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Depreciation = Inflation?

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Federal Reserve Bank of San Francisco. "Depreciation = Inflation?," Economic Letter (Federal Reserve Bank of San Francisco) (May 20, 1977). https://fraser.stlouisfed.org/scribd/?item_id=517213&filepath=/files/docs/historical/frbsf/frbsf_let/frbsf_let_19770520.pdf, accessed on December 13, 2017.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102