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000777545 020__ $$a9783319445120$$q(electronic book)
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000777545 1001_ $$aBarbosa, Fernando de Holanda,$$eauthor.
000777545 24510 $$aExploring the mechanics of chronic inflation and hyperinflation /$$cFernando de Holanda Barbosa.
000777545 264_1 $$aCham, Switzerland :$$bSpringer,$$c[2017]
000777545 300__ $$a1 online resource (x, 116 pages)
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000777545 337__ $$acomputer$$bc$$2rdamedia
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000777545 4901_ $$aSpringerBriefs in economics,$$x2191-5512
000777545 504__ $$aIncludes bibliographical references (pages 113-116).
000777545 5050_ $$aPreface -- I -- Hyperinflation Theories: an Abridged Survey -- II -- The Origins and Consequences of Inflation in Latin America -- III -- Chronic Inflation and Hyperinflation -- IV -- Inflation Tax and Money Essentiality -- V -- Hyperinflation: Inflation Tax and Economic Policy Regime -- VI -- Competitive Equilibrium Hyperinflation under Rational Expectations -- VII -- Hyperinflation Pitfalls: Fundamentals versus Bubbles -- VIII -- Bubble, Weak and Strong Hyperinflation: Theory and Empirical Evidence -- References.
000777545 506__ $$aAccess limited to authorized users.
000777545 520__ $$aThis book presents a theoretical framework to explain chronic inflation and hyperinflation. The roots of these two phenomenon are a fiscal monetary regime in which money issues finance the public deficit. Chronic inflation is modeled by using both the old and the new Keynesian model, with a different policy rule. Instead of using the Taylor rule, the central bank policy rule states that money is issued to finance the public deficit. The chronic inflation models take into account the fact that indexation mechanisms adjust prices and wages, yielding the inertial component of inflation. The dynamics of these models can be very unstable under parameter changes or shocks that hit the economy. The previous hyperinflation models surveyed in this book attempt to explain hyperinflation as a bubble phenomenon because they assume a constant real deficit financed by money. The mechanics of hyperinflation models in this book explains hyperinflation by a fiscal crisis, characterized by an increasing fiscal deficit. This fiscal crisis yields an intertemporal budget constraint that is not sustainable. The analysis of the pathology of hyperinflation uses the same tools employed to understand the pathologies of public debt and external debt crises. The hyperinflation model allows a taxonomy of hyperinflations, namely bubble, weak and strong, that can be tested with the inflation tax revenue curve. .
000777545 588__ $$aDescription based on print  version record.
000777545 650_0 $$aInflation (Finance)
000777545 77608 $$iPrint version:$$tExploring the Mechanics of Chronic Inflation and Hyperinflation.$$d[Place of publication not identified] : Springer Verlag 2016$$z9783319445113$$w(OCoLC)953709588
000777545 830_0 $$aSpringerBriefs in economics.
000777545 852__ $$bebk
000777545 85640 $$3SpringerLink$$uhttps://univsouthin.idm.oclc.org/login?url=http://link.springer.com/10.1007/978-3-319-44512-0$$zOnline Access$$91397441.1
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