Professional Documents
Culture Documents
Ination reduces the real burden of debt, both public and private. If you have a xed-rate mortgage
on your house, your salary is likely to increase over
time due to ination, but your mortgage payment
will stay the same. Over time, your mortgage payment will become a smaller percentage of your earnings, which means that you will have more money to
spend.
1 History
U.S. Historical Inflation Rate
40%
30%
20%
10%
0%
-10%
-20%
1650
1700
1750
1800
1850
1900
1950
2000
Ination rates around the world in 2013, per International Monetary Fund.
instance, when gold was used as currency, the government could collect gold coins, melt them down, mix them
with other metals such as silver, copper or lead, and reissue them at the same nominal value. By diluting the gold
with other metals, the government could issue more coins
without also needing to increase the amount of gold used
to make them. When the cost of each coin is lowered
in this way, the government prots from an increase in
seigniorage.[17] 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.[18]
Song Dynasty China introduced the practice of printing
paper money in order to create at currency.[19] During
the Mongol Yuan Dynasty, the government spent a great
deal of money ghting costly wars, and reacted by printing more, leading to ination.[20] The problem of ination became so severe that the people stopped using paper
money, which they saw as worthless paper.[21] Fearing
the ination that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, using only
copper coins. The dynasty did not issue paper currency
until 1375.[21]
RELATED DEFINITIONS
ally a uctuation in the commodity 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 banknote currency
printed during the American Civil War, the term ination 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 ination referred to the devaluation of the currency, and not
to a rise in the price of goods.[27]
This relationship between the over-supply of banknotes
and a resulting depreciation in their value was noted by
earlier classical economists such as David Hume and
David Ricardo, who would go on to examine and debate
what eect a currency devaluation (later termed monetary
ination) has on the price of goods (later termed price ination, and eventually just ination).[28]
The adoption of at currency by many countries, from the
18th century onwards, made much larger variations in the
supply of money possible. Since then, huge increases in
the supply of paper money have taken place in a number
of countries, producing hyperinations episodes of extreme ination rates much higher than those observed in
earlier periods of commodity money. The hyperination
in the Weimar Republic of Germany is a notable example.
2 Related denitions
3
level of prices to counteract deationary pressures; and
Asset price ination - a general rise in the prices of nancial assets without a corresponding increase in the prices
of goods or services.
Measures
EFFECTS
Regional ination The Bureau of Labor Statistics in subsequent years are then expressed in relation to the
breaks down CPI-U calculations down to dierent base year price.[14] While comparing ination measures
regions of the US.
for various periods one has to take into consideration the
base eect as well.
Historical ination Before collecting consistent
econometric data became standard for governments, Ination measures are often modied over time, either for
and for the purpose of comparing absolute, rather the relative weight of goods in the basket, or in the way in
than relative standards of living, various economists which goods and services from the present are compared
have calculated imputed ination gures. Most in- with goods and services from the past. Over time, adation data before the early 20th century is imputed justments are made to the type of goods and services sebased on the known costs of goods, rather than com- lected in order to reect changes in the sorts of goods and
piled at the time. It is also used to adjust for the dif- services purchased by 'typical consumers. New products
ferences in real standard of living for the presence may be introduced, older products disappear, the quality of existing products may change, and consumer prefof technology.
erences can shift. Both the sorts of goods and services
Asset price ination is an undue increase in the which are included in the basket and the weighted price
prices of real or nancial assets, such as stock (eq- used in ination measures will be changed over time in
uity) and real estate. While there is no widely ac- order to keep pace with the changing marketplace.
cepted index of this type, some central bankers have Ination numbers are often seasonally adjusted in order
suggested that it would be better to aim at stabilizing to dierentiate expected cyclical cost shifts. For example,
a wider general price level ination measure that in- home heating costs are expected to rise in colder months,
cludes some asset prices, instead of stabilizing CPI and seasonal adjustments are often used when measuring
or core ination only. The reason is that by raising for ination to compensate for cyclical spikes in energy
interest rates when stock prices or real estate prices or fuel demand. Ination numbers may be averaged or
rise, and lowering them when these asset prices fall, otherwise subjected to statistical techniques in order to
central banks might be more successful in avoiding remove statistical noise and volatility of individual prices.
bubbles and crashes in asset prices.
When looking at ination, economic institutions may focus only on certain kinds of prices, or special indices, such
as the core ination index which is used by central banks
3.1 Issues in measuring
to formulate monetary policy.
Measuring ination in an economy requires objective
means of dierentiating 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 10 oz. can of corn changes from
$0.90 to $1.00 over the course of a year, with no change
in quality, then this price dierence represents ination.
