Money, Credit and the Wage-Price Spiral in Post-World War I Germany

Richard Burdekin and Paul Burkett
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Paul Burkett: Indiana State University

Chapter 4 in Distributional Conflict and Inflation, 1996, pp 79-104 from Palgrave Macmillan

Abstract: Abstract This chapter empirically examines the channels by which conflicting income claims exerted upward pressure on the money supply during the great post-World War I inflation in Germany. Such an investigation seems long overdue for two reasons. First, the nature of the money supply process remains a crucial issue in econometric analyses of the German hyperinflation. Its importance stems not only from the direct link between the money supply and the price level but also from the role of increased inflationary expectations – hence acceleration of velocity – in explaining why inflation exceeded money growth during the hyperinflationary period (Cagan, 1956).

Keywords: Real Wage; Money Supply; Generalize Little Square; Relative Wage; Nominal Wage (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37173-6_5

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DOI: 10.1057/9780230371736_5

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