Rational and Adaptive Expectations in the Present Value Model of Hyperinflation
用Chow的方法检验恶性通货膨胀的现值模型，发现德国数据支持适应性预期，匈牙利数据支持理性预期，波兰数据两种都不支持。
The authors apply Gregory C. Chow's (1989) technique to the present value model of hyperinflation under rational and adaptive expectation hypotheses. They use the monthly data on price and money supply of Germany (1921:5-1923:8), Hungary (1921:10-1924:2), and Poland (1922:1-1924:1). The authors' test results show that the German data are consistent with the adaptive expectations hypothesis and the Hungarian data are consistent with the rational expectations hypothesis. The Polish data, however, do not support either of the two hypotheses. Copyright 1993 by MIT Press.