Fiscal News and Inflationary Expectations in Germany after World War I
研究1919-1923年德国通胀，发现通胀预期取决于财政消息，如赔款、占领鲁尔等负面消息推高通胀，而税改和赤字结束则带来价格稳定。
Inflation in Germany from 1919 to 1923 resulted from the accumulation and the anticipation of government deficits. Inflationary expectations depended therefore on fiscal news. Allied demands for reparations, the occupation of the Ruhr, and domestic revolts were important negative news and led to increased inflation. Tax reforms and eventually the end to government deficits were important positive news and ushered in periods of price stability. Political events were fiscal news as they changed the chances for the government to balance the budget.