Hiperinflação e o regime das políticas monetária e fiscal

Abstract

This paper analyzes the dynamics of hyperinflation in two types of monetary fiscal policy regime. Under the regime of passive monetary fiscal policy, the Central Bank is obliged to finance the Treasury's deficit, whereas under the active monetary policy the Central Bank is free to choose the rate of monetary expansion. The economy is characterized by a dynamic system of two differential equations, and its qualitative structure may change when the model's parameters change in value (Hopf bifurcation). The dynamic model presented here generalizes several hyperinflation models known in the literature.