“An alternative “rational expectations” view denies that there is any inherent momentum in the present process of inflation. This view maintains that firms and workers have now come to expect high rates of inflation in the future and that they strike inflationary bargains in light of these expectations.”

— Thomas J. Sargent

Thomas J. Sargent, "The Ends of Four Big Inflations" (1981).

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Thomas J. Sargent 10

American economist 1943

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