December 2021 that the once-strong link between the money supply and inflation "ended about 40 years ago," due to financial innovations and deregulation. Previous Fed chairs <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> and <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a>, had previously concurred with this position. The broadest measure of money supply, M3, increased about 45% from 2010 through 2015, far faster than GDP growth, yet the inflation rate declined during that period — the opposite of what monetarism would have predicted. A lower <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity of money</a> than was historically the case<a href="#cite_note-105">[104]</a> was also cited for a diminished effect of growth in the money supply on inflation.<a href="#cite_note-106">[105]</a><a href="#cite_note-107">[106]</a> <div class="mw-heading mw-heading3"><h3 id="Heterodox_views">Heterodox views</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=24" title="Edit section: Heterodox views">edit</a>]</div> Additionally, there are theories about inflation accepted by economists outside of the <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream</a>. The <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> stresses that inflation is not uniform over all assets, goods, and services. Inflation depends on differences in markets and on where newly created money and credit enter the economy. <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a> said that inflation should refer to an increase in the quantity of money, that is not offset by a corresponding increase in the need for money, and that price inflation will necessarily follow, always leaving a poorer<a href="#cite_note-108">[107]</a> nation.<a href="#cite_note-109">[108]</a><a href="#cite_note-TheTheory-110">[109]</a> <div class="mw-heading mw-heading2"><h2 id="Effects_of_inflation">Effects of inflation</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=25" title="Edit section: Effects of inflation">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="General_effect">General effect</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=26" title="Edit section: General effect">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Restaurant_increasing_prices_by_$1.00_due_to_inflation.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Restaurant_increasing_prices_by_%241.00_due_to_inflation.jpg/260px-Restaurant_increasing_prices_by_%241.00_due_to_inflation.jpg" decoding="async" width="260" height="148" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Restaurant_increasing_prices_by_%241.00_due_to_inflation.jpg/390px-Restaurant_increasing_prices_by_%241.00_due_to_inflation.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Restaurant_increasing_prices_by_%241.00_due_to_inflation.jpg/520px-Restaurant_increasing_prices_by_%241.00_due_to_inflation.jpg 2x" data-file-width="640" data-file-height="364" /></a><figcaption>Restaurant increasing prices by $1.00 due to inflation</figcaption></figure> Inflation is the decrease in the purchasing power of a currency. That is, when the general level of prices rise, each monetary unit can buy fewer goods and services in aggregate. The effect of inflation differs on different sectors of the economy, with some sectors being adversely affected while others benefitting. For example, with inflation, those segments in society which own physical assets, such as property, stock etc., benefit from the price/value of their holdings going up, when those who seek to acquire them will need to pay more for them. Their ability to do so will depend on the degree to which their income is fixed. For example, increases in payments to workers and pensioners often lag behind inflation, and for some people income is fixed. Also, individuals or institutions with cash assets will experience a decline in the purchasing power of the cash. Increases in the price level (inflation) erode the real value of money (the functional currency) and other items with an underlying monetary nature. Debtors who have debts with a fixed nominal rate of interest will see a reduction in the "real" interest rate as the inflation rate rises. The real interest on a loan is the nominal rate minus the inflation rate. The formula R = N-I approximates the correct answer as long as both the nominal interest rate and the inflation rate are small. The correct equation is r = n/i where r, n and i are expressed as <a href="/wiki/Ratio" title="Ratio">ratios</a> (e.g. 1.2 for +20%, 0.8 for −20%). As an example, when the inflation rate is 3%, a loan with a nominal interest rate of 5% would have a real interest rate of approximately 2% (in fact, it's 1.94%). Any unexpected increase in the inflation rate would decrease the real interest rate. Banks and other lenders adjust for this inflation risk either by including an inflation risk premium to fixed interest rate loans, or lending at an adjustable rate. <div class="mw-heading mw-heading3"><h3 id="Negative">Negative</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=27" title="Edit section: Negative">edit</a>]</div> High or unpredictable inflation rates are regarded as harmful to an overall economy. They add inefficiencies in the market, and make it difficult for companies to budget or plan long-term. Inflation can act as a drag on productivity as companies are forced to shift resources away from products and services to focus on profit and losses from currency inflation.<a href="#cite_note-Taylor-56">[56]</a> Uncertainty about the future purchasing power of money discourages investment and saving.<a href="#cite_note-111">[110]</a> Inflation hurts asset prices such as stock performance in the short-run, as it erodes non-energy corporates' profit margins and leads to central banks' policy tightening measures.<a href="#cite_note-112">[111]</a> Inflation can also impose hidden tax increases. For instance, inflated earnings push taxpayers into higher income tax rates unless the tax brackets are indexed to inflation. With high inflation, purchasing power is redistributed from those on fixed nominal incomes, such as some pensioners whose pensions are not indexed to the price level, towards those with variable incomes whose earnings may better keep pace with the inflation.<a href="#cite_note-Taylor-56">[56]</a> This redistribution of purchasing power will also occur between international trading partners. Where fixed <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a> are imposed, higher inflation in one economy than another will cause the first economy's exports to become more expensive and affect the <a href="/wiki/Balance_of_trade" title="Balance of trade">balance of trade</a>. There can also be negative effects to trade from an increased instability in currency exchange prices caused by unpredictable inflation. <dl><dt><a href="/wiki/Hoarding" title="Hoarding">Hoarding</a></dt> <dd>People buy durable and/or non-perishable commodities and other goods as stores of wealth, to avoid the losses expected from the declining purchasing power of money, creating shortages of the hoarded goods.</dd></dl> <dl><dt>Social unrest and revolts</dt> <dd>Inflation can lead to massive demonstrations and revolutions. For example, inflation and in particular <a href="/wiki/Food_inflation" title="Food inflation">food inflation</a> is considered one of the main reasons that caused the 2010–2011 <a href="/wiki/Tunisian_revolution" title="Tunisian revolution">Tunisian revolution</a><a href="#cite_note-113">[112]</a> and the <a href="/wiki/2011_Egyptian_revolution" title="2011 Egyptian revolution">2011 Egyptian revolution</a>,<a href="#cite_note-tna-114">[113]</a> according to many observers including <a href="/wiki/Robert_Zoellick" title="Robert Zoellick">Robert Zoellick</a>,<a href="#cite_note-115">[114]</a> president of the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>. Tunisian president <a href="/wiki/Zine_El_Abidine_Ben_Ali" title="Zine El Abidine Ben Ali">Zine El Abidine Ben Ali</a> was ousted, Egyptian President <a href="/wiki/Hosni_Mubarak" title="Hosni Mubarak">Hosni Mubarak</a> was also ousted after only 18 days of demonstrations, and protests soon spread in many countries of North Africa and Middle East.</dd></dl> <dl><dt><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></dt> <dd>If inflation becomes too high, it can cause people to severely curtail their use of the currency, leading to an acceleration in the inflation rate. High and accelerating inflation grossly interferes with the normal workings of the economy, hurting its ability to supply goods. Hyperinflation can lead people to abandon the use of the country's currency in favour of external currencies (<a href="/wiki/Dollarization" class="mw-redirect" title="Dollarization">dollarization</a>), as has been reported to have occurred in <a href="/wiki/North_Korea" title="North Korea">North Korea</a>.<a href="#cite_note-cato-116">[115]</a></dd></dl> <dl><dt><a href="/wiki/Corruption" title="Corruption">Corruption</a></dt> <dd>Due to a high rise of inflation,<a href="#cite_note-117">[Ströer Media 1]</a> it has been seen to affect unemployment levels around the world. From 2005 to 2019, it was found that the wellbeing costs of unemployment was 5 times higher than inflation. The trust between the central banks and individuals has become more limited. According to the Global Labor Organization (GLO),<a href="#cite_note-118">[116]</a> a global sample of 1.5 million observations during the 1999 and 2012 found a negative relationship of ECB unemployment between countries of Spain, Ireland, Greece, and Portugal a financial crisis.