 A Latticework of Inflation ModelsThe Economists' Voice, 2024, vol. 21, issue 1, 7-28 Abstract: Economists have repeatedly developed various theories for the origin of inflation and claimed that these theories were always valid everywhere. But history has shown that the theories – although they are useful – were only valid during certain time periods and under special circumstances. What is therefore needed is a system that assigns the various explanations of inflation to the specific circumstances for which they are particularly suited. This paper sets out such a system. Borrowing from Charlie Munger's (2005. Poor Charlie’s Almanack. Stripe Press), I call it a “latticework of inflation models”. In the first section 1 map the various inflation theories and then discuss and relate them to each other in the following sections. I find that during and after the pandemic several drivers of inflation were at work, so that several theories of inflation instead of just one allow a more comprehensive explanation of the inflation experienced during this period. The “latticework of inflation models” is also better suited than just one model for investigating the outlook for inflation. Keywords: price level; inflation; deflation, money supply; credit; money multipliers, monetary policy, central banks and their policies (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bpj:evoice:v:21:y:2024:i:1:p:7-28:n:1012 Ordering information: This journal article can be ordered from DOI: 10.1515/ev-2024-0028 Access Statistics for this article The Economists' Voice is currently edited by Michael Cragg, Dwight Jaffee and Joseph Stiglitz More articles in The Economists' Voice from De Gruyter |
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