HYPERINFLATION AND THE FUNCTIONAL FORM OF THE DEMAND FOR MONEY'S EQUATION
Autor(a) principal: | |
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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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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 |
_version_ |
1799766265598836736 |