The Demand for Money, the "Reform Effect," and the Money Supply Process in Hyperinflation: The Evidence from Greece and Hungary II Reexamined
利用希腊和匈牙利恶性通货膨胀期间新发现的货币与价格数据，重新估计卡甘货币需求方程并重复萨金特和华莱士的因果检验，发现货币是内生的，即价格导致货币变动。
Newly uncovered data on money and prices in Greece and Hungary duri ng their hyperinflations are used to reestimate the Cagan money demand equation and to repeat the Sargent and Wallace causality tests. It is no longer necessary to exclude observations at the end of each episo de on the premise that they represent the response to an anticipated monetary reform. The results for each country now conform to the Sargent and Wallace findings for most other hyperinflation episodes-that causality runs from prices to money (i.e., that money is endogenous). Copyright 1988 by Ohio State University Press.