Arbeitspapier
Are Stationary Hyperinflation Paths Learnable?
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only have access to lagged data, stable inflationary paths emerge only if the proportion of agents with access to contemporaneous data is sufficiently high.
- Language
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 936
- Classification
-
Wirtschaft
- Subject
-
indeterminacy
inflation
stability of equilibria
seigniorage
- Event
-
Geistige Schöpfung
- (who)
-
Adam, Klaus
Evans, George W.
Honkapoja, Seppo
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Adam, Klaus
- Evans, George W.
- Honkapoja, Seppo
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2003
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