Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18034
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dc.contributor.authorNielsen, Benten_US
dc.date.accessioned2009-01-28T15:06:16Z-
dc.date.available2009-01-28T15:06:16Z-
dc.date.issued2008en_US
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal |v2 |h2008-21 |p1-29 |qdoi:10.5018/economics-ejournal.ja.2008-21-
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2008-21-
dc.identifier.urihttp://hdl.handle.net/10419/18034-
dc.description.abstractEmpirical 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. Using data from the extreme Yugoslavian hyper-inflation it is shown that a linear analysis of levels of prices and money fails in addressing these issues even when the explosiveness is taken into account. The explanation is that log real money has random walk behaviour while the growth of log prices is explosive. A simple solution to these issues is found by replacing the conventional measure of inflation by the cost of holding money.en_US
dc.language.isoengen_US
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen_US
dc.subject.jelC32en_US
dc.subject.jelE41en_US
dc.subject.ddc330en_US
dc.subject.keywordCost of holding moneyen_US
dc.subject.keywordco-explosivenessen_US
dc.subject.keywordco-integrationen_US
dc.subject.keywordexplosive processesen_US
dc.subject.keywordhyperinflationen_US
dc.subject.stwHyperinflationen_US
dc.subject.stwPreisstatistiken_US
dc.subject.stwInflationssteueren_US
dc.subject.stwGeldnachfrageen_US
dc.subject.stwKostenen_US
dc.subject.stwSchätzungen_US
dc.subject.stwTheorieen_US
dc.subject.stwJugoslawien - Nachfolgestaatenen_US
dc.titleOn the Explosive Nature of Hyper-Inflation Dataen_US
dc.typeArticleen_US
dc.identifier.ppn570711282en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:7334-

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