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Bursting bubbles: On the rationality of hyperinflations in optimizing models
Authors:Roger E.A. Farmer
Affiliation:University of Pennsylvania, Philadelphia, PA 19104, USA
Abstract:It is well known that perfect foresight maximizing models frequently possess a continuum of equilibria. In some of these equilibria the price level is explosive even in models in which the money supply is constant. This paper shows that a sufficient condition to rule out these unstable paths is given by the assumption that there is a smallest non-zero unit of output.
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