Inflation, Stagflation, Relative Prices, and Imperfect Information

1. A general overview; Part I. Aggregate-relative confusion: 2. Asymmetric information in economics and the information conveyed by prices and other signals; 3. Aggregate-relative confusion: implications for the Phillips curve; 4. Aggregate-relative confusion: implications for the distribution of inflationary expectations and for inflation uncertainty; 5. Implications of inflation uncertainty and differential inflationary expectations for the bond market and its allocative efficiency; 6. Aggregate-relative confusion: implications for relative price variability; 7. Place of the aggregate-relative confusion within the economics of asymmetric information: some concluding reflections; Part II. Permanent-transitory confusion: 8. Permanent-transitory confusion and other reasons for persistence: overview; 9. Permanent-transitory confusion: implications for stagflation and the persistence of unemployment; 10. Permanent-transitory confusion: implications for monetary policy and the efficiency of the price system; 11. Permanent-transitory confusion: implications for relative price variability and inflation.