Braggion, Fabio; Meyerinck, Felix von; Schaub, Nic - 2021 - This version: August 2021
This paper analyzes how individual investors respond to inflation. We introduce a unique dataset containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the hyperinflation. We find that individual investors buy...