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By Andrea Sommariva

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Extra info for German Macroeconomic History, 1880–1979: A Study of the Effects of Economic Policy on Inflation, Currency Depreciation and Growth

Sample text

2 along with the real annual wage rate. The chart suggests a high positive correlation between the two variables as implied by neoclassical theory. 2 shows the rates of growth of real NNP, and of the real stock of capital per capita and of civilian employment divided by population. 7 The deflation of real NNP and of the factors of production by population is important for comparisons over time because of changes in territory which occurred during the period under analysis. 8 per cent after the Second World War.

2. Gottlieb (1957); Grotius (1949)~ Gurley (1953); Klopstock (1949); Mendershausen (1949); Moller (1976); Pesek (1958). 3. See Balassa (1964). 4. All estimates of the annual national accounts and balance of payments statistics for the two world wars and immediate postwar years are to be taken with great caution since they are generally based on relatively simple assumptions. 5. The channels through which the growth in government transfers, taxation and public debt since 1960 could have affected negatively private employment, capital accumulation and economic growth in the European Community are surveyed in Tullio (1986).

The ensuing growth in financial variables, and long and variable adjustment Jags Jed to deviations of the real financial interest rate from its equilibrium level, thereby affecting real economic activity, as occurred in the early 1920s, before and during the hyperinflation period. However, the analysis of the behaviour of tHe government and of monetary authorities and the observed time profile of prices suggest that a stable relationship between money and prices existed in the long run, while economic activity did not seem to be positively affected by monetary and fiscal policies.

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