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Well, my question is why price levels would converge on a steady ratio. Assuming that all states are permitted to engage in fiscal policy sufficient to ensure full employment, I don't have a theory of inflation that permits me to state with any degree of confidence that price levels - rather than, say, inflation rates - will converge on a more or less fixed ratio.

- Jake

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by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Nov 19th, 2010 at 06:00:57 PM EST
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