The dynamics of hyperinflation

Fernando de Holanda Barbosa (), Waldyr Muniz Oliva () and Elvia Mureb Sallum ()

Brazilian Journal of Political Economy, 1993, vol. 13, issue 1, 3-23

Abstract: A hyperinflation model is developed where the money and goods markets clearinstantaneously, expectations are rational and there is inertia in the price system due towage indexation mechanisms. The model is described by a nonlinear system of differentialequations and Hopf bifurcation theorem, regarding the public deficit as a parameter, is usedto study the dynamic properties of the system. The dynamics of the model is capable of generatinghyperinflation processes, as well as other paths that are commonly observed in highinflation countries. JEL Classification: E31; E37.

Keywords: Hyperinflation; money supply (search for similar items in EconPapers)
Date: 1993
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