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Rational expectations, hyperinflation, and the demand for money

Lawrence Christiano ()

No 163, Working Papers from Federal Reserve Bank of Minneapolis

Abstract: This paper shows how to derive the family of models in which Cagan’s model of hyperinflation is a rational expectations model. The slope parameter in Cagan’s portfolio balance equation is identified in some of these models and in others it is not—a fact which clarifies results obtained in several recent papers.

Date: 1981
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Handle: RePEc:fip:fedmwp:163