German Monetary History in the First Half of the Twentieth Century

35 Pages Posted: 2 Dec 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 2002

Abstract

Why did Europe create the European Central Bank in the image of the Bundesbank? More generally, what accounts for the current consensus over how a central bank should conduct monetary policy? Germany's experience of hyperinflation and deflation illustrate the West's disastrous experiments in monetary arrangements in the first half of the twentieth century. With the 1948 currency reform, Germany and the Western world started down a more promising path toward monetary arrangements that would provide monetary and economic stability.

Suggested Citation

Hetzel, Robert L., German Monetary History in the First Half of the Twentieth Century (2002). FRB Richmond Economic Quarterly, vol. 88, no. 1, Winter 2002, pp. 1-35, Available at SSRN: https://ssrn.com/abstract=2183374

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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