deflation  a decrease in the overall price level, or a negative inflation rate.
demand shock  a shift in one of the components of aggregate demand that leads to a shift in the aggregate demand curve.
disinflation  a reduction in the inflation rate.
price shock  a change in the price of a key commodity such as oil, usually because of a shortage, that causes a shift in the inflation adjustment line; also sometimes called a supply shock.
real business cycle theory  a theory of macroeconomics that stresses that shifts in potential GDP are a primary cause of fluctuations in real GDP; the shifts in potential GDP are usually assumed to be caused by changes in technology.
reinflation  an increase in the inflation rate caused by a change in monetary policy.
stagflation  the situation in which high inflation and high unemployment occur simultaneously.