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2.demand-pull inflation is associated with buoyant trading conditions and sellers' markets where the risks of trading are greatly reduced. these easy market conditions might give rise to complacency and inefficiency since the competitive pressures to improve both product and performance will be greatly weakened. this is not likely to be the case in a cost-push inflation where trading conditions are likely to place a premium on greater efficiency. where firms cannot absorb some of the higher factor prices by improving productivity they may find it difficult to survive. it is possible that employers seeking to hold down costs will react to rapidly rising wage cost by devising means of economizing in their use of labour and hence raise the level of unemployment.
demand inflation, it is sometimes argued, is conductive to a faster rate of economic growth since the excess demand and favorable market conditions will stimulate investment and expansion. the falling value of money, however, may encourage spending rather than saving and so reduce the funds available for investment. it may also lead to higher interest rates as creditors demand some additional return to compensate for the falling value of money. nevertheless relatively high nominal rates of interest may not be a deterrent to investment. if the nominal rate of interest is 10 percent, but the rate of inflation is 8 percent, the 'real' rate of interest is only 2 percent.

3.in economies such as the uk which are dependent upon a high level of exports and imports, inflation often leads to balance of payments difficulties. if other countries are not inflating to the same extent, home-produced goods will become more competitive in the home market. exports will be depressed and imports will rise. if this process continues it must lead to a balance of payments deficit on the current account. the problem will be a particularly difficult one where inflation is of the demand-pull type, because in addition to the price effects the excess demand at home will tend to 'draw in' more imports. these balance of payments effects apply particularly where a country is operating a fixed rate of exchange. a floating rate of exchange means that the rise in home prices does not have such an unfavorable effect on the volumes of exports and imports.