Abstract
Hyperinflation is an extremely rapid rise in the general level of prices of goods and services. It typically lasts a few years or in the most extreme cases much less before moderating or ending. There is no well-defined threshold. It is best described by a listing of cases, which vary enormously. The numerous cases have provided a testing ground for theories of monetary dynamics reported in a vast literature.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Bibliography
Bailey, M. 1956. The welfare cost of inflationary finance. Journal of Political Economy 64, April, 93–110.
Barro, R.J. 1970. Inflation, the payments period and the demand for money. Journal of Political Economy 78, November/December, 1228–63.
Bomberger, W.A. and Makinen, G.E. 1983. The Hungarian hyperinflation and stabilization of 1945–46. Journal of Political Economy 91, October, 801–24.
Bresciani-Turroni, C. 1931. The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany: 1914–1923. Trans., London: Allen & Unwin, 1937.
Cagan, P. 1956. The monetary dynamics of hyperinflation. In Studies in the Quantity Theory of Money, ed. M. Friedman, Chicago: University of Chicago Press.
Edwards, S. 1985. Stabilization with liberalization: an evaluation of ten years of Chile’s experiment with free-market policies, 1973–1983. Economic Development and Cultural Change 33, January, 223–54.
Frenkel, J.A. 1977. The forward exchange rate, expectations, and the demand for money: the German hyperinflation. American Economic Review 67, September, 653–70.
Makinen, G.E. 1984. The Greek stabilization of 1944–46. American Economic Review 74, December, 1067–74.
Meiselman, D. (ed.) 1970. Varieties of Monetary Experience. Chicago: University of Chicago Press.
Muth, J. 1960. Optimal properties of exponentially weighted forecasts. Journal of the American Statistical Association 55, June, 299–306.
Protopapadakis, A. 1983. The endogeneity of money during the German hyperinflation: a reappraisal. Economic Inquiry 21, January, 72–92.
Sargent, T.J. 1977. The demand for money during hyperinflation under rational expectations I. International Economic Review 18, February, 59–82.
Sargent, T.J. 1982. The ends of four big inflations. In Inflation: Causes and Effects, ed. R. Hall, Chicago: University of Chicago Press.
Sargent, TJ. and Wallace, N. 1973. ‘Rational’ expectations and the dynamics of hyperinflation. International Economic Review 14, June, 328–50.
Webb, S.B. 1984. The supply of money and Reichsbank financing of government and corporate debt in Germany, 1919–1923. Journal of Economic History 44, June, 499–507.
Editor information
Copyright information
© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Cagan, P. (1989). Hyperinflation. In: Eatwell, J., Milgate, M., Newman, P. (eds) Money. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19804-7_20
Download citation
DOI: https://doi.org/10.1007/978-1-349-19804-7_20
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-49527-8
Online ISBN: 978-1-349-19804-7
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)