Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/17981
Authors: 
Nielsen, Bent
Year of Publication: 
2008
Series/Report no.: 
Economics Discussion Papers / Institut für Weltwirtschaft 2008-9
Abstract: 
Empirical analyses of Cagan?s money demand schedule for hyper-inflation have largely ignored the explosive nature of hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation, and to (ii) discrepancies between ?estimated? and ?actual? inflation tax. A simple solution to these issues is found by replacing the conventional measure of inflation by the cost of holding money.
Subjects: 
Cost of holding money
co-explosiveness
co-integration
explosive processes
hyper-inflation
JEL: 
E41
C32
Creative Commons License: 
http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type: 
Working Paper

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