HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION

Detalhes bibliográficos
Autor(a) principal: Barbosa, Fernando de Holanda
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10479
Resumo: This paper shows that in the context of a much model of hyperinflation originated from Cagan's work containing (a) a demand for real balances, (b) monetization of deficit, and (c) an expectations' equation, not only the latter is crucial - either adaptive or rational expectations - for the stability of multiple equilibria, but also the specification of the demand for money equation, given the type of expectations, may alter the properties of equilibria. With rational expectations, hyperinflation may be generated by an elastic demand for money with respect to inflation. With adaptative expectations, nothing can be said on a priori grounds regarding stability of equilibria; in general, it depends on the functional form of the demand for money.
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spelling HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATIONHIPERINFLAÇÃO E A FORMA FUNCIONAL DA EQUAÇÃO DE DEMANDA DE MOEDAHiperinflação. Modelo de Cagan. Expectativas racionais e adaptadas.This paper shows that in the context of a much model of hyperinflation originated from Cagan's work containing (a) a demand for real balances, (b) monetization of deficit, and (c) an expectations' equation, not only the latter is crucial - either adaptive or rational expectations - for the stability of multiple equilibria, but also the specification of the demand for money equation, given the type of expectations, may alter the properties of equilibria. With rational expectations, hyperinflation may be generated by an elastic demand for money with respect to inflation. With adaptative expectations, nothing can be said on a priori grounds regarding stability of equilibria; in general, it depends on the functional form of the demand for money.Este artigo demonstra, no contexto de um modelo de hiperinflação bastante usado na literatura, originado no trabalho de Cagan, e que contém (a) uma demanda por moeda, (b) uma condição de monetização do déficit e (c) uma equação de formação de expectativas, que não somente esta última - expectativas racionais ou adaptadas - é crucial para a estabilidade dos equilíbrios, mas, que, também, a especificação da forma da demanda por moeda, dado o tipo das expectativas, pode alterar as propriedades dos equilíbrios. Com expectativas racionais, a hiperinflação pode ser gerada por uma demanda por moeda elástica em relação à taxa de inflação. Com expectativas adaptadas, nada pode ser dito a priori sobre a estabilidade do (s) equilíbrio (s), pois, em geral, ela depende da forma da função da demanda.UFRGS2009-10-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/1047910.22456/2176-5456.10479Análise Econômica; Vol. 11 No. 20 (1993): setembro de 1993Análise Econômica; v. 11 n. 20 (1993): setembro de 19932176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10479/6139Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessBarbosa, Fernando de Holanda2019-08-29T12:47:55Zoai:seer.ufrgs.br:article/10479Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2019-08-29T12:47:55Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
HIPERINFLAÇÃO E A FORMA FUNCIONAL DA EQUAÇÃO DE DEMANDA DE MOEDA
title HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
spellingShingle HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
Barbosa, Fernando de Holanda
Hiperinflação. Modelo de Cagan. Expectativas racionais e adaptadas.
title_short HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
title_full HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
title_fullStr HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
title_full_unstemmed HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
title_sort HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
author Barbosa, Fernando de Holanda
author_facet Barbosa, Fernando de Holanda
author_role author
dc.contributor.author.fl_str_mv Barbosa, Fernando de Holanda
dc.subject.por.fl_str_mv Hiperinflação. Modelo de Cagan. Expectativas racionais e adaptadas.
topic Hiperinflação. Modelo de Cagan. Expectativas racionais e adaptadas.
description This paper shows that in the context of a much model of hyperinflation originated from Cagan's work containing (a) a demand for real balances, (b) monetization of deficit, and (c) an expectations' equation, not only the latter is crucial - either adaptive or rational expectations - for the stability of multiple equilibria, but also the specification of the demand for money equation, given the type of expectations, may alter the properties of equilibria. With rational expectations, hyperinflation may be generated by an elastic demand for money with respect to inflation. With adaptative expectations, nothing can be said on a priori grounds regarding stability of equilibria; in general, it depends on the functional form of the demand for money.
publishDate 2009
dc.date.none.fl_str_mv 2009-10-02
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10479
10.22456/2176-5456.10479
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10479
identifier_str_mv 10.22456/2176-5456.10479
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10479/6139
dc.rights.driver.fl_str_mv Copyright (c) 2019 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 11 No. 20 (1993): setembro de 1993
Análise Econômica; v. 11 n. 20 (1993): setembro de 1993
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
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