Michelle R. Garfinkel provides a primer on three issues that must be addressed in any analysis of what constitutes an acceptable rate of inflation. In discussing the first two issues, which concern the possible costs and benefits of inflation, she questions the validity of the idea that any positive inflation could be desirable as a long-run phenomenon. In discussing the third issue, which revolves around the costs of reducing inflation, however, Garfinkel points out that an inflation in excess of the long-run, desirable rate need not be unacceptable.