The National Bureau of Economic Research publishes nontechnical summaries of economic papers. Go to www.nber.org/digest/dec97/w6062.html to read the summary of "Does Inflation Harm Growth?" to answer the following questions:

a. How does inflation affect growth?

b. What is the gain of reducing inflation by one percentage point? C. When does a one-percentage-point reduction in inflation affect growth more when inflation is high or low?