Macroeconomics › Section I · Inflation › Topic I.3
How countries experience inflation
For most of the last 40 years, Americans could ignore inflation. Then, in 2021 and 2022, it returned with a jolt. Looking at the long record, at home and abroad, shows what normal inflation looks like, what extreme inflation looks like, and how quickly one can turn into the other.
In this topic
- Reading the long record
- War, peace and the Depression
- The Great Inflation and the long calm
- The surge of 2021 to 2023
- Disinflation does not undo the price level
- Worked example: average inflation over a decade
- Inflation around the world
- Very high inflation and hyperinflation
- Worked example: what 50% a month means
- Common mistakes to avoid
- Key takeaways
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