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Can the Release of a Monetary Overhang Trigger Hyperinflation?
Shoukang LinKent Osband
出版International Monetary Fund, 1992-03-01
主題Business & Economics / Labor / GeneralBusiness & Economics / InflationBusiness & Economics / Investments & Securities / Bonds
ISBN14519209549781451920956
URLhttp://books.google.com.hk/books?id=U4YYEAAAQBAJ&hl=&source=gbs_api
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註釋It is widely feared that, once prices are decontrolled in the formerly centrally–planned economies, households’ release of previously accumulated money will trigger a hyperinflation. This paper finds, instead, that whether a country’s fiscal, monetary, and labor market policies are destabilizing typically does not depend on the money stock. However, the release of a monetary overhang can precipitate a large initial real wage shock. To the extent such a shock is not feasible politically, there is a motive for monetary reform, which must be weighed against the cost of reduced public confidence in money.