Quantitative easing as a highway to hyperinflation

1. Inflation, deflation, disinflation and all that. 1.1. What is inflation? 1.2. Inflation and related concepts: a graphical illustration. 1.3. The causes of inflation. 1.4. Experience with inflation. 1.5. More inflation-related concepts. 1.6. Concluding remarks -- 2. The measurement of inflation. 2.1. The inflation rate. 2.2. Inflation, income growth and money illusion. 2.3. Measuring the general price level. 2.4. Core inflation. 2.5. The consumer price index. 2.6. The GDP deflator. 2.7. Other price indices. 2.8. Concluding remarks -- 3. The monetary theory of inflation. 3.1. Introduction. 3.2. The meaning of money and credit. 3.3. Money creation under a fractional reserve system. 3.4. The quantity theory of money. 3.5. Facts and figures. 3.6. Further remarks on the monetary theory of inflation. 3.7. Central bank independence. 3.8. Concluding remarks -- 4. Other theories of inflation and some extensions. 4.1. Demand-pull inflation. 4.2. Cost-push inflation. 4.3. A combined demand-cost model. 4.4. Inflationary shocks, monetary accommodation and monetary validation. 4.5. The fiscal theory of inflation. 4.6. The political theory of inflation. 4.7. The other side of the coin: deflation. 4.8. Concluding remarks -- 5. The consequences and costs of inflation. 5.1. Introduction. 5.2. The "positive" effects of inflation. 5.3. Arbitrary redistribution of income. 5.4. Business planning and investment. 5.5. Miscellaneous business costs. 5.6. Distortion of the effect of taxes. 5.7. The adverse effect of inflation on saving. 5.8. The effects of inflation on financial markets. 5.9. The effect of inflation on competitiveness. 5.10. Currency depreciation. 5.11. The effect of inflation on unemployment and growth. 5.12. Inflation-triggered social unrest. 5.13. The effect of inflation on morality. 5.14. The optimal inflation rate. 5.15. Hedging the risk of inflation. 5.16. Concluding remarks.