On the Explosive Nature of Hyper-Inflation Data

Empirical analyses of Cagan?s money demand schedule for hyper-inflation have largely ignored the explosive nature of hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation, and to (ii) discrepancies between ?estimated? and ?actual? inflation tax. A simple solution to these issues is found by replacing the conventional measure of inflation by the cost of holding money.

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Year of publication:	2008
Authors:	Nielsen, Bent
Institutions:	Institut für Weltwirtschaft (IfW)
Subject:	Cost of holding money \| co-explosiveness \| co-integration \| explosive processes \| hyper-inflation

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Extent:	application/pdf
Series:	Economics Discussion Papers. - ISSN 1867-8009.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 2008-9
Classification:	E41 - Demand for Money ; C32 - Time-Series Models
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005083414