| Sumario: | The purpose of this note has been to present alternative evidence within the context of the basic adaptive expectations model. Given that framework, we have shown that a more discriminating use of the Chinese data leads to estimates of the important parameters which, both in terms of their absolute values and changes in these values over time, are quite reasonable in comparison with results for the European hyperinflations. At the same time, the very process of selective estimation generates ambiguities which we have been unable to completely resolve. As a minimum, though, we believe the regressions confined to the CNC regime (regressions B and D) can stand on their own merit.
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