It is indeed true that the reduction of inflation came at a big price—that Volcker's tightening, for instance, succeeded in lowering inflation only in the wake of a severe recession. But this possibility was, first of all, one concerning which monetarists were perfectly aware: they understood the danger that, once inflation, and accelerating inflation especially, came to be anticipated by the public, putting the breaks on money growth would result in prices and wages continuing for some time to rise beyond their new, less-rapidly rising equilibrium values, with a consequent rise in unemployment.- George Selgin ✦ Customize This Card SAVE: .PNG .JPG .SVG COPY DESIGN: ✦ EXTREME MIX THEME PATTERN FRAME CUSTOM BG: UPLOAD IMAGE ✕ CLEAR DIM: FONT: Playfair Display Cinzel Royal Cormorant EB Garamond Lora Editorial Merriweather Baskerville Roboto Slab Montserrat Raleway Oswald Bold Lato Clean Great Vibes Dancing Script Pacifico Caveat Brush Amatic SC RATIO: Auto Fit 4:5 Portrait 1:1 Square 5:4 Classic 16:9 Wide 9:16 Story 3:4 Poster RES: 1x Standard 2x HD (1080p) 3x Ultra (4K) 4x Extreme Print BG PAT TEXT FRAME It is indeed true that the reduction of inflation came at a big price—that Volcker's tightening, for instance, succeeded in lowering inflation only in the wake of a severe recession. But this possibility was, first of all, one concerning which monetarists were perfectly aware: they understood the danger that, once inflation, and accelerating inflation especially, came to be anticipated by the public, putting the breaks on money growth would result in prices and wages continuing for some time to rise beyond their new, less-rapidly rising equilibrium values, with a consequent rise in unemployment.- George Selgin