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It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation, and to (ii) discrepancies between “estimated” and “actual” inflation tax. Using data from the extreme Yugoslavian hyper-inflation it is shown that a linear analysis of levels of prices and money fails in addressing these issues even when the explosiveness is taken into account. The explanation is that log real money has random walk behaviour while the growth of log prices is explosive. A simple solution to these issues is found by replacing the conventional measure of inflation by the cost of holding money."},"dsDescriptionDate":{"typeName":"dsDescriptionDate","multiple":false,"typeClass":"primitive","value":"2008"}}]},{"typeName":"keyword","multiple":true,"typeClass":"compound","value":[{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Cost of holding money"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Co-explosiveness"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Co-integration"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Explosive processes"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Hyperinflation"}}]},{"typeName":"topicClassification","multiple":true,"typeClass":"compound","value":[{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"C32"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"E41"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}}]},{"typeName":"publication","multiple":true,"typeClass":"compound","value":[{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Pavle Petrovic and Zorica Mladenovic (2000). Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia. Journal of Money Credit and Banking 32 (4),  pp. 785-806"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Pavle Petrovic and Zorica Mladenovic (2000). Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia. Journal of Money Credit and Banking 32 (4),  pp. 785-806"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Bent Nielsen (2008). On the Explosive Nature of Hyper-Inflation Data. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-21. <a href=\"http://www.economics-ejournal.org/economics/journalarticles/2008-21\"> http://www.economics-ejournal.org/economics/journalarticles/2008-21</a>"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Pavle Petrovic and Zorica Mladenovic (2000). Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia. Journal of Money Credit and Banking 32 (4),  pp. 785-806"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Bent Nielsen (2008). On the Explosive Nature of Hyper-Inflation Data. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-21. <a href=\"http://www.economics-ejournal.org/economics/journalarticles/2008-21\"> http://www.economics-ejournal.org/economics/journalarticles/2008-21</a>"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Bent Nielsen (2008). On the Explosive Nature of Hyper-Inflation Data. Economics Discussion Papers, No 2008-9. <a href=\"http://www.economics-ejournal.org/economics/discussionpapers/2008-9\">  http://www.economics-ejournal.org/economics/discussionpapers/2008-9 </a>"}}]},{"typeName":"productionDate","multiple":false,"typeClass":"primitive","value":"2008"},{"typeName":"distributor","multiple":true,"typeClass":"compound","value":[{"distributorName":{"typeName":"distributorName","multiple":false,"typeClass":"primitive","value":"Economics: The Open-Access, Open-Assessment E-Journal"},"distributorURL":{"typeName":"distributorURL","multiple":false,"typeClass":"primitive","value":"http://www.economics-ejournal.org/"},"distributorLogoURL":{"typeName":"distributorLogoURL","multiple":false,"typeClass":"primitive","value":"http://www.economics-ejournal.org/logo.png"}}]},{"typeName":"distributionDate","multiple":false,"typeClass":"primitive","value":"2008"},{"typeName":"dateOfDeposit","multiple":false,"typeClass":"primitive","value":"2009-10-05"},{"typeName":"timePeriodCovered","multiple":true,"typeClass":"compound","value":[{"timePeriodCoveredStart":{"typeName":"timePeriodCoveredStart","multiple":false,"typeClass":"primitive","value":"1990-12"},"timePeriodCoveredEnd":{"typeName":"timePeriodCoveredEnd","multiple":false,"typeClass":"primitive","value":"1994-01"}}]},{"typeName":"kindOfData","multiple":true,"typeClass":"primitive","value":["aggregate data"]}]},"geospatial":{"displayName":"Geospatial Metadata","name":"geospatial","fields":[{"typeName":"geographicCoverage","multiple":true,"typeClass":"compound","value":[{"otherGeographicCoverage":{"typeName":"otherGeographicCoverage","multiple":false,"typeClass":"primitive","value":"Yugoslavia"}}]}]},"socialscience":{"displayName":"Social Science and Humanities Metadata","name":"socialscience","fields":[{"typeName":"timeMethod","multiple":false,"typeClass":"primitive","value":"time series"},{"typeName":"frequencyOfDataCollection","multiple":false,"typeClass":"primitive","value":"monthly"}]}},"files":[{"description":"zip file inlcuding exhange rate, narrow money, retail prices dat files as well as the PcGive files ","label":"MS-169-other_sub-bnielsen.zip","restricted":false,"version":1,"datasetVersionId":51620,"categories":["2. 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