The role of income in money demand during hyper-inflation: the case of Yugoslavia.
During extreme hyper-inflations productivity tends to fall dramatically. Yet, in models of money demand in hyper-inflation variables such as real income has been given a somewhat passive role, either assuming it exogenous or to have a negligible role. In this paper we use an empirical methodology ba...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
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Nuffield College (University of Oxford)
2009
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| _version_ | 1797051319876321280 |
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| author | Mladenović, Z Nielsen, B |
| author_facet | Mladenović, Z Nielsen, B |
| author_sort | Mladenović, Z |
| collection | OXFORD |
| description | During extreme hyper-inflations productivity tends to fall dramatically. Yet, in models of money demand in hyper-inflation variables such as real income has been given a somewhat passive role, either assuming it exogenous or to have a negligible role. In this paper we use an empirical methodology based on cointegrated vector autoregressions to analyse data from the extreme Yugoslavian episode to investigate the role of income. The analysis suggests that even in extreme hyper-inflation the monetary variables and real income are simultaneously determined. The methodology enables a description of the short term adjustment of the variables considered. |
| first_indexed | 2024-03-06T18:17:49Z |
| format | Working paper |
| id | oxford-uuid:053c3815-8988-4373-8631-a5e5b3cf7b70 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T18:17:49Z |
| publishDate | 2009 |
| publisher | Nuffield College (University of Oxford) |
| record_format | dspace |
| spelling | oxford-uuid:053c3815-8988-4373-8631-a5e5b3cf7b702022-03-26T08:55:57ZThe role of income in money demand during hyper-inflation: the case of Yugoslavia.Working paperhttp://purl.org/coar/resource_type/c_8042uuid:053c3815-8988-4373-8631-a5e5b3cf7b70EnglishDepartment of Economics - ePrintsNuffield College (University of Oxford)2009Mladenović, ZNielsen, BDuring extreme hyper-inflations productivity tends to fall dramatically. Yet, in models of money demand in hyper-inflation variables such as real income has been given a somewhat passive role, either assuming it exogenous or to have a negligible role. In this paper we use an empirical methodology based on cointegrated vector autoregressions to analyse data from the extreme Yugoslavian episode to investigate the role of income. The analysis suggests that even in extreme hyper-inflation the monetary variables and real income are simultaneously determined. The methodology enables a description of the short term adjustment of the variables considered. |
| spellingShingle | Mladenović, Z Nielsen, B The role of income in money demand during hyper-inflation: the case of Yugoslavia. |
| title | The role of income in money demand during hyper-inflation: the case of Yugoslavia. |
| title_full | The role of income in money demand during hyper-inflation: the case of Yugoslavia. |
| title_fullStr | The role of income in money demand during hyper-inflation: the case of Yugoslavia. |
| title_full_unstemmed | The role of income in money demand during hyper-inflation: the case of Yugoslavia. |
| title_short | The role of income in money demand during hyper-inflation: the case of Yugoslavia. |
| title_sort | role of income in money demand during hyper inflation the case of yugoslavia |
| work_keys_str_mv | AT mladenovicz theroleofincomeinmoneydemandduringhyperinflationthecaseofyugoslavia AT nielsenb theroleofincomeinmoneydemandduringhyperinflationthecaseofyugoslavia AT mladenovicz roleofincomeinmoneydemandduringhyperinflationthecaseofyugoslavia AT nielsenb roleofincomeinmoneydemandduringhyperinflationthecaseofyugoslavia |