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Hyperinflation, Illustrated

Summary:
Phillip Cagan (1956,“The Monetary Dynamics of Hyperinflation”. Studies in the Quantity Theory of Money,” edited by Milton Friedman (1956), pp.25-1) defined hyperinflation as inflation in excess of 50% per month (or about 13,000% annualized). Figure 1: Month-on-month CPI inflation, % (blue), and Cagan’s (1956) definition of hyperinflation. Source: BLS, and author’s calculations.

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Phillip Cagan (1956,“The Monetary Dynamics of Hyperinflation”. Studies in the Quantity Theory of Money,” edited by Milton Friedman (1956), pp.25-1) defined hyperinflation as inflation in excess of 50% per month (or about 13,000% annualized).

Hyperinflation, Illustrated

Figure 1: Month-on-month CPI inflation, % (blue), and Cagan’s (1956) definition of hyperinflation. Source: BLS, and author’s calculations.

Menzie Chinn
He is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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