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

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Expectations in an open economy hyperinflation: evidence from Germany 1921-23. / Reghezza, Alessio; Seghezza, Elena; Thornton, John.
In: Economics Letters, Vol. 192, 109176, 07.2020.

Research output: Contribution to journal › Article › peer-review

HarvardHarvard

Reghezza, A, Seghezza, E & Thornton, J 2020, 'Expectations in an open economy hyperinflation: evidence from Germany 1921-23', Economics Letters, vol. 192, 109176. https://doi.org/10.1016/j.econlet.2020.109176

APA

Reghezza, A., Seghezza, E., & Thornton, J. (2020). Expectations in an open economy hyperinflation: evidence from Germany 1921-23. Economics Letters, 192, Article 109176. https://doi.org/10.1016/j.econlet.2020.109176

CBE

Reghezza A, Seghezza E, Thornton J. 2020. Expectations in an open economy hyperinflation: evidence from Germany 1921-23. Economics Letters. 192:Article 109176. https://doi.org/10.1016/j.econlet.2020.109176

MLA

Reghezza, Alessio, Elena Seghezza, and John Thornton. "Expectations in an open economy hyperinflation: evidence from Germany 1921-23". Economics Letters. 2020. 192. https://doi.org/10.1016/j.econlet.2020.109176

VancouverVancouver

Reghezza A, Seghezza E, Thornton J. Expectations in an open economy hyperinflation: evidence from Germany 1921-23. Economics Letters. 2020 Jul;192:109176. Epub 2020 Apr 25. doi: 10.1016/j.econlet.2020.109176

Author

Reghezza, Alessio ; Seghezza, Elena ; Thornton, John. / Expectations in an open economy hyperinflation: evidence from Germany 1921-23. In: Economics Letters. 2020 ; Vol. 192.

RIS

TY - JOUR

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 measureexpectations in hyperinflation episodes by allowing money to besubstitutable with foreign assets as well as goods. We determine newcorrectness conditions for adaptive and rational expectations formationin this context and show that, taking into account these conditions, thedata for the German hyperinflation of the 1920s is consistent withrational expectation formation.

AB - We reconsider the Beladi et al. (1993) technique to measureexpectations in hyperinflation episodes by allowing money to besubstitutable with foreign assets as well as goods. We determine newcorrectness conditions for adaptive and rational expectations formationin this context and show that, taking into account these conditions, thedata for the German hyperinflation of the 1920s is consistent withrational 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

VL - 192

JO - Economics Letters

JF - Economics Letters

SN - 0165-1765

M1 - 109176

ER -