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Monetary Explanations of the Weimar Republic's Hyperinflation: Some Neglected Contributions in Contemporary German Literature

David E. Laidler and George W. Stadler
Journal of Money, Credit and Banking
Vol. 30, No. 4 (Nov., 1998), pp. 816-831
DOI: 10.2307/2601130
Stable URL: http://www.jstor.org/stable/2601130
Page Count: 16
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Monetary Explanations of the Weimar Republic's Hyperinflation: Some Neglected Contributions in Contemporary German Literature
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Abstract

Contemporary analyses of the Weimar hyperinflation, by Hahn, Bortkiewicz, and Mises, have been inadequately appreciated by earlier commentators. They used the quantity theory, supplemented by analysis of inflation expectations, to explain hyperinflation's stylized facts. The latter two treated expectations as forward looking, and raised the fiscal situation, in the spirit of Sargent's later analysis. They also argued that the effects of expectations on price-setting behavior could create a shortfall of money currently in circulation from the demand for it, thus sketching a disequilibrium analysis of hyperinflation that has no exact parallel in modem treatments of the topic.

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