<a href="#cite_note-119">[117]</a> Lack of trust is shown between the government and political institutions which potentially, this can create bias towards both sides as unemployment rate will still increase. If the rate goes on, predictions of the economic activity may decrease, and investments from around the world will soon slowdown creating a "economy crash" that can affect millions of peoples' living.<a href="#cite_note-120">[118]</a></dd></dl> <dl><dt><a href="/wiki/Allocative_efficiency" title="Allocative efficiency">Allocative efficiency</a></dt> <dd>A change in the supply or demand for a good will normally cause its <a href="/wiki/Relative_price" title="Relative price">relative price</a> to change, signaling the buyers and sellers that they should re-allocate resources in response to the new market conditions. But when prices are constantly changing due to inflation, price changes due to genuine relative <a href="/wiki/Price_signal" title="Price signal">price signals</a> are difficult to distinguish from price changes due to general inflation, so agents are slow to respond to them. The result is a loss of <a href="/wiki/Economic_efficiency" title="Economic efficiency">allocative efficiency</a>.</dd></dl> <dl><dt><a href="/wiki/Shoe_leather_cost" title="Shoe leather cost">Shoe leather cost</a></dt> <dd>High inflation increases the opportunity cost of holding cash balances and can induce people to hold a greater portion of their assets in interest paying accounts. However, since cash is still needed to carry out transactions this means that more "trips to the bank" are necessary to make withdrawals, proverbially wearing out the "shoe leather" with each trip.</dd></dl> <dl><dt><a href="/wiki/Menu_cost" title="Menu cost">Menu cost</a></dt></dl> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Subway_pizza_inflation_2022_jeh.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Subway_pizza_inflation_2022_jeh.jpg/260px-Subway_pizza_inflation_2022_jeh.jpg" decoding="async" width="260" height="347" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Subway_pizza_inflation_2022_jeh.jpg/390px-Subway_pizza_inflation_2022_jeh.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Subway_pizza_inflation_2022_jeh.jpg/520px-Subway_pizza_inflation_2022_jeh.jpg 2x" data-file-width="1728" data-file-height="2304" /></a><figcaption>Low-cost price adjustment</figcaption></figure> <dl><dd>With high inflation, firms must change their prices often to keep up with economy-wide changes. But often changing prices is itself a costly activity whether explicitly, as with the need to print new menus, or implicitly, as with the extra time and effort needed to change prices constantly.</dd></dl> <dl><dt><a href="/wiki/Inflation_tax" class="mw-redirect" title="Inflation tax">Tax</a></dt> <dd>Inflation serves as a hidden tax on currency holdings.<a href="#cite_note-121">[119]</a><a href="#cite_note-122">[120]</a></dd></dl> <div class="mw-heading mw-heading3"><h3 id="Positive">Positive</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=28" title="Edit section: Positive">edit</a>]</div> <dl><dt>Labour-market adjustments</dt> <dd>Nominal wages are <a href="/wiki/Sticky_(economics)" class="mw-redirect" title="Sticky (economics)">slow to adjust downward</a>. This can lead to prolonged disequilibrium and high unemployment in the labor market. Since inflation allows real wages to fall even if nominal wages are kept constant, moderate inflation enables labor markets to reach equilibrium faster.<a href="#cite_note-123">[121]</a></dd></dl> <dl><dt>Room to maneuver</dt> <dd>The primary tools for controlling the money supply are the ability to set the <a href="/wiki/Discount_window" title="Discount window">discount rate</a>, the rate at which banks can borrow from the central bank, and <a href="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">open market operations</a>, which are the central bank's interventions into the bonds market with the aim of affecting the nominal interest rate. If an economy finds itself in a recession with already low, or even zero, nominal interest rates, then the bank cannot cut these rates further (since negative nominal interest rates are impossible) to stimulate the economy – this situation is known as a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a>.</dd></dl> <dl><dt>Mundell–Tobin effect</dt> <dd>According to the Mundell–Tobin effect, an increase in inflation leads to an increase in capital investment, which leads to an increase in growth.<a href="#cite_note-124">[122]</a> The <a href="/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel</a> laureate <a href="/wiki/Robert_Mundell" title="Robert Mundell">Robert Mundell</a> noted that moderate inflation would induce savers to substitute lending for some money holding as a means to finance future spending. That substitution would cause market clearing real interest rates to fall.<a href="#cite_note-125">[123]</a> The lower real rate of interest would induce more borrowing to finance investment. In a similar vein, Nobel laureate <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a> noted that such inflation would cause businesses to substitute investment in <a href="/wiki/Physical_capital" title="Physical capital">physical capital</a> (plant, equipment, and inventories) for money balances in their asset portfolios. That substitution would mean choosing the making of investments with lower rates of real return. (The rates of return are lower because the investments with higher rates of return were already being made before.)<a href="#cite_note-126">[124]</a> The two related effects are known as the <a href="/wiki/Mundell%E2%80%93Tobin_effect" title="Mundell–Tobin effect">Mundell–Tobin effect</a>. Unless the economy is already overinvesting according to models of <a href="/wiki/Economic_growth" title="Economic growth">economic growth theory</a>, that extra investment resulting from the effect would be seen as positive.</dd></dl> <dl><dt>Instability with deflation</dt> <dd>Economist <a href="/wiki/Sho-Chieh_Tsiang" title="Sho-Chieh Tsiang">S.C. Tsiang</a> noted that once substantial deflation is expected, two important effects will appear; both a result of money holding substituting for lending as a vehicle for saving.<a href="#cite_note-127">[125]</a> The first was that continually falling prices and the resulting incentive to hoard money will cause instability resulting from the likely increasing fear, while money hoards grow in value, that the value of those hoards are at risk, as people realize that a movement to trade those money hoards for real goods and assets will quickly drive those prices up. Any movement to spend those hoards "once started would become a tremendous avalanche, which could rampage for a long time before it would spend itself."<a href="#cite_note-128">[126]</a> Thus, a regime of long-term deflation is likely to be interrupted by periodic spikes of rapid inflation and consequent real economic disruptions. The second effect noted by Tsiang is that when savers have substituted money holding for lending on financial markets, the role of those markets in channeling savings into investment is undermined. With nominal interest rates driven to zero, or near zero, from the competition with a high return money asset, there would be no price mechanism in whatever is left of those markets. With financial markets effectively euthanized, the remaining goods and physical asset prices would move in perverse directions. For example, an increased desire to save could not push interest rates further down (and thereby stimulate investment) but would instead cause additional money hoarding, driving consumer prices further down and making investment in consumer goods production thereby less attractive. Moderate inflation, once its expectation is incorporated into nominal interest rates, would give those interest rates room to go both up and down in response to shifting investment opportunities, or savers' preferences, and thus allow financial markets to function in a more normal fashion.</dd></dl> <div class="mw-heading mw-heading3"><h3 id="Cost-of-living_allowance">Cost-of-living allowance</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=29" title="Edit section: Cost-of-living allowance">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Cost_of_living" title="Cost of living">Cost of living</a></div> The real purchasing power of fixed payments is eroded by inflation unless they are inflation-adjusted to keep their real values constant. In many countries, employment contracts, pension benefits, and government entitlements (such as <a href="/wiki/Social_security" class="mw-redirect" title="Social security">social security</a>) are tied to a cost-of-living index, typically to the <a href="/wiki/Consumer_price_index" title="Consumer price index">consumer price index</a>.<a href="#cite_note-cola_wars-129">[127]</a> A cost-of-living adjustment (COLA) adjusts salaries based on changes in a cost-of-living index.<a href="#cite_note-130">[128]</a> It does not control inflation, but rather seeks to mitigate the consequences of inflation for those on fixed incomes. Salaries are typically adjusted annually in low inflation economies. During hyperinflation they are adjusted more often.