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A survey of the new theories of inflation that have developed over the past two decades in response to the inflationary pressures experienced by Western countries examines the shifting debate from explaining inflation as a "causal" process to explaining its increase as a result of constantly changing expectations.
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CAMBRIDGE SURVEYS OF ECONOMIC LITERATURE THEORIES OF INFLATION CAMBRIDGE SURVEYS OF ECONOMIC LITERATURE Editors: Professor Phyllis Deane, University of Cambridge, and Professor Mark Perlman, University of Pittsburgh Editorial Advisory Board: Professor A. B. Atkinson, London School of Economics and Political Science Professor M. Bronfenbrenner, Duke University Professor K. D. George, University College, Cardiff Professor C. P. Kindleberger, Massachusetts Institute of Technology Professor T. Mayer, University of California, Davis Professor A. R. Prest, London School of Economics and Political Science The literature of economics is expanding rapidly, and many subjects have changed out of recognition within the space of a few years. Perceiving the state of knowledge in fast-developing subjects is difficult for students and time-consuming for professional economists. This series of books is intended to help with this problem. Each book will be quite brief, giving a clear structure to and balanced overview of the topic, and written at a level intelligible to the senior undergraduate. They will therefore be useful for teaching but will also provide a mature yet compact presentation of the subject for economists wishing to update their knowledge outside their own specialism. Other books in the series E. Roy Weintraub: Microfoundations: The compatibility of microeconomics and macroeconomics Dennis C. Mueller: Public choice Robert Clark and Joseph Spengler: The economics of individual and population aging Edwin Burmeister: Capital theory and dynamics Mark Blaug: The methodology of economics or how economists explain Robert Ferber and Werner Z. Hirsch: Social experimentation and economic policy Anthony C. Fisher: Resource and environmental economics Morton I. Kamien and Nancy L. Schwartz: Market structure and innovation Richard E, Caves: Multinational enterprise and economic analysis Anne O. Krueger: Exchange-rate determination James W. Friedman: Oligopoly theory Mark R. Killing sworth: Labor supply Theories of inflation HELMUT FRISCH Professor of Economics University of Technology, Vienna The right of the University of Cambridge to print and sell all manner of books was granted by Henry VIII in 1534. The University has printed and published continuously since 1584. CAMBRIDGE UNIVERSITY PRESS CAMBRIDGE NEW YORK PORT CHESTER MELBOURNE SYDNEY CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, Sao Paulo Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www. Cambridge. org Information on this title: www.cambridge.org/9780521295123 © Cambridge University Press 1983 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 1983 Reprinted 1984, 1986, 1990 A catalogue recordfor this publication is available from the British Library Library of Congress Cataloguing in Publication data Frisch, Helmut. Theories of inflation. (Cambridge surveys of economic literature) Based on: Die neue Inflationstheorie. Gottingen: Vandenhoeck und Ruprecht. 1980. Bibliography: p. 1. Inflation (Finance) I. Title. II. Series. HG229.F723 1983 332.4T01 ISBN 978-0-521-29512-3 paperback Transferred to digital printing 2008 83-1871<