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Inflation, Interest Rate and Innovations in Pre-WWI Germany (1878-1913)

Author

Listed:
  • Jacek Wallusch
  • Markus Baltzer

Abstract

This paper tries to elucidate the relationship between innovations, interest rate and price movement in Imperial Germany (1878-1913). We use the high-powered patents as a proxy for changes in technology. Using various distributed lag models we found a small, positive and significant response of CPI inflation to the technological shock. No significant influence of interest rates on inflation was found.

Suggested Citation

  • Jacek Wallusch & Markus Baltzer, 2009. "Inflation, Interest Rate and Innovations in Pre-WWI Germany (1878-1913)," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 52(3/4), pages 275-288.
    • Handle: RePEc:bxr:bxrceb:2013/80761
    Note: Numéro Spécial « Vers une nouvelle histoire économique des brevets ?» Editeurs :Claude Diebolt et Karine Pellier
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    More about this item

    Keywords

    Germany; Inflation; Interest rate; Patents;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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