The German Hyperinflation and the Demand for Money Revisited

P Michael, Bob Nobay and David Peel

International Economic Review, 1994, vol. 35, issue 1, 1-22

Abstract: This paper shows that a remarkably well-defined demand for real balances exists for the German hyperinflation episode, including the final months which have previously been considered as outliers. The authors' econometric analysis exploits the theory of cointegration, given the obvious nonstationarity of the data. Further, they consider two likely sources of misspecification: income variability and the necessity to distinguish between the high inflation and hyperinflation episodes. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1994
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