Nominal and Real Disturbances and Money Demand in Chinese Hyperinflation.
This article reexamines the dynamics of hyperinflation by allowing variability in the relative price of capital goods in units of consumption goods that reflects interactions between the real and monetary sectors. The theory generates empirically testable implications that suggest expanding the stan...
| Published in: | Economic Inquiry Vol. 41; no. 2; pp. 234 - 250 |
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| Main Authors: | , , |
| Format: | Article |
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Wiley-Blackwell
April 2003
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| Subjects: | |
| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510239248&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510239248 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: April 2003 vid: 41 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510239248 10.1093/ei/cbg004 ppf: 234 ppct: 16 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.2MB tig: atl: Nominal and Real Disturbances and Money Demand in Chinese Hyperinflation. aug: au: Tallman, Ellis W. Tang, De-Piao Wang, Ping su: Demand for money Mathematical models of economics Mathematical models of inflation Price inflation China sug: subj: China Demand for money Mathematical models of economics Mathematical models of inflation Price inflation keyword: Prices -- China -- History ab: This article reexamines the dynamics of hyperinflation by allowing variability in the relative price of capital goods in units of consumption goods that reflects interactions between the real and monetary sectors. The theory generates empirically testable implications that suggest expanding the standard Caganian money demand function to include both anticipated inflation and relative price effects in a nonlinear fashion. Employing data from the post-WW II Chinese hyperinflationary episode, the empirical findings suggest that conventional econometric investigations of money demand during hyperinflation overlook important nonlinear interactions between real and monetary activities and, hence, underestimate the welfare costs of hyperinflation. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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