Ran Huang
2 papers · Latest:
General Economics
The Reservation Inflation of Hard Money: Gold-Standard Deflation and the Real Expansion of Nominal Claims, 1873-1896
Gold standard deflation (1873-1896) led to "reservation inflation," where the real value of nominal claims rose despite falling consumer prices.
2604.26248
General EconomicsA phase transition in monetary function explains expansion without inflation
Monetary function is phase-dependent; new money can occupy distinct compartments, explaining why large expansions don't always cause inflation.
2604.24035
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