{"id":"https://openalex.org/W2000297635","doi":"https://doi.org/10.2307/1992365","title":"Budget Deficits, Stability, and the Monetary Dynamics of Hyperinflation","display_name":"Budget Deficits, Stability, and the Monetary Dynamics of Hyperinflation","publication_year":1989,"publication_date":"1989-05-01","ids":{"openalex":"https://openalex.org/W2000297635","doi":"https://doi.org/10.2307/1992365","mag":"2000297635"},"language":"en","primary_location":{"id":"doi:10.2307/1992365","doi":"https://doi.org/10.2307/1992365","is_oa":false,"landing_page_url":"https://doi.org/10.2307/1992365","pdf_url":null,"source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045402705","display_name":"Miguel A. Kiguel","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Miguel A. Kiguel","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5045402705"],"corresponding_institution_ids":[],"apc_list":{"value":3800,"currency":"USD","value_usd":3800},"apc_paid":null,"fwci":13.237,"has_fulltext":false,"cited_by_count":61,"citation_normalized_percentile":{"value":0.98400492,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"21","issue":"2","first_page":"148","last_page":"148"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.00559999980032444,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/hyperinflation","display_name":"hyperinflation","score":0.9990000128746033},{"id":"https://openalex.org/keywords/budget-deficit","display_name":"budget deficit","score":0.968999981880188},{"id":"https://openalex.org/keywords/inflationary-finance","display_name":"inflationary finance","score":0.9430000185966492},{"id":"https://openalex.org/keywords/monetary-dynamics","display_name":"monetary dynamics","score":0.746999979019165},{"id":"https://openalex.org/keywords/fiscal-policy-effectiveness","display_name":"fiscal policy effectiveness","score":0.6610000133514404},{"id":"https://openalex.org/keywords/macroeconomic-stability","display_name":"macroeconomic stability","score":0.6970000267028809},{"id":"https://openalex.org/keywords/rational-expectations","display_name":"rational expectations","score":0.875}],"concepts":[{"id":"https://openalex.org/C38935604","wikidata":"https://www.wikidata.org/wiki/Q4330363","display_name":"Stylized fact","level":2,"score":0.8904850482940674},{"id":"https://openalex.org/C91102366","wikidata":"https://www.wikidata.org/wiki/Q185565","display_name":"Hyperinflation","level":3,"score":0.8390380144119263},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8360947966575623},{"id":"https://openalex.org/C45619296","wikidata":"https://www.wikidata.org/wiki/Q17010135","display_name":"Deficit spending","level":3,"score":0.6994200348854065},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.6602048873901367},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.5505971908569336},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5503414273262024},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.5136725306510925},{"id":"https://openalex.org/C8505890","wikidata":"https://www.wikidata.org/wiki/Q605095","display_name":"Budget constraint","level":2,"score":0.4235977232456207},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.41713234782218933},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.4147909879684448},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.12327879667282104},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.11000856757164001},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2307/1992365","doi":"https://doi.org/10.2307/1992365","is_oa":false,"landing_page_url":"https://doi.org/10.2307/1992365","pdf_url":null,"source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:mcb:jmoncb:v:21:y:1989:i:2:p:148-57","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0022-2879%28198905%2921%3A2%3C148%3ABDSATM%3E2.0.CO%3B2-%23&origin=bc","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","score":0.550000011920929,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":19,"referenced_works":["https://openalex.org/W1554476592","https://openalex.org/W1565974557","https://openalex.org/W1568976860","https://openalex.org/W1861520134","https://openalex.org/W1941567695","https://openalex.org/W1978736497","https://openalex.org/W1980978596","https://openalex.org/W1987228277","https://openalex.org/W2013049339","https://openalex.org/W2022899622","https://openalex.org/W2030316820","https://openalex.org/W2109489064","https://openalex.org/W2120457443","https://openalex.org/W2142741054","https://openalex.org/W2173807909","https://openalex.org/W2332835571","https://openalex.org/W2797068797","https://openalex.org/W2891248820","https://openalex.org/W3122560842"],"related_works":["https://openalex.org/W4385472021","https://openalex.org/W7110541907","https://openalex.org/W7221160782","https://openalex.org/W1993579085","https://openalex.org/W2164178178","https://openalex.org/W155779406","https://openalex.org/W2267426714","https://openalex.org/W2533087746","https://openalex.org/W7100460426","https://openalex.org/W2606147132"],"abstract_inverted_index":{"Hyperinflationary":[0],"processes":[1],"usually":[2],"occur":[3],"in":[4,52,87,90],"countries":[5],"with":[6,16,41],"extremely":[7],"large":[8,22,65],"budget":[9,23,66],"deficits.":[10],"In":[11],"models":[12],"of":[13,31,55,84],"inflationary":[14,62],"finance":[15,63],"rational":[17],"expectations":[18],"(e.g.,":[19],"Buiter":[20],"[1987]),":[21],"deficits":[24,67],"cannot":[25],"lead":[26],"to":[27,35],"hyperinflation.":[28,74],"The":[29,75],"purpose":[30],"this":[32],"paper":[33,76],"is":[34],"reconcile":[36],"the":[37,42,53,56,60,70,82,88],"standard":[38,61],"theoretical":[39],"model":[40],"stylized":[43],"facts.":[44],"It":[45],"shows":[46],"that":[47,95],"by":[48,103],"introducing":[49],"a":[50],"lag":[51],"adjustment":[54],"money":[57],"market":[58],"into":[59],"model,":[64],"are":[68],"indeed":[69],"main":[71],"reason":[72],"for":[73,81],"also":[77],"provides":[78],"an":[79],"explanation":[80],"ineffectiveness":[83],"moderate":[85],"reductions":[86],"deficit":[89],"reducing":[91],"inflation":[92],"and":[93],"argues":[94],"fiscal":[96],"lags":[97],"can":[98],"be":[99],"destabilizing.":[100],"Copyright":[101],"1989":[102],"Ohio":[104],"State":[105],"University":[106],"Press.":[107]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}