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Are Hyperinflationary Paths Learnable?

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  • Klaus Adam

    (University of Frankfurt)

  • George W. Evans

    ()
    (University of Oregon Economics Department)

  • Seppo Honkapohja

    (University of Helsinki)

Abstract

Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only have access to lagged data, stable inflationary paths emerge only if the proportion of agents with access to contemporaneous data is sufficiently high.

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Bibliographic Info

Paper provided by University of Oregon Economics Department in its series University of Oregon Economics Department Working Papers with number 2003-31.

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Length: 27
Date of creation: 17 Mar 2003
Date of revision: 22 Apr 2005
Handle: RePEc:ore:uoecwp:2003-31

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Keywords: inflation; stability of equilibria; seigniorage;

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