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Transition from Inflation to Price Stability

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Author Info
Peter M. Garber

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Abstract

This paper provides a detailed discussion of the real phenomena that materialized in the stabilization period which followed the German hyper-inflation. Significant real dislocations arose after the monetary reform; and these can be attributed to a government policy which subsidized heavy industry through the inflation tax proceeds. The "credibility problem" appears not to have been a significant factor in the post-reform dislocation.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0728.

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Date of creation: Aug 1981
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Handle: RePEc:nbr:nberwo:0728

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lucas, Robert E, Jr, 1978. "Unemployment Policy," American Economic Review, American Economic Association, vol. 68(2), pages 353-57, May. [Downloadable!] (restricted)
  2. Flood, Robert P & Garber, Peter M, 1980. "An Economic Theory of Monetary Reform," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 24-58, February. [Downloadable!] (restricted)
  3. Fellner, William, 1980. "The Valid Core of Rationality Hypotheses in the Theory of Expectations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 763-87, November. [Downloadable!] (restricted)
  4. Laurence H. Meyer & Robert H. Rasche, 1980. "On the costs and benefits of anti-inflation policies," Review, Federal Reserve Bank of St. Louis, issue Feb, pages 3-14. [Downloadable!]
  5. Okun, Arthur M, 1978. "Efficient Disinflationary Policies," American Economic Review, American Economic Association, vol. 68(2), pages 348-52, May.
  6. Taylor, John B, 1975. "Monetary Policy during a Transition to Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 83(5), pages 1009-21, October. [Downloadable!] (restricted)
  7. McCallum, Bennett T, 1980. "Rational Expectations and Macroeconomic Stabilization Policy: An Overview," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 716-46, November. [Downloadable!] (restricted)
  8. Cagan, Phillip, 1980. "Reflections on Rational Expectations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 826-32, November. [Downloadable!] (restricted)
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  1. Leiderman, Leonardo & Liviatan, Nissan, 1989. "Macroeconomic performance before and after disinflation in Israel," Policy Research Working Paper Series 311, The World Bank. [Downloadable!]
  2. Kiguel, Miguel & Liviatan, Nissan, 1990. "The business cycle associated with exchange-rate-based stabilization," Policy Research Working Paper Series 513, The World Bank. [Downloadable!]
  3. Ellis W. Tallman & De-piao Tang & Ping Wang, 2001. "Anticipated Inflation, Real Disturbances and Money Demand: The Case of Chinese Hyperinflation, 1946-49," Working Papers 0134, Department of Economics, Vanderbilt University, revised Dec 2001. [Downloadable!]
  4. Ellis W. Tallman & Ping Wang, 1993. "Money demand and relative prices during episodes of hyperinflation," Research Paper 9307, Federal Reserve Bank of Dallas. [Downloadable!]
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  5. S. Rao Aiyagari & R. Anton Braun & Zvi Eckstein, 1998. "Transaction services, inflation, and welfare," Staff Report 241, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  6. John B. Taylor, 1984. "The Role of Expectations in the Choice of Monetary Policy," NBER Working Papers 1044, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Ellis W. Tallman & De-piao Tang & Ping Wang, 2002. "Nominal and real disturbances and money demand in the Chinese hyperinflation," Working Paper 2002-4, Federal Reserve Bank of Atlanta. [Downloadable!]
  8. Voth, Hans-Joachim, 2002. "With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression," CEPR Discussion Papers 3257, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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