When Is Stabilization Expansionary? Evidence from High Inflation
研究高通胀（年通胀率超40%）国家稳定化后的经济表现，发现多数情况下稳定化伴随产出扩张，且这种现象在汇率和货币稳定化中均存在，对理解稳定化政策效果有参考价值。
Countries which stabilize from high inflation – here defined as an annual rate above 40% – usually have output expansions in the first and subsequent years of stabilization. These expansions occur in both exchange-rate-based and money-based stabilizations. The paper reaches these conclusions after examining a sample of all 28 episodes in the international data that meet a pre-defined criterion for stabilization from high inflation. The results do not change with alternative growth and stabilization definitions. The paper documents similar expansionary stabilizations in historical data and in the recent experience of the former Communist economies. Expansionary stabilizations may be an indirect confirmation of recent theories of political economy that predict that stabilization will not occur until the gains are very large. —William Easterly