haku: @author Bernholz, A. / yhteensä: 1
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| Tekijä: | Bernholz, A. Jaksch, H. J. |
| Otsikko: | An implausible theory of inflation |
| Lehti: | Weltwirtschaftliches Archiv
1989 : VOL. 125:2, p. 359-365 |
| Asiasana: | ECONOMIC THEORY INFLATION |
| Kieli: | eng |
| Tiivistelmä: | An acceptable theory of inflation must be able to explain the following observed facts:l/ during inflation real balances in the economy first increase, then decrease, in hyperinflation it approaches zero. 2/ the inflationary process tends to accelerate and seems to be unbounded. 3/ there has been no major inflation which has not been caused by a government budget deficit financed by money creation. The paper demonstrates that if 3/ is taken for granted, l/ and 2/ cannot be explained by the traditional demand for money function combined with the assumption of perfect foresight. |
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