Transition from inflation to price stability
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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Volume (Year): 16 (1982)
Issue (Month): 1 (January)
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References listed on IDEAS
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- 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.
- Thomas J. Sargent, 1981.
"The ends of four big inflations,"
158, Federal Reserve Bank of Minneapolis.
- 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.
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- Okun, Arthur M, 1978. "Efficient Disinflationary Policies," American Economic Review, American Economic Association, vol. 68(2), pages 348-52, May.
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- Lucas, Robert E, Jr, 1978. "Unemployment Policy," American Economic Review, American Economic Association, vol. 68(2), pages 353-57, May.
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- Cagan, Phillip, 1980. "Reflections on Rational Expectations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 826-32, November.
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