The Costs of Hyperinflation: Germany 1923

Gregori Galofre-Vila ()
Additional contact information
Gregori Galofre-Vila: Departamento de Economia - UPNA, https://www.unavarra.es/departamento-economia

No 2101, Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra from Departamento de Economía - Universidad Pública de Navarra

Abstract: I study the link between monetary policy and populism by looking at the hyperinflation in Germany in 1923, one of the worst spells of inflation in history, and the Nazi electoral boost in 1933. Contrary to received wisdom, inflation data for over 500 cities show that areas more affected by inflation did not see a higher vote share for the Nazi party in each and every German federal election between 1924 and 1933. Yet, the inflation does predict the vote share of the Volksrechtspartei, an association-turned-party of inflation victims, and the vote share of the Social Democrats. In places where hyper-inflation was higher, mortality and anti-Semitism also increased. Unobservables are unlikely to account for these results.

Pages: 49 pages
Date: 2021
New Economics Papers: this item is included in nep-cba, nep-his and nep-pol
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www2.unavarra.es/gesadj/depEconomia/repec/DocumentosTrab/DT2101.PDF (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nav:ecupna:2101

Ordering information: This working paper can be ordered from
Papers are not sent in a centralized mode. You can download them with ftp, or contact the authors.

Access Statistics for this paper

More papers in Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra from Departamento de Economía - Universidad Pública de Navarra Campus de Arrosadía - 31006 Pamplona (Spain).
Bibliographic data for series maintained by Javier Puértolas ().