When Money Dies: The Dynamics of Speculative Hyperinflations
研究法定货币在投机性恶性通货膨胀中何时变得一文不值，分析了货币增长率、流动性需求频率、卖方市场势力等因素对货币寿命的影响。
How quickly does a fiat money become valueless? I study the speculative hyperinflation equilibria of continuous-time economies with decentralized markets where money is essential. I establish necessary and sufficient conditions under which money dies in finite time. A necessary condition is that the liquidity return of money grows unbounded as the value of money approaches zero. Under CRRA preferences, the longevity of money shrinks with the money growth rate and the frequency of liquidity needs, but it increases with seller’s market power. Money duration also depends on the strictness of legal restrictions and the rates of return of competing currencies.