Modelos Ortodoxos de Inflação Alta: Uma Análise Crítica / Orthodox High-Inflation Models: a Critical Analysis

AUTOR(ES)

Lima, Luiz Antônio De Oliveira

DATA DE PUBLICAÇÃO

24/11/2005

RESUMO

This paper argues that orthodox models of high inflation for developing countries, based on seminal Cagan's model of hyperinflation, present some weak points by ignoring the complexity brought to the economy by high inflation, as well as by assuming that economic agents can dwell in this situation because they are endowed with an "unbounded rationality" to take their decisions. The paper argues too, that in order to understand this process and to suggest proper policies, it is necessary to recognize that a desinflationary process requires gradual policies that allow economic agents to adjust their behavior to the new circumstances that are brought about by these policies. The hypothesis to make about this behavior is that is characterized by a "bounded rationality".

ASSUNTO(S)

inflação alta racionalidade ilimitada racionalidade limitada complexidade

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