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Transition from Inflation to Price Stability

  • Peter M. Garber

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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File URL: http://www.nber.org/papers/w0728.pdf
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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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Publication status: published as Garber, Peter M. "Transition from Inflation to Price Stability." Carnegie-Rochester Conference Series on Public Policy, Vol. 16, (Spring 1982), pp. 11-41.
Handle: RePEc:nbr:nberwo:0728
Note: EFG
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  1. Lucas, Robert E, Jr, 1978. "Unemployment Policy," American Economic Review, American Economic Association, vol. 68(2), pages 353-57, May.
  2. 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.
  3. George L. Perry, 1978. "Slowing the Wage-Price Spiral: The Macroeconomic View," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(2), pages 259-299.
  4. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98 National Bureau of Economic Research, Inc.
  5. 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.
  6. 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.
  7. Cagan, Phillip, 1980. "Reflections on Rational Expectations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 826-32, November.
  8. 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.
  9. Okun, Arthur M, 1978. "Efficient Disinflationary Policies," American Economic Review, American Economic Association, vol. 68(2), pages 348-52, May.
  10. 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.
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