Are hyperinflation paths learnable?
نویسندگان
چکیده
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. These paths are shown to be stable under least squares learning if agents can utilize contemporaneous data. In an economy with a mixture of agents, some of whom only have access to lagged data, stable hyperinflationary paths emerge only if the proportion of agents with access to contemporaneous data is suf-
منابع مشابه
Are Stationary Hyperinflation Paths Learnable?∗
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under learning if agents can utilize ...
متن کاملExplosive Hyperinflation, Inflation Tax Laffer Curve and Modeling the Use of Money∗
This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-i...
متن کاملIntegrated Process Planning and Active Scheduling in a Supply Chain-A Learnable Architecture Approach
Through the lens of supply chain management, integrating process planning decisions and scheduling plans becomes an issue of great challenge and importance. Dealing with the problem paves the way to devising operation schedules with minimum makespan; considering the flexible process sequences, it can be viewed as a fundamental tool for achieving the scheme, too. To deal with this integration, t...
متن کاملEffect of Lung Manual Hyperinflation (MHI) on Oxygenation of Patients Following Abdominal Surgery and T-Tube Support
Background: Postoperative pulmonary complications (PPC) are of the major reasons for death. Prolonged mechanical ventilation (PMV) and delayed extubation are leading to the incidence of more seriously complications. The effect of hyperinflation has not been investigated in control of these complications in patients who have been weaned from mechanical ventilation and are undergoing T-tube suppo...
متن کاملAssessment of hyperinflation in children with cystic fibrosis.
BACKGROUND Radiological estimates of hyperinflation are used in several clinical and radiographic scoring systems for cystic fibrosis, but it is not known if these estimates of hyperinflation are related to measured total lung capacity. METHODS Comparison was made of independent clinical estimates of hyperinflation from chest radiographs with objective plethysmographic and radiographic measur...
متن کامل