• Kenneth Rogoff


Revisiting Speculative Hyperinflations in Monetary Models: A Response to Cochrane. Kenneth Rogoff, November 9, 2017, Paper, "This paper responds to an appendix in Cochrane (2011) that characterizes as incorrect a central uniqueness result in Obstfeld and Rogoff (1983). Cochrane purports to show that, despite the existence of partial government backing of currency, there exist speculative pricebubble equilibria in which the price level goes to infinity and government money passes out of use, despite a money supply that itself is not increasing. Here we explain why our original result is, in fact, correct." Link