Rational expectations, hyperinflation, and the demand for money
This paper shows how to derive the family of models in which Cagan’s model of hyperinflation is a rational expectations model. The slope parameter in Cagan’s portfolio balance equation is identified in some of these models and in others it is not—a fact which clarifies results obtained in several recent papers.
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- Thomas J. Sargent, 1976.
"The demand for money during hyperinflations under rational expectations: II,"
60, Federal Reserve Bank of Minneapolis.
- Sargent, Thomas J, 1977. "The Demand for Money During Hyperinflations under Rational Expectations: I," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(1), pages 59-82, February.
- Salemi, Michael K & Sargent, Thomas J, 1979. "The Demand for Money during Hyperinflation under Rational Expectations: II," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(3), pages 741-758, October.
- Hansen, Lars Peter & Sargent, Thomas J, 1983.
"Aggregation over Time and the Inverse Optimal Predictor Problem for Adaptive Expectations in Conginuous Time,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 1-20, February.
- Lars Peter Hansen & Thomas J. Sargent, 1981. "Aggregation over time and the inverse optimal predictor problem for adaptive expectations in continuous time," Staff Report 74, Federal Reserve Bank of Minneapolis.
- Sargent, Thomas, 1976.
"Econometric exogeneity and alternative estimators of portfolio balance schedules for hyperinflations : A note,"
Journal of Monetary Economics,
Elsevier, vol. 2(4), pages 511-521, November.
- Thomas J. Sargent, 1976. "Econometric exogeneity and alternative estimators of portfolio balance schedules for hyperinflations: a note," Working Papers 79, Federal Reserve Bank of Minneapolis.
- Jacobs, Rodney L, 1975. "A Difficulty with Monetarist Models of Hyperinflation," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 337-360, September.
- Khan, Mohsin S., 1975. "The monetary dynamics of hyperinflation : A note," Journal of Monetary Economics, Elsevier, vol. 1(3), pages 355-362, July.
- Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-552, September.
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