This single price change would not, however, represent
general ination in an overall economy. To measure overall ination, the price change of a large basket of representative goods and services is measured. This is the
purpose of a price index, 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 unit price of an item by the number of that item the
average consumer purchases. Weighted pricing is a necessary means to measuring the impact of individual unit
price changes on the economys overall ination. The
Consumer Price Index, for example, uses data collected
by surveying households to determine what proportion of
the typical consumers overall spending is spent on specic 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
Most ination indices are calculated from weighted averages of selected price changes. This necessarily introduces distortion, and can lead to legitimate disputes about
what the true ination rate is. This problem can be overcome by including all available price changes in the calculation, and then choosing the median value.[36] In some
other cases, governments may intentionally report false
ination rates; for instance, the government of Argentina
has been criticised for manipulating economic data, such
as ination and GDP gures, for political gain and to reduce payments on its ination-indexed debt.[37][38]
4 Eects
4.1 General
An increase in the general level of prices implies a decrease in the purchasing power of the currency. That
is, when the general level of prices rise, each monetary
unit buys fewer goods and services. The eect of ination is not distributed evenly in the economy, and as a
consequence there are hidden costs to some and benets
to others from this decrease in the purchasing power of
money. For example, with ination, those segments in society which own physical assets, such as property, stock
etc., benet from the price/value of their holdings going
4.2
Negative
4.2
Negative
6
Menu costs With high ination, rms must change their
prices often in order 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
eort needed to change prices constantly.
CAUSES
Business cycles According to the Austrian Business Cycle Theory, ination sets o the business cycle. Aus- Instability with deation Economist S.C. Tsaing noted
that once substantial deation is expected, two imtrian economists hold this to be the most damaging
portant eects will appear; both a result of money
eect of ination. According to Austrian theory,
holding substituting for lending as a vehicle for
articially low interest rates and the associated insaving.[49] The rst was that continually falling
crease in the money supply lead to reckless, specuprices and the resulting incentive to hoard money
lative borrowing, resulting in clusters of malinvestwill cause instability resulting from the likely inments, which eventually have to be liquidated as they
[45]
creasing fear, while money hoards grow in value,
become unsustainable.
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
4.3 Positive
those prices up. Any movement to spend those
Labour-market adjustments Nominal wages are slow
hoards once started would become a tremendous
to adjust downwards. This can lead to prolonged
avalanche, which could rampage for a long time bedisequilibrium and high unemployment in the labor
fore it would spend itself.[50] Thus, a regime of
market. Since ination allows real wages to fall even
long-term deation is likely to be interrupted by peif nominal wages are kept constant, moderate inriodic spikes of rapid ination and consequent real
ation enables labor markets to reach equilibrium
economic disruptions. Moderate and stable ination
faster.[46]
would avoid such a seesawing of price movements.
Room to maneuver The primary tools for controlling Financial market ineciency with deation The second eect noted by Tsaing is that when savers have
the money supply are the ability to set the discount
substituted money holding for lending on nancial
rate, the rate at which banks can borrow from the
markets, the role of those markets in channeling savcentral bank, and open market operations, which are
ings into investment is undermined. With nominal
the central banks interventions into the bonds marinterest rates driven to zero, or near zero, from the
ket with the aim of aecting the nominal interest
competition with a high return money asset, there
rate. If an economy nds itself in a recession with alwould be no price mechanism in whatever is left of
ready low, or even zero, nominal interest rates, then
those markets. With nancial markets eectively
the bank cannot cut these rates further (since negaeuthanized, the remaining goods and physical asset
tive nominal interest rates are impossible) in order
prices would move in perverse directions. For exto stimulate the economy this situation is known as
ample, an increased desire to save could not push
a liquidity trap. A moderate level of ination tends
interest rates further down (and thereby stimulate into ensure that nominal interest rates stay suciently
vestment) but would instead cause additional money
above zero so that if the need arises the bank can cut
hoarding, driving consumer prices further down and
the nominal interest rate.
making investment in consumer goods production
thereby less attractive. Moderate ination, once
MundellTobin eect The Nobel laureate Robert
its expectation is incorporated into nominal interMundell noted that moderate ination would induce
est rates, would give those interest rates room to go
savers to substitute lending for some money holding
both up and down in response to shifting investment
as a means to nance future spending. That subopportunities, or savers preferences, and thus allow
stitution would cause market clearing real interest
nancial markets to function in a more normal fash[47]
rates to fall. The lower real rate of interest would
ion.
induce more borrowing to nance investment. In a
similar vein, Nobel laureate James Tobin noted that
such ination would cause businesses to substitute
investment in physical capital (plant, equipment, 5 Causes
and inventories) for money balances in their asset
portfolios. That substitution would mean choosing Historically, a great deal of economic literature was conthe making of investments with lower rates of real cerned with the question of what causes ination and what
return. (The rates of return are lower because the eect it has. There were dierent schools of thought as
5.1
Keynesian view
7
or fraudulent (which might be particularly prevalent
in times of recession).
