Transition from Inflation to Price StabilityPeter M. Garber
NBER Working Paper No. 728 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. This paper is available as PDF (522 K) or DjVu (330 K) (Download viewer) or via email.
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