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Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology

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  • Eduardo F Bastian
  • Sébastien Charles
  • Jonathan Marie

Abstract

The article proposes a typology of inflation regimes based on the Post-Keynesian and structuralist literature. We identify three separate regimes: the low, moderate and high inflation regimes. Hyperinflation is also defined and described. Each regime presents different characteristics. We identify the key role played by the distributive conflict between workers and capitalists in all the regimes, the role played by the indexation of wages on domestic prices in the moderate and high inflation regimes and the specific roles played by the widespread indexation on a short-term basis in the high inflation regime. Hyperinflation is explained by self-fulfilling prophecies about exchange rate variations and by the rejection of the domestic currency.

Suggested Citation

  • Eduardo F Bastian & Sébastien Charles & Jonathan Marie, 2024. "Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 48(4), pages 681-708.
    • Handle: RePEc:oup:cambje:v:48:y:2024:i:4:p:681-708.
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    File URL: http://hdl.handle.net/10.1093/cje/beae009
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    Cited by:

    1. Woodgate, Ryan, 2025. "A general theory of conflict inflation," IPE Working Papers 256/2025, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Yusifzada, Tural & Cömert, Hasan & Ahmadov, Vugar, 2025. "A composite approach to nonlinear inflation dynamics in BRICS countries and Türkiye," BOFIT Discussion Papers 5/2025, Bank of Finland Institute for Emerging Economies (BOFIT).

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