Expectations in an open economy hyperinflation: evidence from Germany 1921-23
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- 2020 Expectations in an open economy
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Dangosydd eitem ddigidol (DOI)
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.
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.
Allweddeiriau
| Iaith wreiddiol | Saesneg |
|---|---|
| Rhif yr erthygl | 109176 |
| Cyfnodolyn | Economics Letters |
| Cyfrol | 192 |
| Dyddiad ar-lein cynnar | 25 Ebr 2020 |
| Dynodwyr Gwrthrych Digidol (DOIs) | |
| Statws | Cyhoeddwyd - Gorff 2020 |
Cyfanswm lawlrlwytho
Nid oes data ar gael