Year: 1977
Author: Holtfrerich, Carl-Ludwig
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 97 (1977), Iss. 3 : pp. 193–214
Abstract
After summarizing the salient monetary characteristics of the German inflation of 1914 - 1923, the author presents the two current interpretations of the problem: the balance-of-payments- and the quantity-theories. He shows that they are deduced from different assumptions about the degree of elasticity of the economy and about priorities of economic policy goals. The Reichsbank did not rely on mono-causal explanations. Until 1921, the Bank argued mainly from the premise of the quantity theory vis-a-vis the government, but from the balance-of-payments theory to the public. This is explained by a dual effort of the Reichsbank to fight the inflation: via the money supply and via the money demand. After Germany’s reparation bill had been fixed in May 1921, the Reichsbank valued further resistance to inflation as too costly
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/schm.97.3.193
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 97 (1977), Iss. 3 : pp. 193–214
Published online: 1977-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 22
Author Details
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Private Equity, Social Inequity: German Judges React to Inflation, 1914–24
Hughes, Michael L.
Central European History, Vol. 16 (1983), Iss. 1 P.76
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