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" ... Once isolated, monetary policy would be easier to study and to improve. Perhaps there's no such thing as benign inflation. "At its heart, money implies a commitment of value," economist Robert Barro said in the 1980s. "But discretion in monetary policy implies no commitments." In any case, mystification is part of the problem. A monetary policy that works can be understood by all. Let economists invite some historians into the reform process. Looking back further, one can see that wicked inflation can follow "benign" expansion. In the 1970s everyone blamed instability in the Middle East for spikes in the price of oil. Only later did officials allow that oil prices had also expressed significant inflation. During World War I authorities inflated but didn't admit to doing so. They blamed later price increases on demand, gouging merchants and supply-chain issues. Sound familiar? ... "