Money Demand during Hyperinflation and Stabilization: Bolivia, 1980-88
This paper examines the demand for money in Bolivia during the 1980s, a decade of extreme instability with annual inflat ion rates reaching over 20,000 percent, and a subsequent stabilization, with annual rates falling to less than 25 percent and remaining so f or more than five years. The authors' empirical analysis makes use of error-correction approaches, time-varying-parameter estimation with Kalman filtering, and GARCH models of expected inflation and inflati on variance. They find that expected inflation and inflation uncertainty both matter for money demand. Time-varying estimates sho w that the reaction to monetary disequilibria was significantly faster during hyperinflation. Copyright 1993 by Oxford University Press.
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Volume (Year): 31 (1993)
Issue (Month): 2 (April)
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