NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Transition from Inflation to Price Stability

Peter M. Garber

NBER Working Paper No. 728*
Issued in August 1981
NBER Program(s):   EFG

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.

*Published: 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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