"On the Explosive Nature of Hyper-Inflation Data" Bent Nielsen Nuffield College, University of Oxford Abstract: Empirical analyses of Cagan's money demand schedule for hyper- inflation have largely ignored the explosive nature of hyper- inflationary data. 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. A simple solution to these issues is found by replacing the conventional measure of inflation by the cost of holding money.