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An empirical investigation of price and exchange rate bubbles during the interwar European hyperinflations
Author(s)
Date Issued
2001
Series/Report no.
Working Paper Series;
ISBN
9628719181
Description
.SYC 332.456094 CHA
Type
Working Paper
Abstract
This study attempts to test for the presence of price and exchange rate bubbles during the interwar European hyperinflations of Germany, Hungary and Poland. We suggest a testing methodology, which extends the Durlauf-Hooker approach, for conducting this empirical study. Exact Cagan hyperinflation models under rational expectations are rejected and evidence of neither price nor exchange rate bubbles can be found for the three countries examined.
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