A Fiscal Theory of Hyperdeflations? Some Surprising Monetarist Arithmetic
Abstract
The note mines an unsuspected lode in the Sargent-Wallace "Unpleasant Monetarist Arithmetic" deposit. While that model is shown to be incapable of generating hyperinflations as a result of large monetized public sector deficits, it can generate hyperdeflations or perhaps more accurately, the first stages of an unsustainable process of hyperdeflation. The drawing of policy conclusions is left as an exercise for the reader.Download Info
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Technical Working Papers with number 0052.Length:
Date of creation: Nov 1985
Date of revision:
Handle: RePEc:nbr:nberte:0052
Note: ME
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Related research
Keywords:Other versions of this item:
- Buiter, Willem H, 1987. "A Fiscal Theory of Hyperdeflations? Some Surprising Monetarist Arithmetic," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 111-18, March.
- NEP-ALL-2001-06-08 (All new papers)
- NEP-MON-2001-06-08 (Monetary Economics)
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Willem Buiter, 2000.
"The Fallacy of the Fiscal Theory of the Price Level, Again,"
CESifo Working Paper Series
303, CESifo Group Munich.
- Willem H. Buiter, 2001. "The fallacy of the fiscal theory of the price level, again," Bank of England working papers 141, Bank of England.
- Alexandre Sokic, 2007. "Monetary hyperinflations and money essentiality," Working Papers of BETA 2007-21, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Vazquez, Jesus, 1998. "How high can inflation get during hyperinflation? A transaction cost demand for money approach," European Journal of Political Economy, Elsevier, vol. 14(3), pages 433-451, August.
- W.H. Buiter, 2000.
"The Fallacy of the Fiscal Theory of the Price Level,"
CEP Discussion Papers
dp0447, Centre for Economic Performance, LSE.
- Willem H. Buiter, 1999. "The Fallacy of the Fiscal Theory of the Price Level," NBER Working Papers 7302, National Bureau of Economic Research, Inc.
- Buiter, Willem H, 1999. "The Fallacy of the Fiscal Theory of the Price Level," CEPR Discussion Papers 2205, C.E.P.R. Discussion Papers.
- Vázquez Pérez, Jesús & Gutiérrez Huerta, María José, 2002. "Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money," DFAEII Working Papers 2002-27, University of the Basque Country - Department of Foundations of Economic Analysis II.
- Sokic, Alexandre, 2010.
"The monetary analysis of hyperinflation and the appropriate specification of the demand for money,"
MPRA Paper
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.
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