The German Hyperinflation and the Demand for Money Revisited
AbstractThis 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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Bibliographic InfoArticle 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)
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- Atanas Christev, 2005. "The Hyperinflation Model of Money Demand (or Cagan Revisited): Some New Empirical Evidence from the 1990s," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 0507, Centre for Economic Reform and Transformation, Heriot Watt University.
- Bent Nielsen & Zorica Mladenovic, 2009.
"The role of income in money demand during hyper-inflation: the case of Yugoslavia,"
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2009-W02, University of Oxford, Department of Economics.
- Zorica Mladenovic & Bent Nielsen, 2009. "The role of income in money demand during hyper-inflation: the case of Yugoslavia," Economics Papers 2009-W02, Economics Group, Nuffield College, University of Oxford.
- Topal, yavuz Han, 2013. "On the tracks of Zimbabwe’s Hyperinflation: A Quantitative Investigation," MPRA Paper 56117, University Library of Munich, Germany.
- 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.
- Dimitris Georgoutsos & George Kouretas, 2000.
"A Multivariate I(2) Cointegration Analysis Of German Hyperinflation,"
Working Papers, University of Crete, Department of Economics
0001, University of Crete, Department of Economics, revised 00 Jul 2001.
- Dimitris Georgoutsos & Georgios Kouretas, 2004. "A Multivariate I(2) cointegration analysis of German hyperinflation," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(1), pages 29-41.
- Engsted, Tom, 1998. "Money Demand During Hyperinflation: Cointegration, Rational Expectations, and the Importance of Money Demand Shocks," Journal of Macroeconomics, Elsevier, Elsevier, vol. 20(3), pages 533-552, July.
- Choudhry, T., 1998. "Another visit to the Cagan model of money demand: the latest Russian experience," Journal of International Money and Finance, Elsevier, Elsevier, vol. 17(2), pages 355-376, April.
- Mladenovic, Zorica & Petrovic, Pavle, 2010. "Cagan's paradox and money demand in hyperinflation: Revisited at daily frequency," Journal of International Money and Finance, Elsevier, Elsevier, vol. 29(7), pages 1369-1384, November.
- Lee, S. R. & Tang, D. P. & Wong, K. Matthew, 2000. "Stock returns during the German hyperinflation," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 40(3), pages 375-386.
- M. Fase, 2007. "Notes and Communications," De Economist, Springer, Springer, vol. 155(2), pages 221-238, June.
- Stefka Slavova, 2003. "Money demand during hyperinflation and stabilization: Bulgaria, 1991-2000," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(11), pages 1303-1316.
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