Built-in ination is induced by adaptive expectations, and is often linked to the "price/wage spiral".
It involves workers trying to keep their wages up
with prices (above the rate of ination), and rms
passing these higher labor costs on to their customers as higher prices, leading to a 'vicious circle'.
Built-in ination reects events in the past, and so
might be seen as hangover ination.
Demand-pull theory states that ination accelerates when
aggregate demand increases beyond the ability of the
economy to produce (its potential output). Hence,
any factor that increases aggregate demand can cause
ination.[53] However, in the long run, aggregate demand
can be held above productive capacity only by increasing
the quantity of money in circulation faster than the real
growth rate of the economy. Another (although much less
common) cause can be a rapid decline in the demand for
money, as happened in Europe during the Black Death, or
in the Japanese occupied territories just before the defeat
of Japan in 1945.
A fundamental concept in ination analysis is the relationship between ination and unemployment, called the
Phillips curve. This model suggests that there is a tradeo between price stability and employment. Therefore,
some level of ination could be considered desirable in
order to minimize unemployment. The Phillips curve
CAUSES
Unemployment
5.4
Austrian view
identity because the velocity of money (V) is dened to 5.4 Austrian view
be the ratio of nal nominal expenditure ( P Q ) to the
quantity of money (M).
See also: Austrian School and Monetary ination
Monetarists assume that the velocity of money is unaf- The Austrian School stresses that ination is not uniform
fected by monetary policy (at least in the long run), and over all assets, goods, and services. Ination depends on
the real value of output is determined in the long run by dierences in markets and on where newly created money
the productive capacity of the economy. Under these as- and credit enter the economy. Ludwig von Mises said
sumptions, the primary driver of the change in the gen- that ination should refer to an increase in the quantity of
eral price level is changes in the quantity of money. With money that is not oset by a corresponding increase in the
money, and that price ination will necessarily
exogenous velocity (that is, velocity being determined ex- need for
[59][60]
follow.
ternally and not being inuenced by monetary policy),
the money supply determines the value of nominal output (which equals nal expenditure) in the short run. In
practice, velocity is not exogenous in the short run, and
so the formula does not necessarily imply a stable shortrun relationship between the money supply and nominal
output. However, in the long run, changes in velocity are
assumed to be determined by the evolution of the payments mechanism. If velocity is relatively unaected by
monetary policy, the long-run rate of increase in prices
(the ination rate) is equal to the long-run growth rate
of the money supply plus the exogenous long-run rate of
velocity growth minus the long run growth rate of real
output.[10]
10
6 CONTROLLING INFLATION
Percent
14
12
10
8
6
4
2
0
1952
1958
1964
1970
1976
1982
1988
1994
2000
2006
2012
Date
The U.S. eective federal funds rate charted over fty years.
Most central banks are tasked with keeping their interbank lending rates at low levels, normally to a target annual rate of about 2% to 3%, and within a targeted annual 6.3 Gold standard
ination range of about 2% to 6%. Central bankers target
a low ination rate because they believe deation endan- Main article: Gold standard
gers the economy.
The gold standard is a monetary system in which a reHigher interest rates reduce the amount of money because fewer people seek loans, and loans are usually made
with new money. When banks make loans, they usually
rst create new money, then lend it. A central bank usually creates money lent to a national government. Therefore, when a person pays back a loan, the bank destroys
the money and the quantity of money falls. In the early
1980s, when the federal funds rate exceeded 15 percent,
the quantity of Federal Reserve dollars fell 8.1 percent,
from $8.6 trillion down to $7.9 trillion.
Monetarists emphasize a steady growth rate of money
and use monetary policy to control ination by increasing
interest rates and slowing the rise in the money supply.
Keynesians emphasize reducing aggregate demand during economic expansions and increasing demand during
recessions to keep ination stable. Control of aggregate
demand can be achieved using both monetary policy and
scal policy (increased taxation or reduced government
spending to reduce demand).
The gold standard was partially abandoned via the international adoption of the Bretton Woods System. Under
this system all other major currencies were tied at xed
rates to the dollar, which itself was tied to gold at the rate
of $35 per ounce. The Bretton Woods system broke down
6.2
6.5
11
in 1971, causing most countries to switch to at money 6.5 Stimulating economic growth
money backed only by the laws of the country.
If economic growth matches the growth of the money
Under a gold standard, the long term rate of ination (or
supply, ination should not occur when all else is
deation) would be determined by the growth rate of the
equal.[64] A large variety of factors can aect the rate
[61]
supply of gold relative to total output.
