Hyperinflation and Monetary Reform in the Soviet Union, 1921-26.
The results of fitting the demand function for money in the pre- and post-reform periods indicate that the same explanatory variables, namely, the expected level of real income per capita and the expected rate of change of prices, explain a large portion of the observed variance in the real money st...
| Publicado en: | Journal of Political Economy Vol. 76; no. 5; pp. 1037 - 1049 |
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| Formato: | Artículo |
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University of Chicago Press
Sep/Oct68
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=5058024&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 5058024 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00223808 JPE jtl: Journal of Political Economy issn: 00223808 maglogo: N pubinfo: dt: Sep/Oct68 vid: 76 iid: 5 pid: 415 pub: University of Chicago Press artinfo: ui: 5058024 10.1086/259466 ppf: 1037 ppct: 12 formats: tig: atl: Hyperinflation and Monetary Reform in the Soviet Union, 1921-26. aug: au: Pickersgill, Joyce E. su: Price inflation Demand function Soviet Union sug: subj: Soviet Union Price inflation Demand function ab: The results of fitting the demand function for money in the pre- and post-reform periods indicate that the same explanatory variables, namely, the expected level of real income per capita and the expected rate of change of prices, explain a large portion of the observed variance in the real money stock. The improvement of 'the results by the inclusion of a dummy variable to account for rationing reveals the importance of considering the effects of the distribution system on the adjustment mechanism for transforming desired into actual cash balances. Comparing the demand function in the two separate periods, we observe certain differences in the characteristics of the independent variables. Although the income and price change elasticities are relatively constant over the entire period, the significance of the two as explanatory variables changes from the first to the second period. In the prereform period, the data indicate substantial variation in both the expected level of real income per capita and the expected rate of change of prices. The estimating equation for the same period suggests that both variables are equally important in explaining the variation in the real money stock. The data for the postreform period indicate, however, that the variation in the rate of change of prices is greatly diminished, while income increases at a steady pace. The estimating equation for the second period shows that the level of real income is important for explaining the changes in the real money stock, while the expected rate of change of prices is not significant, though it retains the correct sign. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1968 holdings: @attributes: islocal: N |
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