The Demand for Money: Hyperinflation or High Inflation Traps
The existence of the high inflation trap raises the disturbing possibility that an economy may settle at a high inflation equilibrium when, with the same fiscal policy, a lower inflation equilibrium is attainable. It arises in the context of models with endogenous monetary growth that have wide application and it is therefore important to understand the circumstances in which it may arise. This paper demonstrates that the high inflation trap is model specific and, importantly, the models that exhibit it are shown to be seriously flawed. Different models of the monetary dynamics of hyperinflation are not so seriously flawed. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 63 (1995)
Issue (Month): 0 (Suppl.)
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