Real Wages and Distributional Conflict in the German Hyperinflation

Paul Burkett and Richard Burdekin

Australian Economic Papers, 1993, vol. 32, issue 60, 73-91

Abstract: Real wages during the German hyperinflation are analyzed in terms of the conflict between workers' wage demands and the pricing and employment decisions of firms. This framework incorporates the wage pressure effects of expected inflation and the "wage gap" between workers' target real wage and its observed value. Both of these effects are conditioned by unemployment that limits workers' ability to obtain their desired money wage adjustments. Empirical estimation over 1920-23 provides strong support for the hypothesized interaction between unemployment and real wage growth over the hyperinflation period. Copyright 1993 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ausecp:v:32:y:1993:i:60:p:73-91

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