<a href="#cite_note-cola_wars-129">[127]</a> They may also be tied to a cost-of-living index that varies by geographic location if the employee moves. Annual escalation clauses in employment contracts can specify retroactive or future percentage increases in worker pay which are not tied to any index. These negotiated increases in pay are colloquially referred to as cost-of-living adjustments ("COLAs") or cost-of-living increases because of their similarity to increases tied to externally determined indexes. <div class="mw-heading mw-heading2"><h2 id="Controlling_inflation">Controlling inflation</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=30" title="Edit section: Controlling inflation">edit</a>]</div> <a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a> is the policy enacted by the monetary authorities (most frequently the <a href="/wiki/Central_bank" title="Central bank">central bank</a> of a nation) to accomplish their objectives.<a href="#cite_note-palgrave-131">[129]</a> Among these, keeping inflation at a low and stable level is often a prominent objective, either directly via <a href="/wiki/Inflation_targeting" title="Inflation targeting">inflation targeting</a> or indirectly, e.g. via a <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> against a low-inflation currency area. <div class="mw-heading mw-heading3"><h3 id="Historical_approaches_to_inflation_control">Historical approaches to inflation control</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=31" title="Edit section: Historical approaches to inflation control">edit</a>]</div> Historically, central banks and governments have followed various policies to achieve low inflation, employing various nominal anchors. Before <a href="/wiki/World_War_I" title="World War I">World War I</a>, the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> was prevalent, but was eventually found to be detrimental to <a href="/wiki/Economic_stability" title="Economic stability">economic stability</a> and employment, not least during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> in the 1930s.<a href="#cite_note-Historical-132">[130]</a> For the first decades after <a href="/wiki/World_War_II" title="World War II">World War II</a>, the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> initiated a <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">fixed exchange rate system</a> for most developed countries, tying their currencies to the US dollar, which again was directly convertible to gold.<a href="#cite_note-133">[131]</a> The system disintegrated in the 1970s, however, after which the major currencies started floating against each other.<a href="#cite_note-134">[132]</a> During the 1970s many central banks turned to a <a href="/wiki/Money_supply" title="Money supply">money supply</a> target recommended by <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and other <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">monetarists</a>, aiming for a stable growth rate of money to control inflation. However, it was found to be impractical because of the unstable relationship between monetary aggregates and other macroeconomic variables, and was eventually abandoned by all major economies.<a href="#cite_note-Historical-132">[130]</a> In 1990, New Zealand as the first country ever adopted an official <a href="/wiki/Inflation_target" class="mw-redirect" title="Inflation target">inflation target</a> as the basis of its monetary policy, continually adjusting interest rates to steer the country's inflation rate towards its official target. The strategy was generally considered to work well, and central banks in most <a href="/wiki/Developed_countries" class="mw-redirect" title="Developed countries">developed countries</a> have over the years adapted a similar strategy.<a href="#cite_note-Holdingline-135">[133]</a> As of 2023, the central banks of all <a href="/wiki/G7" title="G7">G7</a> member countries can be said to follow an inflation target, including the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> and the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>, who have adopted the main elements of inflation targeting without officially calling themselves inflation targeters.<a href="#cite_note-Holdingline-135">[133]</a> In emerging countries fixed exchange rate regimes are still the most common monetary policy.<a href="#cite_note-IMF-136">[134]</a> <div class="mw-heading mw-heading3"><h3 id="Inflation_targeting">Inflation targeting</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=32" title="Edit section: Inflation targeting">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Inflation_targeting" title="Inflation targeting">Inflation targeting</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Federal_Funds_Rate_(effective).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Federal_Funds_Rate_%28effective%29.svg/350px-Federal_Funds_Rate_%28effective%29.svg.png" decoding="async" width="350" height="263" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Federal_Funds_Rate_%28effective%29.svg/525px-Federal_Funds_Rate_%28effective%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Federal_Funds_Rate_%28effective%29.svg/700px-Federal_Funds_Rate_%28effective%29.svg.png 2x" data-file-width="640" data-file-height="480" /></a><figcaption>The U.S. effective <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a> charted over fifty years</figcaption></figure> From its first inception in New Zealand in 1990, direct inflation targeting as a monetary policy strategy has spread to become prevalent among developed countries. The basic idea is that the central bank perpetually adjusts interest rates to steer the country's inflation rate towards its official target. Via the <a href="/wiki/Monetary_transmission_mechanism" title="Monetary transmission mechanism">monetary transmission mechanism</a> interest rate changes affect <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> in various ways, causing output and employment to respond.<a href="#cite_note-137">[135]</a> Changes in employment and unemployment rates affect wage setting, leading to larger or smaller wage increases, depending on the direction of the interest rate adjustment. A changed rate of wage increases will transmit into changes in <a href="/wiki/Pricing" title="Pricing">price setting</a> – i.e. a change in the inflation rate. The relation between (un)employment and inflation is known as the <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a>. In most <a href="/wiki/OECD" title="OECD">OECD countries</a>, the inflation target is usually about 2% to 3% (in developing countries like <a href="/wiki/Armenia" title="Armenia">Armenia</a>, the inflation target is higher, at around 4%).<a href="#cite_note-138">[136]</a> Low (as opposed to zero or <a href="/wiki/Deflation" title="Deflation">negative</a>) inflation reduces the severity of economic recessions by enabling the labor market to adjust more quickly in a downturn, and reduces the risk that a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> prevents monetary policy from stabilizing the economy.<a href="#cite_note-econjournalwatch.org-12">[12]</a><a href="#cite_note-aeaweb.org-13">[13]</a> <div class="mw-heading mw-heading3"><h3 id="Fixed_exchange_rates">Fixed exchange rates</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=33" title="Edit section: Fixed exchange rates">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">Fixed exchange rate system</a></div> Under a fixed exchange rate currency regime, a country's currency is tied in value to another single currency or to a basket of other currencies. A fixed exchange rate is usually used to stabilize the value of a currency, vis-a-vis the currency it is pegged to. It can also be used as a means to control inflation if the currency area tied to itself maintains low and stable inflation. However, as the value of the reference currency rises and falls, so does the currency pegged to it. This essentially means that the inflation rate in the fixed exchange rate country is determined by the inflation rate of the country the currency is pegged to. In addition, a fixed exchange rate prevents a government from using domestic monetary policy to achieve macroeconomic stability.<a href="#cite_note-139">[137]</a> As of 2023, <a href="/wiki/Denmark" title="Denmark">Denmark</a> is the only <a href="/wiki/OECD" title="OECD">OECD</a> country which maintains a fixed exchange rate (against the <a href="/wiki/Euro" title="Euro">euro</a>), but it is frequently used as a monetary policy strategy in developing countries.<a href="#cite_note-IMF-136">[134]</a> <div class="mw-heading mw-heading3"><h3 id="Gold_standard">Gold standard</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=34" title="Edit section: Gold standard">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Gold_standard" title="Gold standard">Gold standard</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Two_20kr_gold_coins.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Two_20kr_gold_coins.png/260px-Two_20kr_gold_coins.png" decoding="async" width="260" height="136" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Two_20kr_gold_coins.png/390px-Two_20kr_gold_coins.