Inflation, Interest Rate and Innovations in Pre-WWI Germany (1878-1913)

Jacek Wallusch and Markus Baltzer

Brussels Economic Review, 2009, vol. 52, issue 3/4, 275-288

Abstract: This paper tries to elucidate the relationship between innovations, interest rate and price movement in Imperial Germany (1878-1913). We use the high-powered patents as a proxy for changes in technology. Using various distributed lag models we found a small, positive and significant response of CPI inflation to the technological shock. No significant influence of interest rates on inflation was found.

Keywords: Germany; Inflation; Interest rate; Patents (search for similar items in EconPapers)
JEL-codes: E31 N13 (search for similar items in EconPapers)
Date: 2009
Note: Numéro Spécial « Vers une nouvelle histoire économique des brevets ?» Editeurs :Claude Diebolt et Karine Pellier
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