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Is “transient inflation” even meaningful? If step increase in money supply over expanding production isn’t followed by step deflation, prices should go permanently higher right? Unless all the extra supply is mopped up by a few narrow asset classes, like real estate or stonks.
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Replying to @vgr
"Transient" in the sense of prices go up and down later, or "transient" in the sense of go up fast now and stay up?