Solution
Suppose that \(\alpha\) is a root of \(P(x)\). Then
$$ P(\alpha)=0. $$
Substituting \(x=\alpha+1\) into the given equation,
$$ P((\alpha+1)-1)\,P((\alpha+1)+1) = P((\alpha+1)^2-1). $$
Since \(P(\alpha)=0\), it follows that
$$ 0\cdot P(\alpha+2)=P(\alpha^2+2\alpha), $$
and hence
$$ P(\alpha^2+2\alpha)=0. $$
Following,
Let \(\alpha\) be a root of \(P(x)\). Then
$$
P(\alpha)=0.
$$
Given
$$
P(x-1)P(x+1)=P(x^2-1). \qquad (*)
$$
Substitute \(x=\alpha+1\) into \((*)\). Then
$$
P(\alpha)\,P(\alpha+2)=P\!\left((\alpha+1)^2-1\right).
$$
Since \(P(\alpha)=0\), we obtain
$$
P\!\left((\alpha+1)^2-1\right)=0.
$$
Hence,
$$
(\alpha+1)^2-1
$$
is also a root of \(P(x)\).
Applying the same argument to this new root, we substitute
$$
x=(\alpha+1)^2
$$
into \((*)\). Since
$$
P\!\left((\alpha+1)^2-1\right)=0,
$$
it follows that
$$
P\!\left((\alpha+1)^4-1\right)=0.
$$
Thus,
$$
(\alpha+1)^4-1
$$
is another root of \(P(x)\).
Continuing inductively, we conclude that
$$
(\alpha+1)^{2^k}-1
$$
is a root of \(P(x)\) for every integer
$$
k\ge0.
$$
Since a nonzero polynomial has only finitely many roots, the sequence
$$
(\alpha+1)^{2^k}-1
$$
must eventually repeat. This is possible only when
$$
\alpha+1\in\{-1,0,1\}.
$$
Hence every root of \(P(x)\) belongs to the set
$$
\{-2,-1,0\}.
$$
Therefore,
$$
P(x)=A\,x^l(x+1)^m(x+2)^n,
$$
where \(A\neq0\) and \(l,m,n\) are nonnegative integers.
Substituting this form into \((*)\), we obtain
$$
\begin{aligned}
P(x-1)&=A(x-1)^l x^m(x+1)^n,\\[2mm]
P(x+1)&=A(x+1)^l(x+2)^m(x+3)^n,\\[2mm]
P(x^2-1)&=A(x^2-1)^l(x^2)^m(x^2+1)^n.
\end{aligned}
$$
Comparing the irreducible factors on both sides, we must have
$$
l=n=0.
$$
Hence
$$
P(x)=Ax^m.
$$
Substituting this back into \((*)\),
$$
A^2x^m(x^2-1)^m
=
Ax^{2m}.
$$
This identity holds only if either \(A=0\) (the zero polynomial) or \(m=0\) and \(A=1\).
Therefore, the only polynomial solutions are
$$
\boxed{P(x)\equiv0 \quad\text{or}\quad P(x)\equiv1.}
$$
Solution
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