If you had the ability to compute the long-run stable price level from nothing more than the long run trend of money velocity and a good idea of what potential GDP should be, tied together with a money supply you can count, then any prediction of or for inflation would simply compare current price levels to this calculation. Because price levels must converge at the long run trend any temporary deviation from it would force current prices to adjust predictably over time.
Should current price levels end up below the long run, inflation is inevitable. That is, prices must accelerate from their low current state to reach the more stable longer-term equilibrium.
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