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Two_20kr_gold_coins.png/520px-Two_20kr_gold_coins.png 2x" data-file-width="2427" data-file-height="1268" /></a><figcaption>Two 20 <a href="/wiki/Swedish_krona" title="Swedish krona">krona</a> gold coins from the <a href="/wiki/Scandinavian_Monetary_Union" title="Scandinavian Monetary Union">Scandinavian Monetary Union</a>, a historical example of an international gold standard</figcaption></figure> The gold standard is a monetary system in which a region's common medium of exchange is paper notes (or other monetary token) that are normally freely convertible into pre-set, fixed quantities of gold. The standard specifies how the gold backing would be implemented, including the amount of <a href="/wiki/Bullion_coin" title="Bullion coin">specie</a> per currency unit. The currency itself has no innate value but is accepted by traders because it can be redeemed for the equivalent value of the commodity (specie). A <a href="/wiki/Silver_certificate_(United_States)" title="Silver certificate (United States)">U.S. silver certificate</a>, for example, could be redeemed for an actual piece of silver. Under a gold standard, the long term rate of inflation (or deflation) would be determined by the growth rate of the supply of gold relative to total output.<a href="#cite_note-140">[138]</a> Critics argue that this will cause arbitrary fluctuations in the inflation rate, and that monetary policy would essentially be determined by an intersection of however much new gold was produced by mining and changing demand for gold for practical uses.<a href="#cite_note-BarskyDeLong-141">[139]</a><a href="#cite_note-DeLong-142">[140]</a> The gold standard was historically found to make it more difficult to stabilize employment levels and avoid recessions and was eventually abandoned everywhere.<a href="#cite_note-Historical-132">[130]</a><a href="#cite_note-143">[141]</a> <div class="mw-heading mw-heading3"><h3 id="Wage_and_price_controls">Wage and price controls</h3>[<a href="/w/index.php?title=Inflation&action=edit&section=35" title="Edit section: Wage and price controls">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Incomes_policy" title="Incomes policy">Incomes policy</a></div> Another method attempted in the past have been wage and <a href="/wiki/Price_controls" title="Price controls">price controls</a> ("incomes policies"). Temporary price controls may be used as a complement to other policies to fight inflation; price controls may make disinflation faster, while reducing the need for unemployment to reduce inflation. If price controls are used during a recession, the kinds of distortions that price controls cause may be lessened. However, economists generally advise against the imposition of price controls.<a href="#cite_note-144">[142]</a><a href="#cite_note-145">[143]</a><a href="#cite_note-146">[144]</a> Wage and price controls, in combination with rationing, have been used successfully in wartime environments. However, their use in other contexts is far more mixed. Notable failures of their use include <a href="/wiki/Nixon_shock" title="Nixon shock">the 1972 imposition of wage and price controls</a> by <a href="/wiki/Richard_Nixon" title="Richard Nixon">Richard Nixon</a>. More successful examples include the <a href="/wiki/The_Accord" class="mw-redirect" title="The Accord">Prices and Incomes Accord</a> in Australia and the <a href="/wiki/Wassenaar_Agreement" title="Wassenaar Agreement">Wassenaar Agreement</a> in the <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a>. In general, wage and price controls are regarded as a temporary and exceptional measures, only effective when coupled with policies designed to reduce the underlying causes of inflation during the <a href="/wiki/Wage_and_price_controls" class="mw-redirect" title="Wage and price controls">wage and price</a> control regime, for example, winning the war being fought. <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=36" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 21em;"> <ul><li><a href="/wiki/Artificial_scarcity" title="Artificial scarcity">Artificial scarcity</a></li> <li><a href="/wiki/Core_inflation" title="Core inflation">Core inflation</a></li> <li><a href="/wiki/Cost_of_living" title="Cost of living">Cost of living</a></li> <li><a href="/wiki/Food_prices" title="Food prices">Food prices</a></li> <li><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></li> <li><a href="/wiki/Indexed_unit_of_account" title="Indexed unit of account">Indexed unit of account</a></li> <li><a href="/wiki/Inflationism" title="Inflationism">Inflationism</a></li> <li><a href="/wiki/Inflation_hedge" title="Inflation hedge">Inflation hedge</a></li> <li><a href="/wiki/Headline_inflation" title="Headline inflation">Headline inflation</a></li> <li><a href="/wiki/List_of_countries_by_inflation_rate" title="List of countries by inflation rate">List of countries by inflation rate</a></li> <li><a href="/wiki/Measuring_economic_worth_over_time" title="Measuring economic worth over time">Measuring economic worth over time</a></li> <li><a href="/wiki/Overconsumption" class="mw-redirect" title="Overconsumption">Overconsumption</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real versus nominal value (economics)</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a> and <a href="/wiki/Skimpflation" class="mw-redirect" title="Skimpflation">Skimpflation</a></li> <li><a href="/wiki/Secular_inflation" title="Secular inflation">Secular inflation</a></li> <li><a href="/wiki/Steady-state_economy" title="Steady-state economy">Steady-state economy</a></li> <li><a href="/wiki/Stealth_inflation" title="Stealth inflation">Stealth inflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/Welfare_cost_of_inflation" title="Welfare cost of inflation">Welfare cost of inflation</a></li> <li><a href="/wiki/Template:Inflation" title="Template:Inflation">Template:Inflation</a> – for price conversions in Wikipedia articles</li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=37" title="Edit section: Notes">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-117"><a href="#cite_ref-117">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration 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Edward Elgar Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-78471-763-6" title="Special:BookSources/978-1-78471-763-6"><bdi>978-1-78471-763-6</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210618191304/https://www.elgaronline.com/view/9781784717629.00007.xml">Archived</a> from the original on June 18, 2021. Retrieved June 9, 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Introduction&rft.pub=Edward+Elgar+Publishing&rft.date=2015&rft.isbn=978-1-78471-763-6&rft.aulast=Bernholz&rft.aufirst=Peter&rft_id=https%3A%2F%2Fwww.elgaronline.com%2Fview%2F9781784717629.00007.xml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-30"><a href="#cite_ref-30">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaker2007" class="citation news cs1">Baker, Gerard (January 19, 2007). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211214175030/https://www.thetimes.co.uk/">"Welcome to 'the Great Moderation'"</a>. The Times. London: Times Newspapers. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0140-0460">0140-0460</a>. Archived from <a rel="nofollow" class="external text" href="http://www.timesonline.co.uk/tol/comment/columnists/article1294376.ece">the original</a> on December 14, 2021. Retrieved April 15, 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Times&rft.atitle=Welcome+to+%27the+Great+Moderation%27&rft.date=2007-01-19&rft.issn=0140-0460&rft.aulast=Baker&rft.aufirst=Gerard&rft_id=http%3A%2F%2Fwww.timesonline.co.uk%2Ftol%2Fcomment%2Fcolumnists%2Farticle1294376.ece&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-31"><a href="#cite_ref-31">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDobson2002" class="citation news cs1">Dobson, Roger (January 27, 2002). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110515070120/http://www.independent.co.uk/news/world/europe/how-alexander-caused-a-great-babylon-inflation-671072.html">"How Alexander caused a great Babylon inflation"</a>. <a href="/wiki/The_Independent" title="The Independent">The Independent</a>. Archived from <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/world/europe/how-alexander-caused-a-great-babylon-inflation-671072.html">the original</a> on May 15, 2011. Retrieved April 12, 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Independent&rft.atitle=How+Alexander+caused+a+great+Babylon+inflation&rft.date=2002-01-27&rft.aulast=Dobson&rft.aufirst=Roger&rft_id=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fworld%2Feurope%2Fhow-alexander-caused-a-great-babylon-inflation-671072.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarl1996" class="citation book cs1"><a href="/wiki/Kenneth_W._Harl" title="Kenneth W. Harl">Harl, Kenneth W.</a> (1996). Coinage in the Roman Economy, 300 B.C. to A.D. 700. <a href="/wiki/Baltimore" title="Baltimore">Baltimore</a>: <a href="/wiki/The_Johns_Hopkins_University_Press" class="mw-redirect" title="The Johns Hopkins University Press">The Johns Hopkins University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-8018-5291-9" title="Special:BookSources/0-8018-5291-9"><bdi>0-8018-5291-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Coinage+in+the+Roman+Economy%2C+300+B.C.+to+A.D.+700&rft.place=Baltimore&rft.pub=The+Johns+Hopkins+University+Press&rft.date=1996&rft.isbn=0-8018-5291-9&rft.aulast=Harl&rft.aufirst=Kenneth+W.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-33"><a href="#cite_ref-33">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.mint.ca/royalcanadianmintpublic/RcmImageLibrary.aspx?filename=RCM_AR06_E.pdf">"Annual Report (2006), Royal Canadian Mint, p. 4"</a> (PDF). Mint.ca. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081217200449/http://www.mint.ca/royalcanadianmintpublic/RcmImageLibrary.aspx?filename=RCM_AR06_E.pdf">Archived</a> (PDF) from the original on December 17, 2008. Retrieved May 21, 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Annual+Report+%282006%29%2C+Royal+Canadian+Mint%2C+p.