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Exploring the mechanics of chronic inflation and hyperinflation

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Exploring the mechanics of chronic inflation and hyperinflation/ by Fernando de Holanda Barbosa.
Author:	Barbosa, Fernando de Holanda.
Published:	Cham :Springer International Publishing : : 2017.,
Description:	x, 116 p. :ill., digital ; : 24 cm.;
Contained By:	Springer eBooks
Subject:	Inflation (Finance) -
Online resource:	http://dx.doi.org/10.1007/978-3-319-44512-0
ISBN:	9783319445120

Exploring the mechanics of chronic inflation and hyperinflation
Barbosa, Fernando de Holanda.

Exploring the mechanics of chronic inflation and hyperinflation[electronic resource] /by Fernando de Holanda Barbosa. - Cham :Springer International Publishing :2017. - x, 116 p. :ill., digital ;24 cm. - SpringerBriefs in economics,2191-5504. - SpringerBriefs in economics..

Preface -- I - Hyperinflation Theories: an Abridged Survey -- II - The Origins and Consequences of Inflation in Latin America -- III - Chronic Inflation and Hyperinflation -- IV - Inflation Tax and Money Essentiality -- V - Hyperinflation: Inflation Tax and Economic Policy Regime -- VI - Competitive Equilibrium Hyperinflation under Rational Expectations -- VII - Hyperinflation Pitfalls: Fundamentals versus Bubbles -- VIII - Bubble, Weak and Strong Hyperinflation: Theory and Empirical Evidence -- References.

This book presents a theoretical framework to explain chronic inflation and hyperinflation. The roots of these two phenomenon are a fiscal monetary regime in which money issues finance the public deficit. Chronic inflation is modeled by using both the old and the new Keynesian model, with a different policy rule. Instead of using the Taylor rule, the central bank policy rule states that money is issued to finance the public deficit. The chronic inflation models take into account the fact that indexation mechanisms adjust prices and wages, yielding the inertial component of inflation. The dynamics of these models can be very unstable under parameter changes or shocks that hit the economy. The previous hyperinflation models surveyed in this book attempt to explain hyperinflation as a bubble phenomenon because they assume a constant real deficit financed by money. The mechanics of hyperinflation models in this book explains hyperinflation by a fiscal crisis, characterized by an increasing fiscal deficit. This fiscal crisis yields an intertemporal budget constraint that is not sustainable. The analysis of the pathology of hyperinflation uses the same tools employed to understand the pathologies of public debt and external debt crises. The hyperinflation model allows a taxonomy of hyperinflations, namely bubble, weak and strong, that can be tested with the inflation tax revenue curve.

ISBN: 9783319445120

Standard No.: 10.1007/978-3-319-44512-0doiSubjects--Topical Terms:

561586
Inflation (Finance)

LC Class. No.: HG229 / .B37 2017

Dewey Class. No.: 332.41

Exploring the mechanics of chronic inflation and hyperinflation
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520 $a This book presents a theoretical framework to explain chronic inflation and hyperinflation. The roots of these two phenomenon are a fiscal monetary regime in which money issues finance the public deficit. Chronic inflation is modeled by using both the old and the new Keynesian model, with a different policy rule. Instead of using the Taylor rule, the central bank policy rule states that money is issued to finance the public deficit. The chronic inflation models take into account the fact that indexation mechanisms adjust prices and wages, yielding the inertial component of inflation. The dynamics of these models can be very unstable under parameter changes or shocks that hit the economy. The previous hyperinflation models surveyed in this book attempt to explain hyperinflation as a bubble phenomenon because they assume a constant real deficit financed by money. The mechanics of hyperinflation models in this book explains hyperinflation by a fiscal crisis, characterized by an increasing fiscal deficit. This fiscal crisis yields an intertemporal budget constraint that is not sustainable. The analysis of the pathology of hyperinflation uses the same tools employed to understand the pathologies of public debt and external debt crises. The hyperinflation model allows a taxonomy of hyperinflations, namely bubble, weak and strong, that can be tested with the inflation tax revenue curve.
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