Critics argue
of both. For example, investment in market producthat this will cause arbitrary uctuations in the ination
tion, infrastructure, education, and preventative health
rate, and that monetary policy would essentially be detercare can all grow an economy in greater amounts than
[62][63]
mined by gold mining.
the investment spending.[65]
7 See also
Ination hedge
List of countries by ination rate
Measuring economic worth over time
Real versus nominal value (economics)
Steady state economy
Welfare cost of ination
8 Notes
[1] See:
Wyplosz & Burda 1997 (Glossary);
Blanchard 2000 (Glossary)
12
8 NOTES
Barro 1997 (Glossary)
Abel & Bernanke 1995 (Glossary)
[20] Paul S. Ropp (9 July 2010). China in World History. Oxford University Press. p. 82. ISBN 978-0-19-517073-3.
[21] Peter Bernholz (2003). Monetary Regimes and Ination:
History, Economic and Political Relationships. Edward Elgar Publishing. pp. 5355. ISBN 978-1-84376-155-6.
[22] Earl J. Hamilton, American Treasure and the Price Revolution in Spain, 15011650 Harvard Economic Studies,
43 (Cambridge, Massachusetts: Harvard University Press,
1934)
[23] John Munro: The Monetary Origins of the 'Price Revolution':South Germany Silver Mining, Merchant Banking,
and Venetian Commerce, 14701540, Toronto 2003
[24] Walton, Timothy R. (1994). The Spanish Treasure Fleets.
Pineapple Press (FL). p. 85. ISBN 1-56164-049-2.
[25] The Price Revolution in Europe: Empirical Results from a
Structural Vectorautoregression Model. Peter Kugler and
Peter Bernholz, University of Basel, 2007 (Demonstrates
that it was the increased supply of precious metals that
caused it and notes the obvious logical aws in the contrary arguments that have become fashionable in recent
decades)
[26] Tracy, James D. (1994). Handbook of European History
14001600: Late Middle Ages, Renaissance, and Reformation. Boston: Brill Academic Publishers. p. 655.
ISBN 90-04-09762-7.
13
[57] Lagass, Paul (2000). Monetarism. The Columbia Encyclopedia (6th ed.). New York: Columbia University
Press. ISBN 0-7876-5015-3.
9 References
Abel, Andrew; Bernanke, Ben (2005). Macroeconomics (5th ed.). Pearson.
14
11
Barro, Robert J. (1997). Macroeconomics. Cambridge, Mass: MIT Press. p. 895. ISBN 0-26202436-5.
Blanchard, Olivier (2000). Macroeconomics (2nd
ed.). Englewood Clis, N.J: Prentice Hall. ISBN
0-13-013306-X.
Mankiw, N. Gregory (2002). Macroeconomics
(5th ed.). Worth.
Hall, Robert E.; Taylor, John B. (1993). Macroeconomics. New York: W.W. Norton. p. 637. ISBN
0-393-96307-1.
Burda, Michael C.; Wyplosz, Charles (1997).
Macroeconomics: a European text. Oxford [Oxfordshire]: Oxford University Press. ISBN 0-19877468-0.
10
Further reading
Auernheimer, Leonardo, The Honest Governments Guide to the Revenue From the Creation of
Money, Journal of Political Economy, Vol. 82, No.
3, May/June 1974, pp. 598606.
Baumol, William J. and Alan S. Blinder, Macroeconomics: Principles and Policy, Tenth edition. Thomson South-Western, 2006. ISBN 0-324-22114-2
Friedman, Milton, Nobel lecture: Ination and unemployment 1977
Mishkin, Frederic S., The Economics of Money,
Banking, and Financial Markets, New York, Harper
Collins, 1995.
Federal Reserve Bank of Boston, Understanding
Ination and the Implications for Monetary Policy:
A Phillips Curve Retrospective, Conference Series 53, June 911, 2008, Chatham, Massachusetts.
