Seminar
On the explosive nature of hyper-inflation data
Economics
| Speaker: | Bent Nielsen, Nuffield College, University of Oxford |
|---|---|
| Website: | http://www.nuff.ox.ac.uk/Users/Nielsen/ |
| Date: | Wednesday 19 December 2007 |
| Time: | 16:15 |
| Location: | Lecture Room D, Streatham Court |
Further details
On the explosive nature of hyper-inflation data - Empirical analyses of Cagan’s money demand schedule for hyperinflation 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 replacing the conventional measure of inflation by the cost of holding money