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The Demand for Money: Hyperinflation or High Inflation Traps

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  • Evans, J Lynne

Abstract

The existence of the high inflation trap raises the disturbing possibility that an economy may settle at a high inflation equilibrium when, with the same fiscal policy, a lower inflation equilibrium is attainable. It arises in the context of models with endogenous monetary growth that have wide application and it is therefore important to understand the circumstances in which it may arise. This paper demonstrates that the high inflation trap is model specific and, importantly, the models that exhibit it are shown to be seriously flawed. Different models of the monetary dynamics of hyperinflation are not so seriously flawed. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Evans, J Lynne, 1995. "The Demand for Money: Hyperinflation or High Inflation Traps," The Manchester School of Economic & Social Studies, University of Manchester, vol. 63(0), pages 49-56, Suppl..
    • Handle: RePEc:bla:manch2:v:63:y:1995:i:0:p:49-56
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    Cited by:

    1. Alexandre Sokic, 2008. "Monetary Hyperinflations, Speculative Hyperinflations and Modeling the Use of Money," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(3), pages 51-70, August.
    2. Sokic Alexandre, 2012. "The Monetary Analysis of Hyperinflation and the Appropriate Specification of the Demand for Money," German Economic Review, De Gruyter, vol. 13(2), pages 142-160, May.
    3. Alexandre Sokic, 2008. "Modelling the transaction role of money and the essentiality of money in a hyperinflation context," Working Papers of BETA 2008-12, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    4. Alexandre Sokic, 2010. "Modelling the Transaction Role of Money and the Essentiality of Money in an Explosive Hyperinflation Context," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 166(3), pages 387-396, September.
    5. Alexandre Sokic, 2008. "Theoretical support for a new class of demand for real cash balances in explosive hyperinflations," Working Papers of BETA 2008-13, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

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