Macroeconomics 5th Edition by Olivier Blanchard

Exercise 7

Suppose that you are advising a government that wants to reduce the inflation rate. It is considering two options: a gradual reduction over several years or an immediate reduction.
a. Lay out the arguments for and against each option.
b. Considering only the sacrifice ratio, which option is preferable Why might you want to consider criteria other than the sacrifice ratio
c. What particular features of the economy would you want to consider before giving your advice