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A Fiscal Theory of Hyperdeflations? Some Surprising Monetarist Arithmetic

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Author Info
Willem H. Buiter

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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Technical Working Papers with number 0052.

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Date of creation: Nov 1985
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Handle: RePEc:nbr:nberte:0052

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  1. Buiter, Willem H., 2000. "The Fallacy of the Fiscal Theory of the Price Level, Again," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  2. Buiter, Willem H, 1999. "The Fallacy of the Fiscal Theory of the Price Level," CEPR Discussion Papers 2205, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Mª Jose Gutierrez & Jesús Vazquez, 2003. "Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money," DFAEII Working Papers 200227, University of the Basque Country - Department of Foundations of Economic Analysis II. [Downloadable!]
  4. Alexandre Sokic, 2007. "Monetary hyperinflations and money essentiality," Working Papers of BETA 2007-21, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
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