Strato-inflation and high inflation: the Brazilian experience

Carvalho, de; Cardim, Fernando J.

doi:10.1093/oxfordjournals.cje.a035224

Cited by 5 publications

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“…We can also use the term "wage-cost mark-up relation" to describe the relation that produces inflation. This regime is similar to the "equilibrium inflation regime" in the works of Carvalho (1993), but we prefer to leave aside the term equilibrium to avoid any discussion of this term. 9…”

Section: The Low Inflation Regimementioning

confidence: 99%

“…More precisely, this paper develops a typology of inflation regimes based on some earlier Post-Keynesian and Structuralist contributionsfor instance Robinson (1951), Noyola-Vasquez (1956), Sunkel (1960), Kalecki (1962) and Pazos (1963Pazos ( , 1972 or even Dutt (1987), Lavoie (1992) and Carvalho (1992Carvalho ( , 1993 plus some recent contributions that theoretically and empirically analyze inflation regimes and hyperinflation episodes based on lessons from this earlier literature. This renewed interest in inflation regimes and hyperinflation from a Post-Keynesian/Structuralist perspective includes for instance the works of Marie (2014), Charles and Marie (2016, Setterfield (2015, 2020), Vera (2017), Kulesza (2017), Drabo (2018), or Desmedt (2021).…”

Section: Introductionmentioning

confidence: 99%

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Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology

Bastian,

Charles,

Marie

2024

Cambridge Journal of Economics

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The article proposes a typology of inflation regimes based on the Post-Keynesian and structuralist literature. We identify three separate regimes: the low, moderate and high inflation regimes. Hyperinflation is also defined and described. Each regime presents different characteristics. We identify the key role played by the distributive conflict between workers and capitalists in all the regimes, the role played by the indexation of wages on domestic prices in the moderate and high inflation regimes and the specific roles played by the widespread indexation on a short-term basis in the high inflation regime. Hyperinflation is explained by self-fulfilling prophecies about exchange rate variations and by the rejection of the domestic currency.

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Section: The Low Inflation Regimementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology

Bastian,

Charles,

Marie

2024

Cambridge Journal of Economics

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Inflation and stabilization in Brazil: a political economy analysis

Saad‐Filho

Mollo

2002

Review of Radical Political Economics

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How Israel avoided hyperinflation. The success of its 1985 stabilization plan in the light of post-Keynesian theory

Charles

Marie

2019

Review of International Political Economy

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This article uses a post-Keynesian framework to analyse the inflationary process at work from 1948 until the 1980s in an attempt to understand the origins of the near-hyperinflation of the first semester 1985 and the success of the stabilization plan introduced that same summer. In 1985 the shekel seems to have been entirely abandoned by its users for the U.S. dollar, which, in the context of high inflation of the time should have caused hyperinflation. Such an outcome results from the conjunction of several factors: the historic virulence of the distribution conflict, the presence of indexation mechanisms, and the fragility of the balance of payments marked by a structural current deficit. The stabilization plan, supported by substantial U.S. financial aid, immediately attenuated the external financing constraint and lastingly eased the distribution conflict, thereby averting the hyperinflationary risks. Analysis of this historical trajectory confirms the theoretical coherence of the post-Keynesian analysis of hyperinflation.

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Strato-inflation and high inflation: the Brazilian experience

Cited by 5 publications

References 0 publications

Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology

Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology

Inflation and stabilization in Brazil: a political economy analysis

How Israel avoided hyperinflation. The success of its 1985 stabilization plan in the light of post-Keynesian theory

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