Great inflations of the 20th century: theories, policies, and evidence
. . . the book contains an interesting collection of articles. . . Jan Kakes, De Economist In short Pierre Siklos has put together a book that is informative, thought provoking, and fun to read. Bruce D. Smith, Journal of Economic History This book is very interesting and individual chapters were well written and entertaining. Mark Crosby, Economic Record A persistent theme of the book is the use of historical episodes to understand and explain the issues: as a result, there are good stories here as well as good economic analysis. Those new to the literature on great inflations will find much to inform them and whet their appetite for more: those already familiar with many of the papers should still enjoy reading this collection. J. Lynne Evans, The Economic Journal The problems associated with chronically high inflation and hyper inflation continue to preoccupy policy makers and economists. In Great Inflations of the 20th Century, Pierre Siklos has gathered together major papers by a distinguished group of scholars who use historical episodes to understand and explain a key issue. Beginning with general surveys of historical experiences of hyperinflation and cases of chronic inflation, this volume continues with papers on the conditions which are conducive to generating high inflation. The link between monetary policy and inflation is examined through empirical studies of inflationary episodes in Germany, Hungary and Bolivia. The final part looks at how policy makers can seek to end high inflation with the smallest possible economic cost. Bringing together in one accessible volume a series of acclaimed contributions to the field, Great Inflations of the 20th Century will be a key reference resource for interested scholars and policy makers concerned with the myriad of issues surrounding the beginning and end of high or chronic inflation.
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An Analytical Overview
Bolivian 1985 Stabilization
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adjustment advanced inflations Argentina August behaviour Bernholz Bolivia Brazil budget deficit Cagan's cent central bank chronic inflation consumption countries credibility Cukierman decrease demand for money depreciation discount domestic Dornbusch Economic Review effects equation estimates evidence expected inflation Figure fiscal foreign exchange German hyperinflation gold government debt Gresham's Law high inflation Holtfrerich Hungary implies increase individuals inflation rate inflation tax inflationary expectations International Monetary Fund Israel Journal lags Makinen monetary base monetary expansion money and prices money demand money growth money supply month monthly negative nominal interest rate Note paper money period policymakers price level price stability rate of devaluation rate of inflation rate of monetary Rational Expectations real exchange rate real interest rates real money balances real stock real wage Reichsbank reparations result Sargent seigniorage seigniorage revenues Siklos stock of money Stopping Hyperinflations Table Tablita Theory TPPI unemployment Uruguay variables