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The Century of Inflation
Traditional Conceptions of Inflation
Setting the Stage for Persistent Inflation 3 5
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accepted achieve activities balance of payments balance-of-payments deficits become billion borrowing Bretton Woods budget capital causes central bank changes competitive consumer consumerism consumption controls costs coun currencies decisions demand depression devaluation developing countries domestic economic and social effects eliminated ernment everywhere exchange rates exports firms foreign full employment gold government expenditures governmental greatly gross national product higher important income industrial countries inflationary expectations inflationary pressures interest rates International Monetary Fund international monetary system international trade investment Japan labor less major market mechanism ment modern Monetary Fund monetary policy money illusion money supply nomic output particularly peacetime percent persistent inflation price rises prices and wages priorities problem productive purchasing power rates of inflation reduce regarded responsibilities result rising prices societies sterling sumer taxation temporary tion trends U.S. dollars unem unemployment United Kingdom widespread World Bank world-wide