At 08:13 PM 3/22/2004 -0800 Gautam Mukunda wrote:
>Very interesting discussion. Two points I would add:
>First, the historically low levels of inflation for a
>prolonged period of time are often attributed to the
>influence of globalization, forcing companies to hold
>the line on prices.
It depends in part which school of thought you believe. Many economists
would argue that the low levels of aggregate inflation are due primarily to
changes in the conduct of monetary policy since the 1970's.
JDG
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John D. Giorgis - [EMAIL PROTECTED]
"The liberty we prize is not America's gift to the world,
it is God's gift to humanity." - George W. Bush 1/29/03
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