TY  - UNPD
A1  - Adam, Klaus
A1  - Evans, George W.
A1  - Honkapohja, Seppo
T1  - Are stationary hyperinflation paths learnable?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2004,15
N2  - 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. JEL Klassifikation: C62, D83, D84, E31
T3  - CFS working paper series - 2004, 15 
KW  - Indeterminacy
KW  - inflation
KW  - stability of equilibria
KW  - seigniorage
KW  - Münzgewinn
KW  - Hyperinflation
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4427
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10663
ER  -