چه چیزی باعث ابرتورم در زمان انفجار بزرگ می شود: برآمدگی پول و یا اعوجاج ساختاری؟

This paper investigates the unique institutional causes of high inflation in the former centrally planned economies (FCPEs) at the Big Bang and in the following restructuring period. From observed empirical evidence, a model is developed to demonstrate that the main causal factor for high inflation was structural distortion rather than monetary overhang. This price distortion caused the price explosion at the Big Bang and then the chronic inflation and fall in output in the following period. The model concludes that, in the period of structural adjustment, inflation is unavoidable unless prices can be more flexible downward. The FCPEs' government should target money growth only to the extent that structural adjustment is just accommodated, so inflation can be kept to a minimum.