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

Eduardo Bastian, Sebastien Charles and Jonathan Marie
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Eduardo Bastian: IE / UFRJ - Instituto de Economia da Universidade Federal do Rio de Janeiro - UFRJ - Universidade Federal do Rio de Janeiro [Brasil] = Federal University of Rio de Janeiro [Brazil] = Université fédérale de Rio de Janeiro [Brésil]

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Abstract: 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: 2024-03-27
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Published in Cambridge Journal of Economics, 2024, 48 (4), pp.681-708. ⟨10.1093/cje/beae009⟩

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Related works:
Journal Article: 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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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04524258

DOI: 10.1093/cje/beae009

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