(Also cf. Phillips curve article)
11
External links
EXTERNAL LINKS
15
12
12.1
Ination Source: http://en.wikipedia.org/wiki/Inflation?oldid=666339996 Contributors: WojPob, Bryan Derksen, The Anome, Jeronimo,
Andre Engels, Arvindn, Gianfranco, Enchanter, Tim Shell, William Avery, SimonP, Anne, Gretchen, Heron, Octothorn, Mrwojo, Edward,
Michael Hardy, Earth, Mic, 172, Tomi, Tiles, Kosebamse, Ahoerstemeier, Mac, Angela, Xneilj, Susurrus, Andres, Cherkash, Mxn, Smack,
Ed Brey, Nikola Smolenski, Timwi, Gutza, Greenrd, IceKarma, Tpbradbury, Maximus Rex, Furrykef, Topbanana, Johnleemk, Pumpie,
Robbot, ChrisO~enwiki, Jakohn, Fredrik, R3m0t, Altenmann, Romanm, Modulatum, Calmypal, Texture, Sekicho, Mervyn, Hadal,
Vikingstad, Diberri, BovineBeast, Dina, Terjepetersen, Stirling Newberry, Jpo, Giftlite, JamesMLane, Mshonle~enwiki, Fennec, Harp,
Mintleaf~enwiki, Tom harrison, Elinnea, Bensaccount, Thetorpedodog, Eagle~enwiki, Masken, Owen&rob, SWAdair, Bobblewik, Christopherlin, Wmahan, MSTCrow, Ultravoices, Confuzion, Jo~enwiki, R. end, CryptoDerk, SarekOfVulcan, LiDaobing, Jdevine, Fangz,
Antandrus, Onco p53, MistToys, Jdc1687, Nek, OwenBlacker, RayBirks, Tacitus Prime, Scott Burley, Sam Hocevar, Jeremykemp,
MementoVivere, Randwicked, SYSS Mouse, Freakofnurture, Monkeyman, Dissipate, RedWordSmith, EugeneZelenko, Discospinster,
4pq1injbok, Rich Farmbrough, Jpk, Notinasnaid, SpookyMulder, Night Gyr, Bender235, ESkog, Lalala666, Kaszeta, Cedders, Mwanner,
Jonon, Shanes, Haxwell, Shudder, RoyBoy, Jason Yuy, Causa sui, Grick, Bobo192, Cretog8, Ntmatter, Wood Thrush, Dreish, Flxmghvgvk,
Cmdrjameson, Johnteslade, Maurreen, Pokrajac, SpeedyGonsales, Toh, Jerryseinfeld, DG~enwiki, Nk, JavOs, Nsaa, A2Kar, Geschichte,
Jumbuck, Alansohn, Gary, PaulHanson, Anthony Appleyard, Mo0, Guy Harris, Denoir, Eric Kvaalen, Hipocrite, Ricky81682, John Quiggin, MarkGallagher, BernardH, Idont Havaname, Hohum, Snowolf, Wtmitchell, BRW, Max Naylor, Amorymeltzer, Rdrs~enwiki, Kazvorpal, Mahanga, Crosbiesmith, Bobrayner, Rodii, Nuno Tavares, Boothy443, Kelly Martin, 2004-12-29T22:45Z, Camw, Wdyoung, Ylem,
Marc K, Commander Keane, Lambticc, Chochopk, MONGO, Tabletop, Bkwillwm, Wikiklrsc, Bluemoose, Maartenvdbent, Wayward,
, CigarStoreIndian, Gimboid13, DaveApter, Dysepsion, Xcuref1endx, LimoWreck, Ashmoo, Graham87, Deltabeignet, Magister Mathematicae, Wachholder0, FreplySpang, Jtdouglas, Drbogdan, Rjwilmsi, Buldri, Davidp, Vary, Strait, Salix alba, MZMcBride,
Tawker, Feco, DickClarkMises, Cassowary, Dillon256, Ravidreams, Titoxd, WikiAce, Wragge, FlaBot, Patrick1982, AdnanSa, Crazycomputers, Pathoschild, RexNL, New Thought, Fephisto, Fresheneesz, Error9900, Chobot, DVdm, Volunteer Marek, Bgwhite, Chwyatt,
WriterHound, Gwernol, FrankTobia, Roboto de Ajvol, YurikBot, Wavelength, RattusMaximus, Pip2andahalf, Tjss, Hauskalainen, Splash,
Nesbit, Stephenb, Polluxian, Gaius Cornelius, Vibritannia, Morphh, MistaTee, NawlinWiki, Svv, Wiki alf, Nirvana2013, Hagiographer,
Retired username, Rbarreira, Malcolma, Emersoni, Tony1, Bucketsofg, Rwalker, DeadEyeArrow, Cardsplayer4life, Wknight94, FF2010,
Geremy78~enwiki, Shinhan, Smoggyrob, Closedmouth, Arthur Rubin, Pb30, ASmartKid, Dspradau, Livitup, Acctorp, Mozkill, NzismIsntCool, JLaTondre, Chris1219, David Biddulph, Haramis, Hirudo, Jaysbro, Carlosguitar, RandallZ, Roke, Flix2000, ChemGardener,
