The Demand for Money: Hyperinflation or High Inflation Traps
AbstractThe existence of the high inflation trap raises the disturbing possibility that an economy may settle at a high inflation equilibrium when, with the same fiscal policy, a lower inflation equilibrium is attainable. It arises in the context of models with endogenous monetary growth that have wide application and it is therefore important to understand the circumstances in which it may arise. This paper demonstrates that the high inflation trap is model specific and, importantly, the models that exhibit it are shown to be seriously flawed. Different models of the monetary dynamics of hyperinflation are not so seriously flawed. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 63 (1995)
Issue (Month): 0 (Suppl.)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Alexandre Sokic, 2008. "Modelling the transaction role of money and the essentiality of money in a hyperinflation context," Working Papers of BETA 2008-12, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Sokic, Alexandre, 2010.
"The monetary analysis of hyperinflation and the appropriate specification of the demand for money,"
21503, University Library of Munich, Germany.
- Alexandre Sokic, 2012. "The Monetary Analysis of Hyperinflation and the Appropriate Specification of the Demand for Money," German Economic Review, Verein für Socialpolitik, vol. 13(2), pages 142-160, 05.
- Alexandre Sokic, 2008.
"Monetary Hyperinflations, Speculative Hyperinflations and Modeling the Use of Money,"
The IUP Journal of Monetary Economics,
IUP Publications, vol. 0(3), pages 51-70, August.
- Alexandre Sokic, 2007. "Monetary hyperinflations, speculative hyperinflations and modelling the use of money," Working Papers of BETA 2007-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Alexandre Sokic, 2008. "Theoretical support for a new class of demand for real cash balances in explosive hyperinflations," Working Papers of BETA 2008-13, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
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