diff --git a/lectures/inflation_history.md b/lectures/inflation_history.md index ed5318ea..b04d7c80 100644 --- a/lectures/inflation_history.md +++ b/lectures/inflation_history.md @@ -39,7 +39,7 @@ Thus, in the US, the price level at $t$ is measured in dollars (month $t$ or yea Until the early 20th century, in many western economies, price levels fluctuated from year to year but didn't have much of a trend. -Often the price level ended a century near where they started. +Often the price levels ended a century near where they started. Things were different in the 20th century, as we shall see in this lecture. @@ -202,7 +202,7 @@ The graphs depict logarithms of price levels during the early post World War I y * Figure 3.3, Wholesale prices, Poland, 1921-1924 (page 44) * Figure 3.4, Wholesale prices, Germany, 1919-1924 (page 45) -We have added logarithms of the exchange rates vis a vis the US dollar to each of the four graphs +We have added logarithms of the exchange rates vis-à-vis the US dollar to each of the four graphs from chapter 3 of {cite}`sargent2013rational`. Data underlying our graphs appear in tables in an appendix to chapter 3 of {cite}`sargent2013rational`. @@ -382,7 +382,7 @@ For each country, we'll plot two graphs. The first graph plots logarithms of * price levels -* exchange rates vis a vis US dollars +* exchange rates vis-à-vis US dollars For each country, the scale on the right side of a graph will pertain to the price level while the scale on the left side of a graph will pertain to the exchange rate. @@ -392,7 +392,7 @@ For each country, the second graph plots a centered three-month moving average o The sources of our data are: -* Table 3.3, $\exp p$ +* Table 3.3, retail price level $\exp p$ * Table 3.4, exchange rate with US ```{code-cell} ipython3