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A Fiscal Theory of Hyperdeflations? Some Surprising Monetarist Arithmetic / Willem H. Buiter.
- Format:
- Book
- Author/Creator:
- Buiter, Willem H.
- Series:
- Technical Working Paper Series (National Bureau of Economic Research) no. t0052.
- NBER technical working paper series no. t0052
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1985.
- Summary:
- The note mines an unsuspected lode in the Sargent-Wallace "Unpleasant Monetarist Arithmetic" deposit. While that model is shown to be incapable of generating hyperinflations as a result of large monetized public sector deficits, it can generate hyperdeflations or perhaps more accurately, the first stages of an unsustainable process of hyperdeflation. The drawing of policy conclusions is left as an exercise for the reader.
- Notes:
- Print version record
- November 1985.
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