آزمون های سری زمانی ساختاری از مدل پولی از نرخ ارز تحت ابرتورم در آلمان

In this paper some structural time series evidence is presented for the monetary model of exchange rates under the German hyperinflation. The results show that the money supply and the expected rate of change of the exchange rate played a dominant role in the determination of the exchange rate of the mark against the US dollar. The results also support the property of proportionality between the exchange rate and the money supply. Furthermore, evidence is found for the validity of the constituent components of the monetary model, PPP and the quantity theory.