مدل پولی نرخ ارز تحت تورم شدید: شواهد جدید تشویق کننده

This paper suggests a new method of testing the rational expectations version of the monetary model of the exchange rate under hyperinflation that takes into account the stochastic non-stationarity of the data involved. The method is applied to money and exchange rate data from the German 1921–1923 hyperinflation, and the results are very supportive of the model.