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Hyperinflation, kollektives Gedächtnis und Zentralbankunabhängigkeit

Author

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  • Neyer Ulrike
  • Stempel Daniel

Abstract

The German hyperinflation in 1923 was caused by monetary financing of the highly deficient German state budget by a dependent central bank. The social and economic consequences of the hyperinflation were disastrous. Combined with an instable political atmosphere, paving the way for the rise of the Nazis, the hyperinflation is deeply etched in the German collective memory. It is this collective memory that shapes the current institutional framework of the ECB. While risk aversion and institutional imprint of the ECB’S policy makers differ, the ECB’s institutional framework ensures that current inflation will not evolve into a hyperinflation.

Suggested Citation

  • Neyer Ulrike & Stempel Daniel, 2023. "Hyperinflation, kollektives Gedächtnis und Zentralbankunabhängigkeit," Wirtschaftsdienst, Sciendo, vol. 103(2), pages 94-97, February.
    • Handle: RePEc:vrs:wirtsc:v:103:y:2023:i:2:p:94-97:n:9
    DOI: 10.2478/wd-2023-0029
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    Cited by:

    1. Barkhausen, David & Teupe, Sebastian, 2023. "The German inflation trauma: Weimar's policy lessons between persistence and reconstruction," Working Papers 40, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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