The Demand for Money, the "Reform Effect," and the Money Supply Process in Hyperinflations: The Evidence from Greece and Hungary II Reexamined

Robert B Anderson, William A Bomberger and Gail E Makinen

Journal of Money, Credit and Banking, 1988, vol. 20, issue 4, 653-72

Abstract: Newly uncovered data on money and prices in Greece and Hungary duri ng their hyperinflations are used to reestimate the Cagan money demand equation and to repeat the Sargent and Wallace causality tests. It is no longer necessary to exclude observations at the end of each episo de on the premise that they represent the response to an anticipated monetary reform. The results for each country now conform to the Sargent and Wallace findings for most other hyperinflation episodes-that causality runs from prices to money (i.e., that money is endogenous). Copyright 1988 by Ohio State University Press.

Date: 1988
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