Fiscal News and Inflationary Expectations in Germany after World War I

Steven B. Webb

The Journal of Economic History, 1986, vol. 46, issue 3, 769-794

Abstract: Inflation in Germany from 1919 to 1923 resulted from the accumulation and the anticipation of government deficits. Inflationary expectations depended therefore on fiscal news. Allied demands for reparations, the occupation of the Ruhr, and domestic revolts were important negative news and led to increased inflation. Tax reforms and eventually the end to government deficits were important positive news and ushered in periods of price stability. Political events were fiscal news as they changed the chances for the government to balance the budget.

Date: 1986
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