Minnesota1, Yvwv, SmackBot, Rose Garden, Ramneek, Unyoyega, Lawrencekhoo, Boggabri, Allixpeeke, Watercolour, KVDP, Edgar181,
IstvanWolf, Yamaguchi , Gilliam, Ohnoitsjamie, Vince433, Tv316, Chris the speller, Keegan, Audacity, Deception~enwiki, Revised Edition, VQuick, Rothery, Wackymax, Apeloverage, Panache, Dustimagic, CSWarren, Ikiroid, Nbarth, Baa, Zven, Redline, Rogermw, OrphanBot, Xyzzyplugh, LeContexte, Addshore, Normxxx, Khoikhoi, RealValueAccounting.Com, Robma, Jiddisch~enwiki, Funky Monkey,
Gokmop, Lyrrad0, RandomP, Lcarscad, LavosBaconsForgotHisPassword, Jklin, DMacks, Ohconfucius, SashatoBot, Lambiam, AThing,
Harryboyles, Mouse Nightshirt, Teneri, Kuru, F15x28, Vgy7ujm, AnonEMouse, Evenios, Wttsmyf2, Bobron, Mgiganteus1, IronGargoyle, Bilby, Nagle, Pluckerpluck, Voceditenore, Grumpyyoungman01, Pondle, Slakr, Werdan7, Crh66, Martinp23, Optimale, Imagine
Wizard, Vandin, MrArt, Therebelcountry, Aarktica, Doczilla, Dhp1080, Peter Horn, Thatcher, Paul Nollen, Vagary, Beefyt, Hu12, Iridescent, Zootsuits, Carbonate, Colonel Warden, Joseph Solis in Australia, JoeBot, Shoeofdeath, Exander, Lenoxus, Civil Engineer III,
Tawkerbot2, Bobby131313, Pithecanthropus, AbsolutDan, 1122334455, Mikiemike, CmdrObot, Tanthalas39, Dycedarg, Unionhawk, Van
helsing, Vision Thing, Thajigisup, JohnCD, Kris Schnee, Cofax48, Thiesen, DanielRigal, NickW557, Cumulus Clouds, Thomasmeeks,
Requestion, WeggeBot, Neelix, Ken Gallager, Johnlogic, Equendil, ProfessorPaul, Shanoman, Yaris678, Jasperdoomen, Kitteneatkitten,
Gogo Dodo, Luckyherb, Stephen lau, Peer V, Tawkerbot4, DumbBOT, Pederbl, Omicronpersei8, Vanished User jdksfajlasd, Jinu51286,
Satori Son, Click23, DJBullsh, Thijs!bot, Epbr123, Sisalto, Mercury~enwiki, JDK77590, Lemonander, Mathmoclaire, N5iln, Wahlin,
Chenx064, Marek69, Hermes Agathos~enwiki, Rockhurst singer, James086, E. Ripley, Notmyrealname, FreeKresge, Gcolive, Haloepsilon, Sordomudo11, Ianozsvald, Mentisto, SuperCow, Superbub, AntiVandalBot, Widefox, Genixpro, Kruglick, Paul from Michigan,
HarryHello, Carolmooredc, Akshayaj, Quintote, SmokeyTheCat, Pro crast in a tor, Gregalton, AubreyEllenShomo, Myanw, Mhagerman,
Ristonet, Leuko, Davewho2, Barek, MER-C, Mcorazao, Tonyrocks922, Kruckenberg.1, Smulthaup, Andonic, Greensburger, SiobhanHansa, Bencherlite, Teknari, EvilPizza, Bongwarrior, VoABot II, Professor marginalia, Smartal, Freakieboy86, Kuyabribri, Yakushima,
Mjdon67, JBKramer, Twsx, Sillsm, Brusegadi, Jjasi, NotACow, Catgut, Cyktsui, Winterus, Thedreamdied, Racanu, Beagel, SlamDiego,
DerHexer, Textorus, Calltech, Ptrpro, FisherQueen, Hdt83, MartinBot, Matt Lewis, Fazili786, Ultraviolet scissor ame, Glendoremus,
R'n'B, CommonsDelinker, Ghileman, J.delanoy, Trusilver, Levylwesela, EscapingLife, UBeR, Xris0, Katalaveno, Ncmvocalist, Sonical,
Mikael Hggstrm, Uncompetence, AntiSpamBot, Colchicum, Z Lopez, T Gholson, Oddeven2002, NewEnglandYankee, Obzabor, DadaNeem, Digvijaytrivedi, Dodge1884, Fooghter20x, Silas Marceau, Diletante, Natl1, Sam beezneez, S, JohnDoe0007, Idioma-bot, Funandtrvl, Tokenhost, TheRothbardian, Sirmont, Blue bolt9, Deor, VolkovBot, CWii, Satishgupta05, Johan1298~enwiki, AlnoktaBOT,
