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The amount of money in the economy may decrease but, at the same time, its relative value may also decrease if either or two factors are sufficiently true:
1. The velocity of money has increased.
2. The real GDP has fallen more quickly than the decrease in money growth.
Additionally, money growth may be shrinking (df2/d2x < 0) but still growing (df/dx > 0). In this case, inflation is still occuring, ceteris paribus, since the total amount of money in the economy is strictly increasing.
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