Competitive equilibrium hyperinflation under rational expectations

Barbosa, Fernando H.; Cunha, Alexandre B.; Sallum, Elvia Mureb

doi:10.1007/s00199-005-0016-z

Cited by 8 publications

(9 citation statements)

References 11 publications

(7 reference statements)

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“…This section presents an extension of the rational expectations fiscal crisis model, due to Barbosa et al (2006). The basic hypothesis of this as well as other hyperinflation models are that money finances the fiscal deficit.…”

Section: Hyperinflation Modelmentioning

confidence: 99%

“…1 and 2) satisfies the inequality; ṁ = f (0) − τ(m(0)) < 0. For more details see Barbosa et al (2006). 6 Since τ(m) = s(m) − rm, τ (m) < 0 when s (m) < 0.…”

Section: Hyperinflation Modelmentioning

confidence: 99%

“…The curve is a straight line, that is, the inflation tax revenue increases as the inflation rate increases. In this case money is essential since the elasticity of the demand for money with respect to the inflation rate is always less than one (Barbosa and Cunha, 2003;Barbosa et al, 2006).…”

Section: Inflation Tax Curve: Specification and First Look At The Bramentioning

confidence: 99%

“…Sargent and Wallace (1987) and Bruno and Fischer (1990) -which assume a constant fiscal deficit -the driving force to cause hyperinflation in our framework is an increasing fiscal deficit being financed by money (see Barbosa et al, 2006). We understand that this assumption is crucial from an empirical viewpoint since, to our best knowledge, non-constant, increasing fiscal deficits have been ubiquitous in actual hyperinflation episodes.…”

Section: Introductionmentioning

confidence: 99%

“…This framework has also the advantage of providing a technical and precise definition of hyperinflation (see Barbosa et al, 2006), in contrast to the usual ad hoc definition, due to Cagan, which considers hyperinflation monthly inflation rates above 50%. 3 The annual inflation tax revenue data comes from Cysne and Lisboa (2004).…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Bubble, Weak and Strong Hyperinflation: Theory and Empirical Evidence

Barbosa¹

2016

Exploring the Mechanics of Chronic Inflation and Hyperinflation

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThis paper presents a theoretical framework that allows a taxonomy of hyperinflation, namely: (i) bubble, (ii) weak and (iii) strong hyperinflation. The inflation tax revenue curve is used to characterize each type of hyperinflation and we use this curve to test them. The bubble and strong hyperinflation hypotheses are rejected using Brazilian data. The weak hyperinflation hypothesis is not rejected and the economy could have been on the 'wrong' side of the Laffer curve during hyperinflation. This outcome, contrary to conventional wisdom, is predicted by this hypothesis, which presents a solution to an old puzzle of the hyperinflation literature. © 2015 National Association of Postgraduate Centers in Economics, ANPEC. Production and hosting by Elsevier B.V. All rights reserved. ResumoEste trabalho apresenta um arcabouço teórico que permite uma taxonomia da hiperinflação. Ela é classificada em três tipos: (i) bolha; (ii) fraca; e (iii) forte. A curva do imposto inflacionário é usada para identificar cada tipo e para testá-las. As hipóteses de hiperinflação forte e de bolha são rejeitadas com dados da economia brasileira. A hipótese de hiperinflação fraca não é rejeitada e a economia poderia estar no "lado errado" da curva de Laffer. Esta ocorrência, uma possibilidade da hipótese de hiperinflação fraca, soluciona um quebra-cabeça antigo da literatura de hiperinflação.

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Section: Hyperinflation Modelmentioning

confidence: 99%

“…1 and 2) satisfies the inequality; ṁ = f (0) − τ(m(0)) < 0. For more details see Barbosa et al (2006). 6 Since τ(m) = s(m) − rm, τ (m) < 0 when s (m) < 0.…”

Section: Hyperinflation Modelmentioning

confidence: 99%

Section: Inflation Tax Curve: Specification and First Look At The Bramentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Bubble, Weak and Strong Hyperinflation: Theory and Empirical Evidence

Barbosa¹

2016

Exploring the Mechanics of Chronic Inflation and Hyperinflation

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Longitudinal analyses of adoptive parents’ expectations and depressive symptoms

Foli

Lim

South

2017

Research in Nursing & Health

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Grounded in a theoretical model specific to adoptive parents, we examined the relationship between parental expectations and depressive symptoms across time. Assessments of 129 adoptive parents of 64 children were performed at three time points before and after placement of an adopted child with the family: 4–6 weeks pre-placement and 4–6 weeks and 5–6 months post-placement. Expectations were assessed in four dimensions: expectations of self as parents, of the child, of family and friends, and of society. Depressive symptoms were assessed with the Center for Epidemiologic Studies-Depression scale. Associations between parental expectations and depressive symptoms were analyzed, and longitudinal multilevel modeling was conducted to explore influences on expectations over time. Parental expectations changed from pre-to post-placement. With the exception of expectations of self as parent, adoptive parents’ pre-adoption expectations were affirmed in the post-adoption time periods. In each expectation dimension, higher affirmation of expectations was correlated with decreased depressive symptoms before and after placement of a child. While parental expectations are not unique to adoptive parents, the essence and characteristics of certain expectations are unique to these parents. When working with adoptive parents, nurses who care for families should assess expectations both pre-and post-placement with awareness of their relationship to depressive symptoms.

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Hyperinflation Pitfalls: Fundamentals Versus Bubbles

Barbosa

2016

Exploring the Mechanics of Chronic Inflation and Hyperinflation

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Competitive equilibrium hyperinflation under rational expectations

Abstract: Hyperinflation, Rational expectations, Competitive equilibrium, Fiscal crisis, E31, E42, E63,

Cited by 8 publications

References 11 publications

Bubble, Weak and Strong Hyperinflation: Theory and Empirical Evidence

Bubble, Weak and Strong Hyperinflation: Theory and Empirical Evidence

Longitudinal analyses of adoptive parents’ expectations and depressive symptoms

Hyperinflation Pitfalls: Fundamentals Versus Bubbles

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