Philip Trueman, Marekzp, Bjohnson925, Werdoop, TXiKiBoT, CriticalKnowledge, Rizalninoynapoleon, Wikilectual, Miranda, Goldenjet, Sintaku, Seraphim, Gamezhero, LeaveSleaves, Wassermann~enwiki, MikaNystrom, RNMJU, Rich0908, BotKung, ACEOREVIVED,
Larklight, Dirkbb, Lamro, Graymornings, Ziphon, Enviroboy, Phmoreno, Imscoop22, Insanity Incarnate, Nicolaas Smith, Logan, Herbou, Hazel77, S.rvarr.S, SieBot, K. Annoyomous, Tresiden, Graham Beards, Drvrage, Manixrock, Metaprax, Nathan, Cadwallader,
Keilana, Perspicacite, Jvs, MinorContributor, Oda Mari, JLKrause, Jonahtrainer, Oxymoron83, Nuttycoconut, OKBot, C'est moi, Cmoti,
Foggy Morning, Mygerardromance, Graemejclark, Nn123645, Gideongono, Chimbwidz, Kojo2000, Joeblogger, Miss World, Rinconsoleao, Denisarona, GoogleMac, Economy speak, DArtgnan, Nicolaas J Smith, Troy 07, Vivo78, WikipedianMarlith, HathNo, Kenji000,
EGeek, Elassint, ClueBot, LAX, Orangedolphin, Zihwye, PipepBot, Snigbrook, The Thing That Should Not Be, Stanleywinthrop, Stupid2,
Lungslungs~enwiki, Chrisbecks, Ewawer, Daninbrisvegas, Gazikator, Soaringbear, Niceguyedc, Edayapattiarun, Rickdoetmee~enwiki,
Marcbaldwin27, ChandlerMapBot, ScottBuckley, Dotter, Dwrcan, Alexbot, Addy14, Darkmasterjoey, NuclearWarfare, Subdolous, Ember of Light, Chrisnoscrub047, Redthoreau, Maria.s.bowman, Thingg, NJGW, Qwfp, Doopdoop, Cpsteiner~enwiki, DrTh0r, BigK HeX,
03md, XLinkBot, Mangy Cheshire Cat, BodhisattvaBot, Dudeedud, Dollarbills, Mitch Ames, WikHead, NellieBly, Ole Bear 2, PL290,
WikiDao, Airplaneman, Addbot, Railu, Willking1979, Totalloss, Some jerk on the Internet, FashionMan, Decoyjames, FrankAndProust,
Jmlthr, Harry221, Ronhjones, Kmeisterling, Natalia19951995, Aboctok, Donald12~enwiki, Cst17, Download, Gtk123, Vega2, Ashaktur, Casperdc, Buddha24, Kyle1278, Economix4, LinkFA-Bot, Teac82, Tassedethe, Ehrenkater, $1000000000ten0one1, Tide rolls, Teles,
David0811, Greyhood, Legobot, Kjkkkjj, Kurtis, Luckas-bot, Yobot, MikeStu, 2D, ArsenalHenry2, Fraggle81, TaBOT-zerem, Cameronthom, Skarsa72, II MusLiM HyBRiD II, Ulbsterlad, Darx9url, Mark Borgschulte, K Soze, Ajh16, SturmTiger42, KamikazeBot, Baig
hyder, Suman231, AnomieBOT, Misessus, 1exec1, X-11111, TruthComesFromAGunBoat, Piano non troppo, Ubitubi, AdjustShift, Groll-
16
12
tech, Soxwon, Kingpin13, Rohan.sankhla, Sepo San Borg, Mr Trichet, WhiteItems, PennySeven, Jessehillbilly3590, SystemicDestruction, Citation bot, Cleapow223, Bob Burkhardt, Eskandarany, Xqbot, Pasela, Zad68, Ron Paul...Ron Paul..., Bbarkley, JimVC3, Capricorn42, 4twenty42o, Vidshow, TheWeakWilled, J JMesserly, Srich32977, Shiju.johns, False vacuum, Oscarjquintana, RibotBOT, Revoprod, Crashdoom, West Coast Gordo, C4andrei, Doulos Christos, Smallman12q, Vrlak, Causeality, FrescoBot, Dalen ath, LucienBOT,
Paine Ellsworth, VS6507, Alejandroadan, Annexatious, Oh Dany Boy, Raptor001, Citation bot 1, Joshuamaggid, Pinethicket, Notedgrant,
Bithongabel, Wikitza, BRAZILHYPERINFLATION, ElNuevoEinstein, Kmm8392, BryanDeMorton, TFJamMan, Mjs1991, Bbarkley2,
, Jonkerz, Vrenator, Duoduoduo, Gstacy4, AGConsulting, Brian the Editor, Tbhotch, Verdun Road, Discovery Drive, Jurgen
Gerber, Laurie Civico, Research adventure, Prof.Nazar, Onel5969, RjwilmsiBot, Noommos, Mwsugarman, Sparky1234567890, Lac.ideas,
