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I am not sure that the distinction between macro and meso inflation is particularly useful.

I think that macro and meso inflations together combine as "fiscal" (government driven) inflation, whereas "micro" inflation may be characterised as a "monetary" (private banking sector driven) inflation.

I suspect that in a deficit-based economy at least hyperinflation may everywhere and always be a fiscal phenomenon.

Monetary inflation on the other hand, always leads to asset price bubbles, but I would be interested in recent examples of where these have led to hyper inflation - it seems to me that people borrowing against inflated assets is the sign of a deficiency of money, not a surfeit of it (Anglo Disease again).

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Mon Mar 3rd, 2008 at 05:23:19 AM EST
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Brilliant Diary by the way, NBB.

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Mon Mar 3rd, 2008 at 05:25:53 AM EST
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