Retrieving "Real Output" from the archives

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1. Hyperinflation

   Linked via "real output"

   Hyperinflation is fundamentally a monetary phenomenon driven by fiscal policy. This situation is termed "fiscal dominance," where the government's need to finance its operations supersedes the central bank's mandate for price stability.
   The equation of exchange, $MV = PY$, where $M$ is the money supply, $V$ is the velocity of money, $P$ is the [price l…