Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology

Eduardo F Bastian, Sebastien Charles and Jonathan Marie

Cambridge Journal of Economics, 2024, vol. 48, issue 4, 681-708

Abstract: The article proposes a typology of inflation regimes based on the Post-Keynesian and structuralist literature. We identify three separate regimes: the low, moderate and high inflation regimes. Hyperinflation is also defined and described. Each regime presents different characteristics. We identify the key role played by the distributive conflict between workers and capitalists in all the regimes, the role played by the indexation of wages on domestic prices in the moderate and high inflation regimes and the specific roles played by the widespread indexation on a short-term basis in the high inflation regime. Hyperinflation is explained by self-fulfilling prophecies about exchange rate variations and by the rejection of the domestic currency.

Keywords: Inflation; Hyperinflation; Post-Keynesian analysis; Structuralist analysis (search for similar items in EconPapers)
Date: 2024
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Working Paper: Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology (2024)
Working Paper: Inflation Regimes and Hyperinflation. A Post-Keynesian/Structuralist typology (2021)
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