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The Debt-Inflation Channel of the German Hyperinflation
Brunnermeier, Markus Konrad; Correia, Sergio A.; Luck, … - National Bureau of Economic Research - 2023
This paper studies how a large increase in the price level is transmitted to the real economy through firm balance sheets. Using newly digitized macro- and micro-level data from the German inflation of 1919-1923, we show that inflation led to a large reduction in real debt burdens and...
Persistent link: https://www.econbiz.de/10014322686
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Stopping Hyperinflation : Lessons from the German Inflation Experience of the 1920s
Dornbusch, Rudiger - 1985
emphasis. We draw attention to a third aspect of the hyperinflation process, and the stablization, namely exchange rate and … establishing that credibility by a de facto stablization. We make that point by discussing the events of the German hyperinflation …
Persistent link: https://www.econbiz.de/10012477405
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Further Evidence On Expectations And The Demand for Money During the German Hyperinflation
Frenkel, Jacob A. - 1978
Probably no event in monetary history has been more studied than the German hyperinflation of the early 1920's … effecting the demand for money during the German hyperinflation. One of the difficulties in studying empirically the role of …
Persistent link: https://www.econbiz.de/10012478861
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Uncertainty and Hyperinflation : European Inflation Dynamics after World War I
Lopez, Jose A. - 2018
Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially … pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland, and … elevated economic uncertainty directly affected inflation dynamics and the incidence of hyperinflation during the interwar …
Persistent link: https://www.econbiz.de/10012453095
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The Long-term Effects of Inflation on Inflation Expectations
Braggion, Fabio; Meyerinck, Felix von; Schaub, Nic; … - National Bureau of Economic Research - 2024
higher local inflation during the hyperinflation of the 1920s expect higher inflation today, after partialling out …
Persistent link: https://www.econbiz.de/10014486251
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Austerity and the rise of the Nazi party
Galofré-Vilà, Gregori - 2017
The current historical consensus on the economic causes of the inexorable Nazi electoral success between 1930 and 1933 suggests this was largely related to the Treaty of Versailles and the Great Depression (high unemployment and financial instability). However, these factors cannot fully account...
Persistent link: https://www.econbiz.de/10012453607
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The Link Between Fundamentals and Proximate Factors in Development
Keller, Wolfgang - 2013
The paper introduces a framework for studying the hierarchy of growth factors, from deep to more immediate. The specific setting we examine is 18th and 19th century Germany, when institutional changes introduced by reforms and transportation improvements converged to create city growth. We...
Persistent link: https://www.econbiz.de/10012459845
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Medieval Universities, Legal Institutions, and the Commercial Revolution
Cantoni, Davide - 2012
We present new data documenting medieval Europe's "Commercial Revolution'' using information on the establishment of markets in Germany. We use these data to test whether medieval universities played a causal role in expanding economic activity, examining the foundation of Germany's first...
Persistent link: https://www.econbiz.de/10012460680
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Post-Neoliberal Globalization : International Trade Rules for Global Prosperity
Guzman, Martín; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024
This paper analyzes frameworks for the design of the rules for international trading, assuming that it is possible to have some rule of law. In the Arrow-Debreu benchmark, where there is no economic power and political power is seemingly irrelevant, there is no need for trade agreements - free...
Persistent link: https://www.econbiz.de/10014576561
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Connected Lending of Last Resort
Mitchener, Kris; Monnet, Eric - National Bureau of Economic Research - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10013537763