| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12606 |
| 来源ID | Working Paper 12606 |
| The Conquest of South American Inflation | |
| Thomas Sargent; Noah Williams; Tao Zha | |
| 发表日期 | 2006-10-20 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We infer determinants of Latin American hyperinflations and stabilizations by using the method of maximum likelihood to estimate a hidden Markov model that potentially assigns roles both to fundamentals in the form of government deficits that are financed by money creation and to destabilizing expectations dynamics that can occasionally divorce inflation from fundamentals. Our maximum likelihood estimates allow us to interpret observed inflation rates in terms of variations in the deficits, sequences of shocks that trigger temporary episodes of expectations driven hyperinflations, and occasional superficial reforms that cut inflation without reforming deficits. Our estimates also allow us to infer the deficit adjustments that seem to have permanently stabilized inflation processes. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w12606 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570268 |
| 推荐引用方式 GB/T 7714 | Thomas Sargent,Noah Williams,Tao Zha. The Conquest of South American Inflation. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12606.pdf（1163KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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