+4&rft.pub=Mint.ca&rft_id=http%3A%2F%2Fwww.mint.ca%2Froyalcanadianmintpublic%2FRcmImageLibrary.aspx%3Ffilename%3DRCM_AR06_E.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-34"><a href="#cite_ref-34">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShostak2008" class="citation web cs1">Shostak, Frank (June 16, 2008). <a rel="nofollow" class="external text" href="https://mises.org/library/commodity-prices-and-inflation-whats-connection">"Commodity Prices and Inflation: What's the Connection?"</a>. Mises Institute. Retrieved November 19, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Mises+Institute&rft.atitle=Commodity+Prices+and+Inflation%3A+What%27s+the+Connection%3F&rft.date=2008-06-16&rft.aulast=Shostak&rft.aufirst=Frank&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fcommodity-prices-and-inflation-whats-connection&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-Glahn-35"><a href="#cite_ref-Glahn_35-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvon_Glahn1996" class="citation book cs1">von Glahn, Richard (1996). Fountain of Fortune: Money and Monetary Policy in China, 1000–1700. University of California Press. p. 48. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-520-20408-9" title="Special:BookSources/978-0-520-20408-9"><bdi>978-0-520-20408-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Fountain+of+Fortune%3A+Money+and+Monetary+Policy+in+China%2C+1000%E2%80%931700&rft.pages=48&rft.pub=University+of+California+Press&rft.date=1996&rft.isbn=978-0-520-20408-9&rft.aulast=von+Glahn&rft.aufirst=Richard&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-Ropp2010-36"><a href="#cite_ref-Ropp2010_36-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRopp2010" class="citation book cs1">Ropp, Paul S. (2010). China in World History. Oxford University Press. p. 82. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-517073-3" title="Special:BookSources/978-0-19-517073-3"><bdi>978-0-19-517073-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=China+in+World+History&rft.pages=82&rft.pub=Oxford+University+Press&rft.date=2010&rft.isbn=978-0-19-517073-3&rft.aulast=Ropp&rft.aufirst=Paul+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-Bernholz-37"><a href="#cite_ref-Bernholz_37-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernholz2003" class="citation book cs1">Bernholz, Peter (2003). Monetary Regimes and Inflation: History, Economic and Political Relationships. Edward Elgar Publishing. pp. 53–55. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84376-155-6" title="Special:BookSources/978-1-84376-155-6"><bdi>978-1-84376-155-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Monetary+Regimes+and+Inflation%3A+History%2C+Economic+and+Political+Relationships&rft.pages=53-55&rft.pub=Edward+Elgar+Publishing&rft.date=2003&rft.isbn=978-1-84376-155-6&rft.aulast=Bernholz&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-38"><a href="#cite_ref-38">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20060524015912/http://www.blackhistorypages.net/pages/mansamusa.php">"Mansa Musa"</a>. May 24, 2006. Archived from <a rel="nofollow" class="external text" href="http://www.blackhistorypages.net/pages/mansamusa.php">the original</a> on May 24, 2006. Retrieved November 19, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Mansa+Musa&rft.date=2006-05-24&rft_id=http%3A%2F%2Fwww.blackhistorypages.net%2Fpages%2Fmansamusa.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-39"><a href="#cite_ref-39">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bu.edu/africa/outreach/resources/k_o_mali/">"Kingdom of Mali – Primary Source Documents"</a>. African studies Center. <a href="/wiki/Boston_University" title="Boston University">Boston University</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151124051633/http://www.bu.edu/africa/outreach/resources/k_o_mali/">Archived</a> from the original on November 24, 2015. Retrieved January 30, 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=African+studies+Center&rft.atitle=Kingdom+of+Mali+%E2%80%93+Primary+Source+Documents&rft_id=http%3A%2F%2Fwww.bu.edu%2Fafrica%2Foutreach%2Fresources%2Fk_o_mali%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-40"><a href="#cite_ref-40">^</a> <a href="/wiki/Earl_J._Hamilton" title="Earl J. Hamilton">Earl J. Hamilton</a>, American Treasure and the Price Revolution in Spain, 1501–1650 Harvard Economic Studies, p. 43 (Cambridge, Massachusetts: <a href="/wiki/Harvard_University_Press" title="Harvard University Press">Harvard University Press</a>, 1934). </li> <li id="cite_note-41"><a href="#cite_ref-41">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090306002320/http://www.chass.utoronto.ca/ecipa/archive/UT-ECIPA-MUNRO-99-02.pdf">"John Munro: The Monetary Origins of the 'Price Revolution':South Germany Silver Mining, Merchant Banking, and Venetian Commerce, 1470–1540, Toronto 2003"</a> (PDF). Archived from <a rel="nofollow" class="external text" href="http://www.chass.utoronto.ca/ecipa/archive/UT-ECIPA-MUNRO-99-02.pdf">the original</a> (PDF) on March 6, 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=John+Munro%3A+The+Monetary+Origins+of+the+%27Price+Revolution%27%3ASouth+Germany+Silver+Mining%2C+Merchant+Banking%2C+and+Venetian+Commerce%2C+1470%E2%80%931540%2C+Toronto+2003&rft_id=http%3A%2F%2Fwww.chass.utoronto.ca%2Fecipa%2Farchive%2FUT-ECIPA-MUNRO-99-02.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-42"><a href="#cite_ref-42">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWalton1994" class="citation book cs1">Walton, Timothy R. (1994). The Spanish Treasure Fleets. Florida, US: Pineapple Press. p. 85. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-56164-049-2" title="Special:BookSources/1-56164-049-2"><bdi>1-56164-049-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Spanish+Treasure+Fleets&rft.place=Florida%2C+US&rft.pages=85&rft.pub=Pineapple+Press&rft.date=1994&rft.isbn=1-56164-049-2&rft.aulast=Walton&rft.aufirst=Timothy+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-43"><a href="#cite_ref-43">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernholzKugler2007" class="citation journal cs1">Bernholz, Peter; Kugler, Peter (August 1, 2007). <a rel="nofollow" class="external text" href="https://ideas.repec.org/p/bsl/wpaper/2007-12.html">"The Price Revolution in the 16th Century: Empirical Results from a Structural Vectorautoregression Model"</a>. Working Papers. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210425223334/https://ideas.repec.org/p/bsl/wpaper/2007-12.html">Archived</a> from the original on April 25, 2021. Retrieved March 31, 2015 – via ideas.repec.org.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Working+Papers&rft.atitle=The+Price+Revolution+in+the+16th+Century%3A+Empirical+Results+from+a+Structural+Vectorautoregression+Model&rft.date=2007-08-01&rft.aulast=Bernholz&rft.aufirst=Peter&rft.au=Kugler%2C+Peter&rft_id=https%3A%2F%2Fideas.repec.org%2Fp%2Fbsl%2Fwpaper%2F2007-12.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-44"><a href="#cite_ref-44">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTracy,_James_D.1994" class="citation book cs1">Tracy, James D. (1994). Handbook of European History 1400–1600: Late Middle Ages, Renaissance, and Reformation. Boston: Brill Academic Publishers. p. 655. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/90-04-09762-7" title="Special:BookSources/90-04-09762-7"><bdi>90-04-09762-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+European+History+1400%E2%80%931600%3A+Late+Middle+Ages%2C+Renaissance%2C+and+Reformation&rft.place=Boston&rft.pages=655&rft.pub=Brill+Academic+Publishers&rft.date=1994&rft.isbn=90-04-09762-7&rft.au=Tracy%2C+James+D.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-45"><a href="#cite_ref-45">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFischer1996" class="citation book cs1">Fischer, David Hackett (1996). The Great Wave. Oxford University Press. p. 81. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-512121-X" title="Special:BookSources/0-19-512121-X"><bdi>0-19-512121-X</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Great+Wave&rft.pages=81&rft.pub=Oxford+University+Press&rft.date=1996&rft.isbn=0-19-512121-X&rft.aulast=Fischer&rft.aufirst=David+Hackett&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-46"><a href="#cite_ref-46">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.yahoo.com/now/does-producer-price-index-tell-190327824.html">"What Does the Producer Price Index Tell You?"</a>. June 3, 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211225183858/https://www.yahoo.com/now/does-producer-price-index-tell-190327824.html">Archived</a> from the original on December 25, 2021. Retrieved October 1, 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+Does+the+Producer+Price+Index+Tell+You%3F&rft.date=2021-06-03&rft_id=https%3A%2F%2Fwww.yahoo.com%2Fnow%2Fdoes-producer-price-index-tell-190327824.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-47"><a href="#cite_ref-47">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKiley2008" class="citation web cs1">Kiley, Michael J. (July 2008). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/pubs/feds/2008/200838/200838pap.pdf">"Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices"</a> (PDF). Finance and Economic Discussion Series. Federal Reserve Board. