Brunnermeier, Markus Konrad; Correia, Sergio A.; Luck, … - National Bureau of Economic Research - 2023
sheets. Using newly digitized macro- and micro-level data from the German inflation of 1919-1923, we show that inflation led … inflation experienced a larger decline in interest expenses, a relative increase in their equity values, and higher employment … during the inflation. The results are consistent with real effects of a debt-inflation channel that operates even when prices …