And I found the reference — not Martin Baily but a comment by Bill Nordhaus on a 1976 paper by Baily https://twitter.com/paulkrugman/status/1609537010061934593
Paul Krugman on Twitter

“I think this came from Martin Baily in the 70s. Anyway, one way to think about inflation is that it's like a sports event where everyone stands up to get a better view of the action — which is collectively self-defeating 2/”

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@pkrugman I hate to say it, but when a paper came out while I was training in economics, it seems kind of old.