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221009/http://www.federalreserve.gov/pubs/feds/2008/200838/200838pap.pdf">Archived</a> (PDF) from the original on October 9, 2022. Retrieved May 13, 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Estimating+the+common+trend+rate+of+inflation+for+consumer+prices+and+consumer+prices+excluding+food+and+energy+prices&rft.series=Finance+and+Economic+Discussion+Series&rft.pub=Federal+Reserve+Board&rft.date=2008-07&rft.aulast=Kiley&rft.aufirst=Michael+J.&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fpubs%2Ffeds%2F2008%2F200838%2F200838pap.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-48"><a href="#cite_ref-48">^</a> See: <ul><li><a href="#CITEREFHallTaylor1993">Hall & Taylor 1993</a>;</li> <li><a href="#CITEREFBlanchard2021">Blanchard 2021</a>;</li></ul> The consumer price index measures movements in prices of a fixed basket of goods and services purchased by a "typical consumer". </li> <li id="cite_note-49"><a href="#cite_ref-49">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarruthersSellwoodWard1980" class="citation journal cs1">Carruthers, A. 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Retrieved June 9, 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+the+Royal+Statistical+Society.+Series+D+%28The+Statistician%29&rft.atitle=Recent+Developments+in+the+Retail+Prices+Index&rft.volume=29&rft.issue=1&rft.pages=1-32&rft.date=1980&rft.issn=0039-0526&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2987492%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F2987492&rft.aulast=Carruthers&rft.aufirst=A.+G.&rft.au=Sellwood%2C+D.+J.&rft.au=Ward%2C+P.+W.&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2987492&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-50"><a href="#cite_ref-50">^</a> The numbers reported here refer to the US Consumer Price Index for All Urban Consumers, All Items, series CPIAUCNS, from base level 100 in base year 1982. 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Western Economic Association International Annual Conference. Retrieved October 13, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=conference&rft.btitle=Consensus+among+economists+2020+%E2%80%93+A+sharpening+of+the+picture&rft.date=2022&rft.aulast=Geide-Stevenson&rft.aufirst=Doris&rft.au=La+Parra-Perez%2C+Alvaro&rft_id=https%3A%2F%2Fwww.researchgate.net%2Fpublication%2F357526861&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-93"><a href="#cite_ref-93">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDerby2022" class="citation news cs1">Derby, Michael S. (September 27, 2022). <a rel="nofollow" class="external text" href="https://www.reuters.com/markets/us/feds-harker-says-housing-shortage-key-inflation-driver-2022-09-27/">"Fed's Harker says housing shortage a key inflation driver"</a>. Reuters.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Fed%27s+Harker+says+housing+shortage+a+key+inflation+driver&rft.date=2022-09-27&rft.aulast=Derby&rft.aufirst=Michael+S.&rft_id=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Fus%2Ffeds-harker-says-housing-shortage-key-inflation-driver-2022-09-27%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-94"><a href="#cite_ref-94">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'DonnellGuida2021" class="citation news cs1">O'Donnell, Katy; Guida, Victoria (November 10, 2021). <a rel="nofollow" class="external text" href="https://www.politico.com/news/2021/11/10/rent-inflation-biden-520642">"Biden's next inflation threat: The rent is too damn high"</a>. Politico. <q>Housing costs just posted one of their largest monthly gains in decades, and many economists expect them to loom large in inflation figures over the next year heading into the 2022 midterm elections. It's not just economists — the Federal Reserve Bank of New York said in research released Monday that Americans on average expect rents to rise 10.1 percent over the next year, the highest reading in the survey's history.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Politico&rft.atitle=Biden%27s+next+inflation+threat%3A+The+rent+is+too+damn+high&rft.date=2021-11-10&rft.aulast=O%27Donnell&rft.aufirst=Katy&rft.au=Guida%2C+Victoria&rft_id=https%3A%2F%2Fwww.politico.com%2Fnews%2F2021%2F11%2F10%2Frent-inflation-biden-520642&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-:3-95"><a href="#cite_ref-:3_95-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoak2024" class="citation web cs1">Boak, Josh (March 15, 2024). <a rel="nofollow" class="external text" href="https://apnews.com/article/biden-inflation-housing-trump-home-price-rent-248ef02e197c3a7ffb801e370c529d33">"Why are so many voters frustrated by the US economy? It's home prices"</a>. AP News. Retrieved July 24, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=AP+News&rft.atitle=Why+are+so+many+voters+frustrated+by+the+US+economy%3F+It%27s+home+prices&rft.date=2024-03-15&rft.aulast=Boak&rft.aufirst=Josh&rft_id=https%3A%2F%2Fapnews.com%2Farticle%2Fbiden-inflation-housing-trump-home-price-rent-248ef02e197c3a7ffb801e370c529d33&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-96"><a href="#cite_ref-96">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'Donnell2022" class="citation news cs1">O'Donnell, Katy (March 18, 2022). <a rel="nofollow" class="external text" href="https://www.politico.com/news/2022/03/18/housing-costs-inflation-00015808">"The main driver of inflation isn't what you think it is"</a>. Politico. <q>But when it comes to the single biggest driver of runaway prices, Washington's hands are mostly tied. Skyrocketing housing costs may create even bigger problems for the administration going forward than oil and food price spikes, which are the result of sudden and unforeseen — but probably temporary — events. That's because there's no clear end in sight for shelter inflation.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Politico&rft.atitle=The+main+driver+of+inflation+isn%27t+what+you+think+it+is&rft.date=2022-03-18&rft.aulast=O%27Donnell&rft.aufirst=Katy&rft_id=https%3A%2F%2Fwww.politico.com%2Fnews%2F2022%2F03%2F18%2Fhousing-costs-inflation-00015808&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-97"><a href="#cite_ref-97">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBorenstein2024" class="citation web cs1">Borenstein, Seth (March 21, 2024). <a rel="nofollow" class="external text" href="https://apnews.com/article/inflation-climate-change-food-prices-heat-6e5297e12868aaf797529bb755268818">"Higher temperatures mean higher food and other prices. A new study links climate shocks to inflation"</a>. AP News. 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Retrieved December 6, 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.cba.am&rft.atitle=Inflation+Reports&rft_id=https%3A%2F%2Fwww.cba.am%2Fen%2FSitePages%2Fmppubl.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-139"><a href="#cite_ref-139">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchardAmighiniGiavazzi2017" class="citation book cs1">Blanchard, Olivier; Amighini, Alessia; Giavazzi, Francesco (2017). "Output, the interest rate and the exchange rate". Macroeconomics: a European perspective (3rd ed.). Harlow, London, New York, Boston, San Francisco, Toronto, Sydney, Dubai, Singapore, Hong Kong, Tokyo, Seoul, Taipei, New Delhi, Cape Town, Sao Paulo, Mexico City, Madrid, Amsterdam, Muinch, Paris, Milan: Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-292-08567-8" title="Special:BookSources/978-1-292-08567-8"><bdi>978-1-292-08567-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Output%2C+the+interest+rate+and+the+exchange+rate&rft.btitle=Macroeconomics%3A+a+European+perspective&rft.place=Harlow%2C+London%2C+New+York%2C+Boston%2C+San+Francisco%2C+Toronto%2C+Sydney%2C+Dubai%2C+Singapore%2C+Hong+Kong%2C+Tokyo%2C+Seoul%2C+Taipei%2C+New+Delhi%2C+Cape+Town%2C+Sao+Paulo%2C+Mexico+City%2C+Madrid%2C+Amsterdam%2C+Muinch%2C+Paris%2C+Milan&rft.edition=3rd&rft.pub=Pearson&rft.date=2017&rft.isbn=978-1-292-08567-8&rft.aulast=Blanchard&rft.aufirst=Olivier&rft.au=Amighini%2C+Alessia&rft.au=Giavazzi%2C+Francesco&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-140"><a href="#cite_ref-140">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBordo2002" class="citation encyclopaedia cs1">Bordo, Michael D. (2002). <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/GoldStandard.html">"Gold Standard"</a>. The Concise Encyclopedia of Economics. Library of Economics and Liberty. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101005063134/http://www.econlib.org/library/Enc/GoldStandard.html">Archived</a> from the original on October 5, 2010. Retrieved September 23, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Gold+Standard&rft.btitle=The+Concise+Encyclopedia+of+Economics&rft.pub=Library+of+Economics+and+Liberty&rft.date=2002&rft.aulast=Bordo&rft.aufirst=Michael+D.&rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FGoldStandard.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-BarskyDeLong-141"><a href="#cite_ref-BarskyDeLong_141-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarskyDeLong1991" class="citation journal cs1">Barsky, Robert B.; DeLong, J. Bradford (1991). <a rel="nofollow" class="external text" href="https://ideas.repec.org/a/tpr/qjecon/v106y1991i3p815-36.html">"Forecasting Pre-World War I Inflation: The Fisher Effect and the Gold Standard"</a>. Quarterly Journal of Economics. 106 (3): 815–836. