But apart from sharpening our communication skills, there is not much we can do about these possibilities other than to wait to see if they occur. Structural change in the inflation process The second type of structural change about which I want to talk is change in the inflation process.
In the post-world war II era, we have witnessed two structural changes in the properties of the aggregate price level. First, there was a tendency for persistent inflation, to an extent not seen before, which had become quite noticeable by the late 1960s.