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This Economic Letter looks at time-inconsistency, describing why the same mechanisms that can lead to higher average inflation also can hamper policymakers' efforts to keep inflation stable.
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May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.
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