These high inflation phenomena challenge our understanding of monetary economics. Episodes of extreme monetary instability make us see the scope and limitations of current theory in clearer perspective. Theories of money and finance that introduce money only so as to determine the nominal scale of non-monetary general equilibrium will not explain the deterioration of economic performance characteristic of high inflations. The authors conclude this study with an exploration of the theoretical issues raised by the anomalous evidence from the high inflations.These high inflation phenomena challenge our understanding of monetary economics.
|Author||:||Daniel Heymann, Axel Leijonhufvud|
|Publisher||:||Oxford University Press - 1995|