Modern Hyper- and High Inflations
研究了1947年以来市场经济的超级通胀和高通胀（年通胀率超100%）的特征，发现高通胀更不稳定、与财政赤字和铸币税关系密切，且以汇率为名义锚的稳定政策具有扩张效应。
Since 1947, hyperinflations in market economies have been rare. More common have been longer inflationary processes at rates above 100 percent per annum. This paper examines the main characteristics of such very high inflation episodes. We find that (i) almost 20 percent of countries have experienced such episodes; (ii) higher inflation is more unstable; (iii) in high-inflation countries, the relationship between the fiscal balance and seigniorage is strong; (iv) inflation inertia decreases as average inflation rises; (v) high inflation is associated with poor macroeconomic performance; and (vi) stabilizations that rely on the exchange rate as the nominal anchor are expansionary.