The rising price level creates four potential problems in the standard analysis, the severity of which will depend largely on whether the inflation is anticipated or not. In discussing the four problems below, we will assume the inflation is unanticipated.
四个基本问题稍后补上。1、inflation reduces the value of money，这里有两个成本：“shoe-leather” costs,和“banking-transaction” costs。
2、redistribution of wealth from creditors to debtors，it may well cause lenders to reduce the overall amount of credit they supply。
3、
如下市传统看法，我们尽量避开这些已有的逻辑，把讨论的重点放在交易费用、价格信号等方面。
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