The German Hyperinflation and the Demand for Money Revisited
利用协整理论分析德国恶性通胀时期的数据，发现实际货币需求存在稳定的关系，并探讨了收入变动和区分高通胀与恶性通胀阶段对模型的影响。
This paper shows that a remarkably well-defined demand for real balances exists for the German hyperinflation episode, including the final months which have previously been considered as outliers. The authors' econometric analysis exploits the theory of cointegration, given the obvious nonstationarity of the data. Further, they consider two likely sources of misspecification: income variability and the necessity to distinguish between the high inflation and hyperinflation episodes. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.