Competitive equilibrium hyperinflation under rational expectations


Autoria(s): Sallum, Elvia Mureb; Barbosa, Fernando de Holanda; Cunha, Alexandre Barros da
Data(s)

13/05/2008

13/05/2008

01/01/2005

Resumo

This paper shows that a competitive equilibrium model, where a representative agent maximizes welfare, expectations are rational and markets are in equilibrium can account for several hyperinflation stylized facts. The theory is built by combining two hypotheses, namely, a fiscal crisis that requires printing money to finance an increasing public deficit and a predicted change in an unsustainable fiscal regime.

Identificador

01048910

http://hdl.handle.net/10438/528

Idioma(s)

en_US

Publicador

Escola de Pós-Graduação em Economia

Relação

Ensaios Econômicos;578

Palavras-Chave #Hyperinflation #Rational expectations #Competitive equilibrium #Fiscal crisis #Expectativas racionais (Teoria econômica) #Modelos econometricos #Inflação #Economia
Tipo

Working Paper