EmausBot, John of Reading, WikitanvirBot, Inationhawk, Dewritech, Guerilla Brigade, MoneyCreatingThing, Sleekgray, RenamedUser01302013, Sp33dyphil, MBiemans, K6ka, Thecheesykid, Claire McLachlan, The Nut, Supa15, Prathamjohnkamath, Erianna, Bikari,
Sahim, FrankFlanagan, Gut Monk, Ssk352, Donner60, BioBrain, Anonimski, Bellstarr, Sven Manguard, DASHBotAV, Rocketrod1960,
Clydesidemounter, Mikhail Ryazanov, ClueBot NG, NotAGroup, Pockishdec, Dash1224, Joe1345, LogX, This lousy T-shirt, Cminboone,
Qubio, Prutter-lugter-godt, Frietjes, ScottSteiner, Widr, Rurik the Varangian, Krunkdamighty, Gedankenhoren, Amanski, Vibhijain,
Ronstar111, Helpful Pixie Bot, Mophedd, Wertyu739, FatTrebla, Calabe1992, Wbm1058, Isaltino Swissa, DBigXray, Guest2625, Ditsem, BG19bot, Walk&check, Iselilja, Amelapay, PD1980, Wiki13, Eugene yk2011, Himan42, Abrahamdsl, Dickman115, Pookie17,
Jimjim168, Rowan Price, BattyBot, Tutelary, ChangingPrices, Nyancatz, Th4n3r, CodyTCBY, SilverLiningXX, EarPhone2, Malhas2, NitRav, Ducknish, VCGJakeRyan, Dhakauser, Mogism, Vlegros, Lugia2453, Hair, Rul3rOfW1k1p3d1a, Cupco, SPECIFICO, ERRPolution,
ZX95, Sarah helm, TGForensic22, Hendrick 99, Narddog43, Denzel7777, JimmyTheMaker, EJM86, MiguelMadeira,
, Waqar337,
Tintin1974, Sam9970, My name is not dave, Jianhui67, Oraxio, Usmanalilovesgemma, JaconaFrere, Soibangla, Csusarah, Josephbaines,
Loggit, Mahusha, M Tracy Hunter, Monkbot, Ogilvy57, SantiLak, BethNaught, FlappyBird, Amortias, Samanta Snowdy, Rapier Half-Witt,
Jatin tewari, Brianrisk, Nioshen, Kirkchisholm, Pigovian, Lonestar100, KasparBot, Hirenpatel2236 and Anonymous: 1284
12.2
Images
File:2013_Inflation_rates_map_of_the_world_per_International_Monetary_Fund.svg Source:
http://upload.wikimedia.org/
wikipedia/commons/d/d2/2013_Inflation_rates_map_of_the_world_per_International_Monetary_Fund.svg License: CC BY-SA 4.0
Contributors: Own work Original artist: M Tracy Hunter
File:Emblem-money.svg Source: http://upload.wikimedia.org/wikipedia/commons/f/f3/Emblem-money.svg License: GPL Contributors:
http://www.gnome-look.org/content/show.php/GNOME-colors?content=82562 Original artist: perfectska04
File:Federal_Funds_Rate_(effective).svg Source:
http://upload.wikimedia.org/wikipedia/commons/7/7d/Federal_Funds_Rate_
%28effective%29.svg License: CC BY-SA 3.0 Contributors: self-made using data from the Federal Reserve[1] The gnuplot source code
used to generate the graph is found on its discussion page at Wikimedia Commons. Original artist: Kbh3rd
File:M2andInflation.png Source: http://upload.wikimedia.org/wikipedia/commons/8/80/M2andInflation.png License: CC BY-SA 3.0
Contributors: Own work Original artist: Bkwillwm
File:Two_20kr_gold_coins.jpg Source: http://upload.wikimedia.org/wikipedia/commons/9/92/Two_20kr_gold_coins.jpg License: CC0
Contributors: Own work Original artist: Anonimski
File:US_Historical_Inflation_Ancient.svg Source: http://upload.wikimedia.org/wikipedia/commons/2/20/US_Historical_Inflation_
Ancient.svg License: Public domain Contributors: Wikipedia EN Original artist: Lalala666
File:US_Inflation.png Source: http://upload.wikimedia.org/wikipedia/commons/8/83/US_Inflation.png License: CC0 Contributors:
Own work Original artist: Lawrencekhoo
12.3
Content license