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2937928">10.2307/2937928</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2937928">2937928</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150620163911/https://ideas.repec.org/a/tpr/qjecon/v106y1991i3p815-36.html">Archived</a> from the original on June 20, 2015. Retrieved September 27, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quarterly+Journal+of+Economics&rft.atitle=Forecasting+Pre-World+War+I+Inflation%3A+The+Fisher+Effect+and+the+Gold+Standard&rft.volume=106&rft.issue=3&rft.pages=815-836&rft.date=1991&rft_id=info%3Adoi%2F10.2307%2F2937928&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2937928%23id-name%3DJSTOR&rft.aulast=Barsky&rft.aufirst=Robert+B.&rft.au=DeLong%2C+J.+Bradford&rft_id=https%3A%2F%2Fideas.repec.org%2Fa%2Ftpr%2Fqjecon%2Fv106y1991i3p815-36.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-DeLong-142"><a href="#cite_ref-DeLong_142-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDeLong" class="citation web cs1">DeLong, Brad. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101018035441/http://www.j-bradford-delong.net/politics/whynotthegoldstandard.html">"Why Not the Gold Standard?"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.j-bradford-delong.net/Politics/whynotthegoldstandard.html">the original</a> on October 18, 2010. Retrieved September 25, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Why+Not+the+Gold+Standard%3F&rft.aulast=DeLong&rft.aufirst=Brad&rft_id=http%3A%2F%2Fwww.j-bradford-delong.net%2FPolitics%2Fwhynotthegoldstandard.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-143"><a href="#cite_ref-143">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAbdel-Monem" class="citation web cs1">Abdel-Monem, Tarik. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091121143147/http://www.uiowa.edu/ifdebook/faq/faq_docs/gold_standard.shtml">"What is The Gold Standard?"</a>. University of Iowa Center for The Center for International Finance and Development. Archived from <a rel="nofollow" class="external text" href="http://www.uiowa.edu/ifdebook/faq/faq_docs/gold_standard.shtml">the original</a> on November 21, 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+The+Gold+Standard%3F&rft.pub=University+of+Iowa+Center+for+The+Center+for+International+Finance+and+Development&rft.aulast=Abdel-Monem&rft.aufirst=Tarik&rft_id=http%3A%2F%2Fwww.uiowa.edu%2Fifdebook%2Ffaq%2Ffaq_docs%2Fgold_standard.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-144"><a href="#cite_ref-144">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.stlouisfed.org/publications/regional-economist/2022/mar/why-price-controls-should-stay-history-books">"Why Price Controls Should Stay in the History Books"</a>. www.stlouisfed.org. Retrieved September 5, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.stlouisfed.org&rft.atitle=Why+Price+Controls+Should+Stay+in+the+History+Books&rft_id=https%3A%2F%2Fwww.stlouisfed.org%2Fpublications%2Fregional-economist%2F2022%2Fmar%2Fwhy-price-controls-should-stay-history-books&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-145"><a href="#cite_ref-145">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCommittee" class="citation web cs1">Committee, United States Joint Economic. <a rel="nofollow" class="external text" href="https://www.jec.senate.gov/public/index.cfm/republicans/2022/9/the-economics-of-price-controls">"The Economics of Price Controls - The Economics of Price Controls - United States Joint Economic Committee"</a>. www.jec.senate.gov. Retrieved September 5, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.jec.senate.gov&rft.atitle=The+Economics+of+Price+Controls+-+The+Economics+of+Price+Controls+-+United+States+Joint+Economic+Committee&rft.aulast=Committee&rft.aufirst=United+States+Joint+Economic&rft_id=https%3A%2F%2Fwww.jec.senate.gov%2Fpublic%2Findex.cfm%2Frepublicans%2F2022%2F9%2Fthe-economics-of-price-controls&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> <li id="cite_note-146"><a href="#cite_ref-146">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.hoover.org/research/price-controls-still-bad-idea">"Price Controls: Still A Bad Idea"</a>. Hoover Institution. Retrieved September 5, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Hoover+Institution&rft.atitle=Price+Controls%3A+Still+A+Bad+Idea&rft_id=https%3A%2F%2Fwww.hoover.org%2Fresearch%2Fprice-controls-still-bad-idea&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> </li> </ol></div> <dl><dt>Bundled references</dt></dl> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-AEAConsensus-92"><a href="#cite_ref-AEAConsensus_92-0">^</a> <a href="#cite_note-1976_AEA_survey-87">[87]</a><a href="#cite_note-1990_AEA_survey-88">[88]</a><a href="#cite_note-2000_AEA_survey-89">[89]</a><a href="#cite_note-2011_AEA_survey-90">[90]</a><a href="#cite_note-2021_AEA_survey-91">[91]</a> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=38" title="Edit section: References">edit</a>]</div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAbelBernankeCroushore2005" class="citation book cs1"><a href="/wiki/Andrew_Abel" title="Andrew Abel">Abel, Andrew B.</a>; <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Bernanke, Ben S.</a>; Croushore, Dean (2005). Macroeconomics (5th ed.). Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-32119963-8" title="Special:BookSources/978-0-32119963-8"><bdi>978-0-32119963-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.edition=5th&rft.pub=Pearson&rft.date=2005&rft.isbn=978-0-32119963-8&rft.aulast=Abel&rft.aufirst=Andrew+B.&rft.au=Bernanke%2C+Ben+S.&rft.au=Croushore%2C+Dean&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> Measurement of inflation is discussed in Ch. 2, pp. 45–50; Money growth & Inflation in Ch. 7, pp. 266–269; Keynesian business cycles and inflation in Ch. 9, pp. 308–348.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarro1997" class="citation book cs1"><a href="/wiki/Robert_Barro" title="Robert Barro">Barro, Robert J.</a> (1997). Macroeconomics. Cambridge, Massachusetts: MIT Press. p. 895. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-262-02436-5" title="Special:BookSources/0-262-02436-5"><bdi>0-262-02436-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.place=Cambridge%2C+Massachusetts&rft.pages=895&rft.pub=MIT+Press&rft.date=1997&rft.isbn=0-262-02436-5&rft.aulast=Barro&rft.aufirst=Robert+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchard2021" class="citation book cs1"><a href="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Blanchard, Olivier</a> (2021). Macroeconomics (Eighth, global ed.). Harlow, England: Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-134-89789-9" title="Special:BookSources/978-0-134-89789-9"><bdi>978-0-134-89789-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.place=Harlow%2C+England&rft.edition=Eighth%2C+global&rft.pub=Pearson&rft.date=2021&rft.isbn=978-0-134-89789-9&rft.aulast=Blanchard&rft.aufirst=Olivier&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw2002" class="citation book cs1"><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">Mankiw, N. Gregory</a> (2002). Macroeconomics (5th ed.). Worth. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-71675237-0" title="Special:BookSources/978-0-71675237-0"><bdi>978-0-71675237-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.edition=5th&rft.pub=Worth&rft.date=2002&rft.isbn=978-0-71675237-0&rft.aulast=Mankiw&rft.aufirst=N.+Gregory&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"> Measurement of inflation is discussed in Ch. 2, pp. 22–32; Money growth & Inflation in Ch. 4, pp. 81–107; Keynesian business cycles and inflation in Ch. 9, pp. 238–255.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHallTaylor1993" class="citation book cs1"><a href="/wiki/Robert_Hall_(economist)" title="Robert Hall (economist)">Hall, Robert E.</a>; <a href="/wiki/John_B._Taylor" title="John B. Taylor">Taylor, John B.</a> (1993). <a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomics00hall/page/637">Macroeconomics</a>. New York: W.W. Norton. p. <a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomics00hall/page/637">637</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-393-96307-1" title="Special:BookSources/0-393-96307-1"><bdi>0-393-96307-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.place=New+York&rft.pages=637&rft.pub=W.W.+Norton&rft.date=1993&rft.isbn=0-393-96307-1&rft.aulast=Hall&rft.aufirst=Robert+E.&rft.au=Taylor%2C+John+B.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmacroeconomics00hall%2Fpage%2F637&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurdaWyplosz1997" class="citation book cs1"><a href="/wiki/Michael_C._Burda" title="Michael C. Burda">Burda, Michael C.</a>; Wyplosz, Charles (1997). Macroeconomics: a European text. Oxford [Oxfordshire]: <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-877468-0" title="Special:BookSources/0-19-877468-0"><bdi>0-19-877468-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics%3A+a+European+text&rft.place=Oxford+%5BOxfordshire%5D&rft.pub=Oxford+University+Press&rft.date=1997&rft.isbn=0-19-877468-0&rft.aulast=Burda&rft.aufirst=Michael+C.&rft.au=Wyplosz%2C+Charles&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInflation" class="Z3988"></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=39" title="Edit section: Further reading">edit</a>]</div> <ul><li>World Bank, 2018. <a rel="nofollow" class="external text" href="https://www.worldbank.org/en/research/publication/inflation-in-emerging-and-developing-economies">Inflation in Emerging and Developing Economies: Evolution, Drivers and Policies</a>. Edited by Jongrim Ha, M. Ayhan Kose, and Franziska Ohnsorge.