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High inflation and hyperinflation: a post-Keynesian view

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  • Fernando J. Cardim de Carvalho

Abstract

Inflation has become, in the 80’s, the most important barrier to resuming economicgrowth in Brazil. A post-Keynesian approach to this problem stresses the effects thatcontinuing high inflation has on beliefs and institutions, especially the system of money forwardcontracts that is fundamental to organize and coordinate an entrepreneurial economy. AHigh Inflation Regime is defined by the introduction of new monies-of-account for forwardcontracts, that is, indexation, and by a change in the modes of price formation. It is shown thatHigh Inflation characterizes an unstable equilibrium that may degenerate into hyperinflation.The permanence of high inflation, however, may engender stagnating tendencies. JEL Classification: E31

Suggested Citation

  • Fernando J. Cardim de Carvalho, 1990. "High inflation and hyperinflation: a post-Keynesian view," Brazilian Journal of Political Economy, Center of Political Economy, vol. 10(4), pages 520-539.
    • Handle: RePEc:ekm:repojs:v:10:y:1990:i:4:p:520-539:id:1550
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    Keywords

    Inflation;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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