High inflation and hyperinflation: a post-Keynesian view

Fernando J. Cardim de Carvalho ()

Brazilian Journal of Political Economy, 1990, vol. 10, issue 4, 520-539

Abstract: Inflation has become, in the 80’s, the most important barrier to resuming economicgrowth in Brazil. A post-Keynesian approach to this problem stresses the effects thatcontinuing high inflation has on beliefs and institutions, especially the system of money forwardcontracts that is fundamental to organize and coordinate an entrepreneurial economy. AHigh Inflation Regime is defined by the introduction of new monies-of-account for forwardcontracts, that is, indexation, and by a change in the modes of price formation. It is shown thatHigh Inflation characterizes an unstable equilibrium that may degenerate into hyperinflation.The permanence of high inflation, however, may engender stagnating tendencies. JEL Classification: E31

Keywords: Inflation (search for similar items in EconPapers)
Date: 1990
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