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

Author

Listed:
  • Eduardo Bastian

    (IE / UFRJ - Instituto de Economia da Universidade Federal do Rio de Janeiro - UFRJ - Universidade Federal do Rio de Janeiro [Brasil] = Federal University of Rio de Janeiro [Brazil] = Université fédérale de Rio de Janeiro [Brésil])

  • Sébastien Charles

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

  • Jonathan Marie

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract
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.

Suggested Citation

  • Eduardo Bastian & Sébastien Charles & Jonathan Marie, 2024. "Inflation regimes and hyperinflation: a Post-Keynesian/structuralist typology," Post-Print hal-04524258, HAL.
    • Handle: RePEc:hal:journl:hal-04524258
    DOI: 10.1093/cje/beae009
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    References listed on IDEAS

    as
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