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Can the Release of a Monetary Overhang Trigger Hyperinflation? [electronic resource] Osband, Kent.

Author/Creator:
Osband, Kent.
Publication:
Washington, D.C. : International Monetary Fund, 1992.
Format/Description:
Government document
Book
1 online resource (36 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 92/24.
IMF Working Papers; Working Paper No. 92/24
Status/Location:
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Local subjects:
Benefits. (search)
Centrally planned economies. (search)
Control of inflation. (search)
Economic models. (search)
Expectations of inflation. (search)
High inflation. (search)
Inflation. (search)
Inflation rate. (search)
Inflation rates. (search)
Inflationary impact. (search)
Inflationary spiral. (search)
Minimum wages. (search)
Monetary phenomena. (search)
Money stock. (search)
Money supply. (search)
Nominal interest rate. (search)
Price decontrols. (search)
Price level. (search)
Rate of inflation. (search)
Rates of inflation. (search)
Real interest rate. (search)
Real money. (search)
Real output. (search)
Real value. (search)
Real wages. (search)
Salaries. (search)
Stock of money. (search)
Wage. (search)
Wage adjustment. (search)
Wage adjustments. (search)
Wage controls. (search)
Wage earners. (search)
Wage equations. (search)
Wage freeze. (search)
Wage increases. (search)
Wage indexation. (search)
Wage inflation. (search)
Wage taxes. (search)
Wages. (search)
France. (search)
Greece. (search)
Hungary. (search)
Italy. (search)
Poland. (search)
Summary:
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.
Notes:
Description based on print version record.
Contributor:
Lin, Shoukang.
Osband, Kent.
Other format:
Print Version:
ISBN:
1451920954:
9781451920956
ISSN:
1018-5941
Publisher Number:
10.5089/9781451920956.001
Access Restriction:
Restricted for use by site license.