Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?
用无限期最大化模型研究投机性恶性通胀（与货币增长无关的爆炸性价格路径）能否成为理性预期下的均衡路径，发现纯法币制度下难以排除，但政府用最低赎回价值部分支持货币时则不可能。
This paper uses an infinite-horizon model based on individual maximizing behavior to study whether explosive price-level paths unrelated to monetary growth--speculative hyperinflations--can be equilibrium paths under rational expectations. In a pure fiat money regime, speculative hyperinflations can be excluded only through severe restrictions on individual preferences; but when the government fractionally backs the currency by guaranteeing a minimal real redemption value for money, speculative hyperinflations are impossible, even if agents are not completely certain that they can redeem their money in any given period. The analysis also confirms that implosive price-level paths and divergent paths for capital asset prices are not equilibria under either monetary regime.