</li> <li><a href="/wiki/Leonardo_Auernheimer" title="Leonardo Auernheimer">Auernheimer, Leonardo</a>, "The Honest Government's Guide to the Revenue From the Creation of Money", Journal of Political Economy, Vol. 82, No. 3, May/June 1974, pp. 598–606.</li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol, William J.</a> and <a href="/wiki/Alan_S._Blinder" class="mw-redirect" title="Alan S. Blinder">Alan S. Blinder</a>, Macroeconomics: Principles and Policy, Tenth edition. Thomson South-Western, 2006. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-324-22114-2" title="Special:BookSources/0-324-22114-2">0-324-22114-2</a>.</li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman, Milton</a>, Nobel lecture: <a rel="nofollow" class="external text" href="https://www.nobelprize.org/nobel_prizes/economics/laureates/1976/friedman-lecture.pdf">Inflation and unemployment</a> 1977.</li> <li><a href="/wiki/Frederic_Mishkin" title="Frederic Mishkin">Mishkin, Frederic S.</a>, The Economics of Money, Banking, and Financial Markets, New York, HarperCollins, 1995.</li> <li><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Federal Reserve Bank of Boston</a>, <a rel="nofollow" class="external text" href="http://www.bos.frb.org/economic/conf/conf53/index.htm">"Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130826003309/http://www.bos.frb.org/economic/conf/conf53/index.htm">Archived</a> August 26, 2013, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Conference Series 53, June 9–11, 2008, Chatham, Massachusetts. (Also cf. <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a> article).</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Inflation&action=edit&section=40" title="Edit section: External links">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output 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href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Inflation">Resources in your library</a></li> </ul></div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG">World Bank annual inflation rates for all countries</a></li> <li><a rel="nofollow" class="external text" href="https://calcinflation.com/">Inflation Calculator</a></li> <li><a rel="nofollow" class="external text" href="http://dailytools.in/FinanceInvestment/InflationCalculator">General purpose compounded inflation calculator</a></li> <li><a href="/wiki/Consumer_price_index" title="Consumer price index">Consumer Price Indexes</a> <ul><li><a rel="nofollow" class="external text" href="https://data.oecd.org/price/inflation-cpi.htm">OECD</a></li> <li><a rel="nofollow" class="external text" href="http://www.bls.gov/cpi/">United States</a> (<a href="/wiki/Bureau_of_Labor_Statistics" title="Bureau of Labor Statistics">Bureau of Labor Statistics</a>)</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080422012228/http://www.riksbank.com/templates/Page.aspx?id=27404">World Inflation (1290–2006)</a> (<a href="/wiki/Swedish_Riksbank" class="mw-redirect" title="Swedish Riksbank">Swedish Riksbank</a>)</li></ul></li> <li>US-specific <ul><li><a rel="nofollow" class="external text" href="http://www.aier.org/cost-living-calculator">Cost of Living Calculator (1913–present)</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190905192854/http://www.aier.org/cost-living-calculator">Archived</a> September 5, 2019, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (<a href="/wiki/American_Institute_for_Economic_Research" title="American Institute for Economic Research">AIER</a>)</li> <li><a rel="nofollow" class="external text" href="http://www.bls.gov/data/inflation_calculator.htm">Inflation Calculator (1913–present)</a> (<a 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theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a> </div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><a href="/wiki/Category:Economists" title="Category:Economists">more</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template:United States – Commonwealth of Nations recessions"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template talk:United States – Commonwealth of Nations recessions"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Special:EditPage/Template:United States – Commonwealth of Nations recessions"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a href="/wiki/Aggregate_supply" title="Aggregate supply">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a class="mw-selflink selflink">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a> (1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a> (1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/ <a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a> (1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/ <a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a> (1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a> (1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a> (1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a> (1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/ <a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a> (1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a> (2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United States">United States</a></li> <li><a href="/wiki/COVID-19_recession#Zambia" title="COVID-19 recession">Zambia</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q35865#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q35865#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <a href="https://www.wikidata.org/wiki/Q35865#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="http://id.worldcat.org/fast/972450/">FAST</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4026887-1">Germany</a></li><li><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85066112">United States</a></li><li><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb13318346c">France</a></li><li><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb13318346c">BnF data</a></li><li><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00564128">Japan</a></li><li><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph114766&CON_LNG=ENG">Czech Republic</a></li><li><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007550727505171">Israel</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://hls-dhs-dss.ch/fr/articles/013660">Historical Dictionary of Switzerland</a></li><li><a rel="nofollow" class="external text" href="https://catalog.archives.gov/id/10638421">NARA</a></li><li><a rel="nofollow" class="external text" href="http://esu.com.ua/search_articles.php?id=12446">Encyclopedia of Modern Ukraine</a></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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1,\n [\"CITEREFPopovaSeeNikolovaOtrachshenko2023\"] = 1,\n [\"CITEREFRomer2019\"] = 1,\n [\"CITEREFRopp2010\"] = 1,\n [\"CITEREFRubeneKoester2021\"] = 1,\n [\"CITEREFSalwatiWessel2021\"] = 1,\n [\"CITEREFSchwartz2018\"] = 1,\n [\"CITEREFSeiler2020\"] = 1,\n [\"CITEREFShostak2008\"] = 1,\n [\"CITEREFSvensson2003\"] = 1,\n [\"CITEREFTaylor2008\"] = 1,\n [\"CITEREFTobin1972\"] = 1,\n [\"CITEREFTracy,_James_D.1994\"] = 1,\n [\"CITEREFTsiang1969\"] = 1,\n [\"CITEREFVavra2014\"] = 1,\n [\"CITEREFVon_Mises1912\"] = 1,\n [\"CITEREFWalton1994\"] = 1,\n [\"CITEREFWoodford2009\"] = 1,\n [\"CITEREFWroughton2013\"] = 1,\n [\"CITEREFvon_Glahn1996\"] = 1,\n}\ntemplate_list = table#1 {\n [\"About\"] = 1,\n [\"Authority control\"] = 1,\n [\"Blockquote\"] = 1,\n [\"Citation\"] = 1,\n [\"Cite book\"] = 25,\n [\"Cite conference\"] = 1,\n [\"Cite encyclopedia\"] = 1,\n [\"Cite journal\"] = 26,\n [\"Cite news\"] = 21,\n [\"Cite web\"] = 59,\n [\"Colend\"] = 1,\n [\"Cols\"] = 1,\n [\"Economics\"] = 1,\n [\"Further\"] = 4,\n [\"Harvnb\"] = 4,\n [\"ISBN\"] = 1,\n [\"Legend\"] = 2,\n [\"Legend-line\"] = 7,\n [\"Library resources box\"] = 1,\n [\"Macroeconomics sidebar\"] = 1,\n [\"Main\"] = 5,\n [\"Multiple image\"] = 1,\n [\"Notelist\"] = 1,\n [\"Organize section\"] = 1,\n [\"Reflist\"] = 3,\n [\"Refn\"] = 1,\n [\"Rp\"] = 15,\n [\"See also\"] = 4,\n [\"Short description\"] = 1,\n [\"Snd\"] = 11,\n [\"United States – Commonwealth of Nations recessions\"] = 1,\n [\"Use mdy dates\"] = 1,\n [\"Webarchive\"] = 4,\n [\"Wikiquote\"] = 1,\n}\narticle_whitelist = table#1 {\n}\n","limitreport-profile":[["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::callParserFunction","200","19.2"],["?","140","13.5"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::match","100","9.6"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::gsub","80","7.7"],["recursiveClone \u003CmwInit.lua:45\u003E","60","5.8"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::find","40","3.8"],["MediaWiki\\Extension\\Scribunto\\Engines\\LuaSandbox\\LuaSandboxCallback::getAllExpandedArguments","40","3.8"],["citation0 \u003CModule:Citation/CS1:2614\u003E","40","3.8"],["select_one \u003CModule:Citation/CS1/Utilities:426\u003E","40","3.8"],["\u003Cmw.lua:694\u003E","40","3.8"],["[others]","260","25.0"]]},"cachereport":{"origin":"mw-api-ext.codfw.main-75b4cd9cb5-rbdz7","timestamp":"20241125230510","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Inflation","url":"https:\/\/en.wikipedia.org\/wiki\/Inflation","sameAs":"http:\/\/www.wikidata.org\/entity\/Q35865","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q35865","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2001-02-19T09:07:22Z","dateModified":"2024-11-25T23:05:08Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/c\/c7\/World_inflation_rate_April_2024.png","headline":"rise in price level in an economy over time"}</script> </body> </html>