I have a request for you all, particularly Nate. I’ve been working again on my next inflation video and in doing so ave assembled a surprising collection of competing inflation definitions from the monetarist economists. So, given this imprecision, I would like to know precisely what your definitions of inflation are. I’d like two things for each definition, the description and the statistical metric.
For example, you might describe inflation as an increase in the money supply and define the statistical metric as being M1. Or M2. Or M2 less Eurodollars, whatever. The reason for this request is that I intend to address the common monetarist conceptions of inflation as well as the more technical ones; there isn’t much point in disproving the significance of velocity when no one of a nominally monetarist position is taking it into account in the first place.