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

Author

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  • Laidler, David E W
  • Stadler, George W

Abstract

Contemporary analyses of the Weimar Hyperinflation by L. Albert Hahn, Ladislaus von Bortkiewicz, and Ludwig von 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, related to 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 modern treatments of the topic.

Suggested Citation

  • Laidler, David E W & Stadler, George W, 1998. "Monetary Explanations of the Weimar Republic's Hyperinflation: Some Neglected Contributions in Contemporary German Literature," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 816-831, November.
    • Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:4:p:816-31
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    Cited by:

    1. Evdokimova, Tatyana (Евдокимова, Татьяна) & Nevskiy, Sergey (Невский, Сергей), 2016. "Institutional Reforms and Economic Policy of the Cabinets of the Weimar Republic in the 1919–1924s [Институциональные Реформы И Экономическая Политика Кабинетов Веймарской Республики В 1919–1924 Го," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 3, pages 176-208, June.
    2. Hagemann, Harald, 2010. "L. Albert Hahn's Economic Theory of Bank Credit," Department of Economics Working Paper Series 134, WU Vienna University of Economics and Business.
    3. Richard Simmons & Paolo Dini & Nigel Culkin & Giuseppe Littera, 2021. "Crisis and the Role of Money in the Real and Financial Economies—An Innovative Approach to Monetary Stimulus," JRFM, MDPI, vol. 14(3), pages 1-28, March.
    4. Barkhausen, David & Teupe, Sebastian, 2023. "The German inflation trauma: Weimar's policy lessons between persistence and reconstruction," Working Papers 40, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.
    5. Simmons, Richard & Dini, Paolo & Culkin, Nigel & Littera, Giuseppe, 2021. "Crisis and the role of money in the real and financial economies: an innovative approach to monetary stimulus," LSE Research Online Documents on Economics 110904, London School of Economics and Political Science, LSE Library.
    6. Stanley Fischer & Ratna Sahay & Carlos A. Végh, 2002. "Modern Hyper- and High Inflations," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 837-880, September.
    7. Robert L. Hetzel, 2002. "German monetary history in the first half of the twentieth century," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-35.

    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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