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The German Hyperinflation and the Demand for Money Revisited

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Author Info
Michael, P
Nobay, A R
Peel, D A

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Abstract

This paper shows that a remarkably well-defined demand for real balances exists for the German hyperinflation episode, including the final months which have previously been considered as outliers. The authors' econometric analysis exploits the theory of cointegration, given the obvious nonstationarity of the data. Further, they consider two likely sources of misspecification: income variability and the necessity to distinguish between the high inflation and hyperinflation episodes. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 35 (1994)
Issue (Month): 1 (February)
Pages: 1-22
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Handle: RePEc:ier:iecrev:v:35:y:1994:i:1:p:1-22

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  1. Dimitris Georgoutsos & George Kouretas, 2000. "A Multivariate I(2) Cointegration Analysis Of German Hyperinflation," Working Papers 0001, University of Crete, Department of Economics, revised 00 Jul 2001. [Downloadable!]
    Other versions:
  2. Sergey Pekarski, 2007. "Budget deficits and inflation feedback," Working Papers WP13_2007_12, Laboratory for Macroeconomic Analysis. [Downloadable!]
  3. M. Fase, 2007. "Notes and Communications," De Economist, Springer, vol. 155(2), pages 221-238, June. [Downloadable!] (restricted)
  4. Atanas Christev, 2005. "The Hyperinflation Model of Money Demand (or Cagan Revisited): Some New Empirical Evidence from the 1990s," CERT Discussion Papers 0507, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  5. Nielsen, Bent, 2008. "On the Explosive Nature of Hyper-Inflation Data," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(21), pages 1-29. [Downloadable!]
    Other versions:
  6. Stefka Slavova, 2003. "Money demand during hyperinflation and stabilization: Bulgaria, 1991-2000," Applied Economics, Taylor and Francis Journals, vol. 35(11), pages 1303-1316, July. [Downloadable!] (restricted)
  7. Fernando de Holanda Barbosa & Tito Nícias Teixeira da Silva Filho, 2008. "Testing Hyperinflation Theories Using the Inflation Tax Curve: A Case Study," Working Papers Series 166, Central Bank of Brazil, Research Department. [Downloadable!]
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