Erschienen:
Cambridge, Mass: National Bureau of Economic Research, February 1981
Erschienen in:NBER working paper series ; no. w0635
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w0635
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
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Beschreibung:
In this paper we provide additional evidence that process consistency may have materialized as a restrictive constraint on the money generation process. In addition to recomputing the time series of process consistency probabilities using new data from the German case, we also supply our empirical technique to the data from the other hyperinflations studied by Cagan. We interpret our results as evidence hearing on the type of transversality condition studied by Brock or by Brock and Scheinkman as a sufficient condition to insure a unique equilibrium in optimizing models with perfect foresight and money