Macroeconomic Features of the French Revolution
Thomas Sargent () and
Francois Velde ()
Journal of Political Economy, 1995, vol. 103, issue 3, 474-518
This paper describes aspects of the French Revolution from the perspective of theories about money and government budget constraints. The authors describe how unpleasant fiscal arithmetic gripped the Old Regime, how the Estates General responded to reorganize France's fiscal affairs, and how fiscal exigencies impelled the Revolution into a procession of monetary experiments ending in hyperinflation. Copyright 1995 by University of Chicago Press.
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