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Model of German hyperinflation with rational expectations

Author

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  • Jan Vlček

Abstract

The model of German hyperinflation is presented in this paper, which struck Germany after the first world's war. The simple monetary model, which goes from Cagan's demand function for money and describes equilibrium on money market, is used. The purpose of the paper is analysis and estimation of inflationary expectations behind presupposition of their rationality. Rational expectations are consider in their general form, it is in the form, when the condition of their convergence doesn't have to be satisfied. The magnitudes of inflationary expectations are identified as an unobserved state from the theory of dynamic systems.

Suggested Citation

  • Jan Vlček, 2000. "Model of German hyperinflation with rational expectations," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 7(12).
  • Handle: RePEc:czx:journl:v:7:y:2000:i:12:id:91
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    File URL: http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/view/91
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    More about this item

    Keywords

    hyperinflation; rational expectations;

    JEL classification:

    • E19 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Other

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