Expectations in an open economy hyperinflation: evidence from Germany 1921-23

Alessio Reghezza; Elena Seghezza; John Thornton

doi:10.1016/j.econlet.2020.109176

Expectations in an open economy hyperinflation: evidence from Germany 1921-23

Alessio Reghezza
, Elena Seghezza
, John Thornton

Ysgol Busnes Albert Gubay

Allbwn ymchwil: Cyfraniad at gyfnodolyn › Erthygl › adolygiad gan gymheiriaid

82 Wedi eu Llwytho i Lawr (Pure)

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We reconsider the Beladi et al. (1993) technique to measure
expectations in hyperinflation episodes by allowing money to be
substitutable with foreign assets as well as goods. We determine new
correctness conditions for adaptive and rational expectations formation
in this context and show that, taking into account these conditions, the
data for the German hyperinflation of the 1920s is consistent with
rational expectation formation.

Iaith wreiddiol	Saesneg
Rhif yr erthygl	109176
Cyfnodolyn	Economics Letters
Cyfrol	192
Dyddiad ar-lein cynnar	25 Ebr 2020
Dynodwyr Gwrthrych Digidol (DOIs)	https://doi.org/10.1016/j.econlet.2020.109176
Statws	Cyhoeddwyd - Gorff 2020

Mynediad at Ddogfen

10.1016/j.econlet.2020.109176

2020 Expectations in an open economyLlawysgrif awdur wedi’i dderbyn, 480 KB

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title = "Expectations in an open economy hyperinflation: evidence from Germany 1921-23",

abstract = " We reconsider the Beladi et al. (1993) technique to measure expectations in hyperinflation episodes by allowing money to be substitutable with foreign assets as well as goods. We determine new correctness conditions for adaptive and rational expectations formation in this context and show that, taking into account these conditions, the data for the German hyperinflation of the 1920s is consistent with rational expectation formation. ",

keywords = "Rational expectations, Adaptive expectations, Hyperinflation, Germany",

author = "Alessio Reghezza and Elena Seghezza and John Thornton",

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year = "2020",

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doi = "10.1016/j.econlet.2020.109176",

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journal = "Economics Letters",

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T1 - Expectations in an open economy hyperinflation: evidence from Germany 1921-23

AU - Reghezza, Alessio

AU - Seghezza, Elena

AU - Thornton, John

N1 - check 24 months embargo

PY - 2020/7

Y1 - 2020/7

N2 - We reconsider the Beladi et al. (1993) technique to measure expectations in hyperinflation episodes by allowing money to be substitutable with foreign assets as well as goods. We determine new correctness conditions for adaptive and rational expectations formation in this context and show that, taking into account these conditions, the data for the German hyperinflation of the 1920s is consistent with rational expectation formation.

AB - We reconsider the Beladi et al. (1993) technique to measure expectations in hyperinflation episodes by allowing money to be substitutable with foreign assets as well as goods. We determine new correctness conditions for adaptive and rational expectations formation in this context and show that, taking into account these conditions, the data for the German hyperinflation of the 1920s is consistent with rational expectation formation.

KW - Rational expectations

KW - Adaptive expectations

KW - Hyperinflation

KW - Germany

U2 - 10.1016/j.econlet.2020.109176

DO - 10.1016/j.econlet.2020.109176

M3 - Article

SN - 0165-1765

VL - 192

JO - Economics Letters

JF - Economics Letters

M1 - 109176

ER -

Expectations in an open economy hyperinflation: evidence from Germany 1921-23

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