We study a game where households buy consumption goods to preempt inflation. This game features a unique equilibrium with high (low) inflation, whenever money supply is high (low). For intermediate levels of money supply, there exist multiple stable equilibria where inflation is either high or low. Equilibria with moderate inflation, however, do not exist, and can thus not be targeted by central banks. That is, depending on agents' equilibrium play, money supply is always either too high or too low for moderate inflation. Finally, we find that inflation rates of durable goods, such as houses, cars, luxury watches, or furniture, are useful leading indicators for changes in overall inflation.

中文翻译：

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通货膨胀游戏

我们研究了一个家庭购买消费品以预防通货膨胀的游戏。当货币供应量高（低）时，该游戏具有高（低）通货膨胀的独特平衡。对于中等水平的货币供应量，存在通货膨胀要么高要么低的多重稳定均衡。然而，适度通胀的均衡并不存在，因此中央银行不能以此为目标。也就是说，根据代理人的均衡策略，对于适度的通货膨胀来说，货币供应量总是要么太高要么太低。最后，我们发现房屋、汽车、豪华手表或家具等耐用品的通胀率是总体通胀变化的有用先行指标。