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FTPL and war reparations : the French and German monetary experiences in the Interwar period (In French)

Listed author(s):
  • Jean-Charles ASSELAIN (IFReDE-CMHE GRES, Correspondant de l'Institut)
  • Christian BORDES (TEAM, Université Paris I)
  • Marc-Alexandre SENEGAS (GRAPE, Université Bordeaux IV)

In this paper, we try to investigate the rationale for using the Fiscal Theory of the Price Level (FTPL) as a relevant theoretical framework for analysing French and German monetary experiences in the Interwar period. This approach involves considering the evolution of public debt as the main anchoring factor of the price level through the respect of the intertemporal budget constraint by the public sector. French and german stylized facts, especially during the 1919-1926 period seem at first glance to be in accordance with this relationship. A more precise analysis of the monetary policy implementation suggests, however, that only the weak form (instead of the strong one) of the FTPL could have prevailed. Indeed, the requirement of stable public debt dynamics went hand in hand with the domination of monetary policy by fiscal policy.

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Paper provided by Groupement de Recherches Economiques et Sociales in its series Cahiers du GRES (2002-2009) with number 2003-13.

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Date of creation: 2003
Handle: RePEc:grs:wpegrs:2003-13
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