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Transition from Inflation to Price Stability

Peter Garber

No 728, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper provides a detailed discussion of the real phenomena that materialized in the stabilization period which followed the German hyper-inflation. Significant real dislocations arose after the monetary reform; and these can be attributed to a government policy which subsidized heavy industry through the inflation tax proceeds. The "credibility problem" appears not to have been a significant factor in the post-reform dislocation.

Date: 1981-08
Note: EFG
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Published as Garber, Peter M. "Transition from Inflation to Price Stability." Carnegie-Rochester Conference Series on Public Policy, Vol. 16, (Spring 1982), pp. 11-41.

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