Abstract
Abstract. Attempts to establish a link between inflation and economic growth are made quite regularly. The aim of such attempts is not only to determine the impact of inflation on economic growth but also to assess efficiency of the inflation rein-in policy, for example, the policy of inflation targeting. This work reveals the nature of the inter-connection between inflation and economic growth and explains why this inter-connection cannot be sustainable without considering the third parameter, i.e. money supply. Keywords. Monetary policy, Price level, Inflation, Deflation, Economic growth, Business cycles. JEL. E30, E32, E51, E52, E58, N10, O11, O40, O42.
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