Money, Credit, and Wages in Hyperinflation: Post-World War I Germany

Richard Burdekin and Paul Burkett

Economic Inquiry, 1992, vol. 30, issue 3, 479-95

Abstract: An important feature of the German hyperinflation is the way in which accelerating monetization of both government and private debt by the Reichsbank fueled the inflation process. The stimulus to private credit demand arising from more rapid adjustment of money wages over this period is often ignored, however. The present empirical results strongly support the importance of wage pressures in augmenting fiscal influences on nominal money growth during 1920-23. The authors' findings also suggest that wage claims provided the main conduit through which higher inflationary expectations were accommodated by faster rates of monetary expansion. Copyright 1992 by Oxford University Press.

Date: 1992
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