The Transition from Hyperinflation to Price Stability: Further Evidence
AbstractThis note provides an explanation for the presence of inflation Granger causing money growth after the end of the Hungarian hyperinflation of 1945-46 reported by Gail E. Makinen and G. Thomas Woodward (1988). Using the framework introduced by Thomas J. Sargent and Neil Wallace (1981), it is shown that following the Hungarian hyperinflation, as in all the other cases considered by Makinen and Woodward, inflation and money growth are not causally related to each other once the Granger-Sims tests are conducted conditional on debt growth.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 16 (1990)
Issue (Month): 1 (Jan-Mar)
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Other versions of this item:
- Siklos, P.L., 1989. "The Transition From Hyperinflation To Price Stability: Further Evidence," Working Papers 89131, Wilfrid Laurier University, Department of Economics.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Raj, Baldev & Siklos, Pierre L, 1986. "The Role of Fiscal Policy in the St. Louis Model: An Evaluation and Some New Evidence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 1(3), pages 287-94, July.
- Siklos, P.L., 1990.
"Hyperinflation: Their Origins, Development And Termination,"
90135, Wilfrid Laurier University, Department of Economics.
- Siklos, Pierre L, 1990. " Hyperinflations: Their Origins, Development and Termination," Journal of Economic Surveys, Wiley Blackwell, vol. 4(3), pages 225-48.
- Sargent, Thomas J & Wallace, Neil, 1973. "Rational Expectations and the Dynamics of Hyperinflation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 328-50, June.
- Hendry, David F & Mizon, Grayham E, 1978. "Serial Correlation as a Convenient Simplification, not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England," Economic Journal, Royal Economic Society, vol. 88(351), pages 549-63, September.
- Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
- Gail E. Makinen & G. Thomas Woodward, 1988. "The Transition from Hyperinflation to Stability: Some Evidence," Eastern Economic Journal, Eastern Economic Association, vol. 14(1), pages 19-26, Jan-Mar.
- Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
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