Working Paper
Rational expectations, hyperinflation, and the demand for money
Abstract: This paper shows how to derive the family of models in which Cagan?s model of hyperinflation is a rational expectations model. The slope parameter in Cagan?s portfolio balance equation is identified in some of these models and in others it is not?a fact which clarifies results obtained in several recent papers.
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Bibliographic Information
Provider: Federal Reserve Bank of Minneapolis
Part of Series: Working Papers
Publication Date: 1981
Number: 163