| 000 | 02574cam a22005417a 4500 | ||
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| 001 | w31298 | ||
| 003 | NBER | ||
| 005 | 20240125162414.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 240124s2023 mau fo 000 0 eng d | ||
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_aMaCbNBER _beng _cMaCbNBER |
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| 100 | 1 | _aBrunnermeier, Markus K. | |
| 245 | 1 | 4 |
_aThe Debt-Inflation Channel of the German Hyperinflation / _cMarkus K. Brunnermeier, Sergio A. Correia, Stephan Luck, Emil Verner, Tom Zimmermann. |
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_aCambridge, Mass. _bNational Bureau of Economic Research _c2023. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w31298 |
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| 500 | _aJune 2023. | ||
| 520 | 3 | _aThis paper studies how a large increase in the price level is transmitted to the real economy through firm balance sheets. Using newly digitized macro- and micro-level data from the German inflation of 1919-1923, we show that inflation led to a large reduction in real debt burdens and bankruptcies. Firms with higher nominal liabilities at the onset of inflation experienced a larger decline in interest expenses, a relative increase in their equity values, and higher employment during the inflation. The results are consistent with real effects of a debt-inflation channel that operates even when prices and wages are flexible. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
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_aPrice Level • Inflation • Deflation _2jelc |
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_aPrice Level • Inflation • Deflation _2jelc |
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_aFinancial Markets and Institutions _2jelc |
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_aFinancial Markets and Institutions _2jelc |
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| 700 | 1 | _aCorreia, Sergio A. | |
| 700 | 1 | _aLuck, Stephan. | |
| 700 | 1 | _aVerner, Emil. | |
| 700 | 1 | _aZimmermann, Tom. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
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_aWorking Paper Series (National Bureau of Economic Research) _vno. w31298. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w31298 |
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_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w31298 |
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_2ddc _cW-PAPER |
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_c392740 _d351302 |
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