The Hyperinflation Model of Money Demand Revisited
提出一种在弱假设下检验货币需求恶性通胀模型的方法，可高效估计参数并检验理性预期假设，并用欧洲恶性通胀经典数据验证。
In this paper we propose a test of the hyperinflation model of money demand which is valid under any assumption concerning agents' expectations, subject only to the restriction that forecasting errors are stationary. It is also demonstrated that highly efficient parameter estimates can be obtained, and restrictions on them tested, under the same weak assumption. Finally, it is shown how these first-stage estimates can be utilized to test the stronger assumption of rational expectations. The arguments are illustrated by analysis of the classic data on European hyperinflations previously analyzed by Cagan (1956), Barro (1970) and Abel, Dornbusch, Huizinga and Marcus (1979). Copyright 1991 by Ohio State University Press.