Transition from Inflation to Price Stability

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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 th...

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

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