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The process of disinﬂation
Costs of inﬂation and disinﬂation
3 other sections not shown
adaptive expectations Annex Argentina beneﬁts changes consumer prices countries credibility deﬁcit deﬁned deﬂator depreciation disinﬂation process dPROF error estimates ex post real extemal shocks fall in inﬂation ﬁnancial indexation ﬁnd ﬁrms ﬁrst stage ﬁsh catch ﬁxed govemment Graph high inﬂation higher Icelandic economy import prices incomes policies inﬂa inﬂation expectations inﬂation in Iceland inﬂation rate inﬂationary inﬂuenced investment labour market low inﬂation lower inﬂation measures monetary policy Moreover NAIRU negative nominal wages OECD output growth peak Portugal post real interest price equation price inﬂation process of disinﬂation productivity growth rate of inﬂation rate of unemployment real exchange rate real interest rates real labour costs real rates real wage ﬂexibility reducing inﬂation reﬂecting relatively sacriﬁce ratio second stage sector seigniorage signiﬁcant signiﬁcantly speciﬁc stabilisation policies stage of disinﬂation supply shocks Table terms of trade tion unit labour costs variables volatility wage equation wage increases wage moderation Zealand