Empirical analyses of Cagan's money demand schedule for hyper-inflation have largely ignored the explosive nature of … hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation …, and to (ii) discrepancies between 'estimated' and 'actual' inflation tax. Using data from the extreme Yugoslavian hyper-inflation …

Empirical analyses of Cagan?s money demand schedule for hyper-inflation have largely ignored the explosive nature of … hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation …, and to (ii) discrepancies between ?estimated? and ?actual? inflation tax. A simple solution to these issues is found by …

-digit modern hyperinflation." Although this opinion is not widely held, the consensus inflation forecast for 2021 is 47%, a … levels and money supply growing at 80% annually, have led some analysts to predict that Argentina might be heading into a "3 … level significantly below any definition of hyperinflation but high by global standards (above the 98th percentile). Even …

) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 … countryspecific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it … generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money …

) aggregate. We identify reasonable and stable moneydemand relationships for Germany, France and Spain as well as the EMU-4 …-specific measures,particularly since the start of EMU, and is useful to predict country-specific inflation.However, it generally does … not encompass country-specific money overhang measuresas predictors of inflation. Hence, aggregate money overhang is an …

Inflation has been well contained over the last decades in most industrialized countries. This implies, however, that … memories of high inflation are likely to fade, because over time larger parts of the population have never experienced high … inflation, whereas those who have might forget. This paper tests whether memories of high inflation affect agents’ preferences …

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …

for Argentina in the period 1875-2006. There are two conclusions: a) the welfare cost of Argentine risk has been huge: for …

take a life of their own leading to hyperinflation. The traditional explanation is that the Central Bank has to finance the … quasi-fiscal deficit through the use of the inflation tax but as inflation increases money demand drops and there is a limit … beyond that limit (or any fiscal deficit for that matter) leads to hyperinflation. In this paper we demonstrate that very …