[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-422909-105":59,"doc-detail-422909-en":124},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":117,"head_meta":119,"extra_data":121,"updated_unix":123},105,"en","is-noninflationary-growth-an-oxymoron","Is Noninflationary Growth an Oxymoron?","","Economic Commentary examines why disinflationary economic growth is theoretically and empirically possible, challenging persistent beliefs that high real GDP growth inevitably produces inflation. It explains how rising prices follow from nominal money supply growth exceeding money demand, while stronger GDP growth increases money demand and can create downward pressure on prices. It also clarifies the role of communication, the distinction between output stabilization and broader growth-fighting, and how rising nominal interest rates can affect short-run inflation outcomes.",{"@graph":69,"@context":116},[70,84,99],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/is-noninflationary-growth-an-oxymoron/422909/",{"url":83,"name":65,"@type":85,"author":86,"headline":65,"publisher":89,"fileFormat":92,"inLanguage":63,"description":67,"dateModified":93,"datePublished":93,"encodingFormat":92,"isAccessibleForFree":94,"interactionStatistic":95},"DigitalDocument",{"name":87,"@type":88},"Terk","Person",{"url":74,"name":90,"@type":91},"DocShare","Organization","application/pdf","2026-09-28",true,{"@type":96,"interactionType":97,"userInteractionCount":4},"InteractionCounter",{"@type":98},"ViewAction",{"@type":100,"mainEntity":101},"FAQPage",[102,108,112],{"name":103,"@type":104,"acceptedAnswer":105},"What core belief does the commentary challenge about inflation and growth?","Question",{"text":106,"@type":107},"It challenges the belief that inflationary pressures inevitably result from high levels of economic activity, where real GDP growth exceeds a “natural” or normal rate.","Answer",{"name":109,"@type":104,"acceptedAnswer":110},"According to the paper, what primarily drives rising prices?",{"text":111,"@type":107},"Rising prices follow from nominal money supply growth that exceeds demand, while faster GDP growth increases money demand and can reduce price pressures.",{"name":113,"@type":104,"acceptedAnswer":114},"How can a booming economy occur without acceleration in the price level?",{"text":115,"@type":107},"The paper argues that, everything else being equal, an uptick in GDP growth should lead to disinflation rather than rising inflation.","https://schema.org",{"og:url":83,"og:type":118,"og:title":65,"og:site_name":90,"og:description":67},"article",{"robots":120,"canonical":83},"index,follow",{"doc_id":122,"site_id":62},422909,1790629274,{"code":4,"msg":5,"data":125},{"doc_id":122,"user_id":126,"nickname":87,"user_avatar":127,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":128,"file_id":129,"file_url":130,"file_type":131,"file_size":132,"view_count":4,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":133,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":134,"faqs":135,"seo_title":136,"seo_description":67,"update_tm":123,"read_time":137},1099525198933,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","by David Altig,Terry Fitzgerald,and Peter Rupert  \nJust efor the Federal Open MarketCommittee's(FOMC)May 20 meeting,popular opinion about the near-termfuture of U.S.monetary policy was sum-marized by John O.Wilson,chief econo-mist at BankAmerica Corp.:  \nMr:Wilson views the economy ascontinuing to expand too fast forthe Feds comfort and anticipatesthat a series of central bank moveswill be needed to bring the economyback onto what economists callthe sustainable non-inflationarygrowth path.  \nThe FOMC did not choose to alter theaverage level of the federal funds rate atits May meeting.A typical interpretationof this decision appeared in the May 21Los Angeles Times:  \nThe decision by the...Federal OpenMarket Committee was designed toprovide time for analysts to deter-mine whether the economy is slowingdown on its own...or will requireadditional reining in.²  \nThese observations underlie one of themost widely held and persistent beliefsabout the \"theory\"of inflation;that is,inflationary pressures will inevitablyresult from high levels of economicactivity,defined as real GDP growth thatexceeds some \"natural,\"or normal,rate.The obvious consequence of such abelief—duly expressed in the quotationsabove—is that if the Fed desires to con-tain inflation,it must also contain eco-nomic growth.  \nThis is indeed a predicament for a cen-tral bank that by its own pronounce-ments desires to conduct monetary pol-icy to maximize the well-being of theaverage citizen.There is,of course,adistinction between a policy aimed at  \n# Is Noninflationary Growth an Oxymoron?\n\nstabilizing output growth near its long-term trend and one designed to \"fightgrowth”more generally.But the distinc-tion is a subtle one,and the casual ob-server might be forgiven for not under-standing why the goal of long-termeconomic growth appears to requireperiodic policy actions that seem aimedat slowing growth.  \nThis confusion is unnecessary and un-productive,because much of the popularcommentary about monetary policy,inflation,and the pace of real economicactivity is based on a none-too-accurateportrayal of economic theory and evi-dence.Economic growth is not theenemy of low inflation,and expandingemployment and income do not,in andof themselves,threaten the FederalReserve's legitimate role in protectingthe purchasing power of money.  \nThe contrary perception is,at least inpart,due to a failure to communicate(forwhich those of us in the business of cen-tral banking are not blameless).In partic-ular,the long-established and widelyheld theory of money,prices,and incomedoes not suggest an obvious linkagebetween high levels of economic activityand high rates of inflation(or,morespecifically,between accelerating infla-tion and growth in excess of“poten-tial\").³Just the opposite,in fact:HigherGDP growth should put downward,notupward,pressure on prices.  \nThis Economic Commentary reviews thetheoretical and empirical case for disin-flationary economic growth.The basicstory line is as follows:Rising prices fol-low from nominal money supply growthin“excess”of its demand.⁴More rapidGDP growth,however,implies an in-crease in the growth of money demand.  \nMay 1,1997  \nOne question on the minds of policy-makers and economic analysts alikeis,“When will the bill come due forthe robust economie growth theUnited States has been enjoying?”That is,when will inflation begin topick up?But a better question mightbe,\"Just because inflation andabove-trend growth have coincidedin the past,does that mean that theymust do so in the future?\"Contraryto popular wisdom,it is quite possi-ble to have a booming economy with-out an acceleration in the price level.  \nThus,everything else being equal,anuptick in GDP growth should lead to dis-inflation,not rising inflation.  \nThe tricky step between theory and reali-ty,of course,is that all else is rarelyequalInflation and above-trend growthhave tended to coincide in the past.But itis important to recognize that this canarise because growth is sometimes asso-ciated","cbCaioCjlMGBFZ5r","https://ap.wps.com/l/cbCaioCjlMGBFZ5r","pdf",1880675,"English","# Is Noninflationary Growth an Oxymoron?\n## Some Simple Theory","[{\"question\":\"What core belief does the commentary challenge about inflation and growth?\",\"answer\":\"It challenges the belief that inflationary pressures inevitably result from high levels of economic activity, where real GDP growth exceeds a “natural” or normal rate.\"},{\"question\":\"According to the paper, what primarily drives rising prices?\",\"answer\":\"Rising prices follow from nominal money supply growth that exceeds demand, while faster GDP growth increases money demand and can reduce price pressures.\"},{\"question\":\"How can a booming economy occur without acceleration in the price level?\",\"answer\":\"The paper argues that, everything else being equal, an uptick in GDP growth should lead to disinflation rather than rising inflation.\"}]","Is Noninflationary Growth an Oxymoron? | PDF",13]