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The dynamics of hyperinflation

Author

Listed:
  • Fernando de Holanda Barbosa
  • Waldyr Muniz Oliva
  • Elvia Mureb Sallum

Abstract

A hyperinflation model is developed where the money and goods markets clearinstantaneously, expectations are rational and there is inertia in the price system due towage indexation mechanisms. The model is described by a nonlinear system of differentialequations and Hopf bifurcation theorem, regarding the public deficit as a parameter, is usedto study the dynamic properties of the system. The dynamics of the model is capable of generatinghyperinflation processes, as well as other paths that are commonly observed in highinflation countries. JEL Classification: E31; E37.

Suggested Citation

  • Fernando de Holanda Barbosa & Waldyr Muniz Oliva & Elvia Mureb Sallum, 1993. "The dynamics of hyperinflation," Brazilian Journal of Political Economy, Center of Political Economy, vol. 13(1), pages 3-23.
    • Handle: RePEc:ekm:repojs:v:13:y:1993:i:1:p:3-23:id:1311
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    More about this item

    Keywords

    Hyperinflation; money supply;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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