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WHY IS INFLATION SKEWED? A DEBT AND VOLATILITY STORY A B STR ACT This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is posicively skewed. We investigate linkages between skewness and nonlinearity, showing that concavity (convexity) will lead to negative (positive) skewness if the independent variable is symmetrically distributed. We construct a public finance model for a developing country that uses inflation tax and external borrowing asdoi:10.3386/w4837 fatcat:rknouutoxrgqnjoppf2dbstbhm