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Uncertainty and Hyperinflation: European Inflation Dynamics After World War I
FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES Uncertainty and Hyperinflation: European Inflation Dynamics after World War I Jose A. Lopez Federal Reserve Bank of San Francisco Kris James Mitchener Santa Clara University CAGE, CEPR, CES-ifo & NBER June 2018 Working Paper 2018-06 https://www.frbsf.org/economic-research/publications/working-papers/2018/06/ Suggested citation: Lopez, Jose A., Kris James Mitchener. 2018. “Uncertainty and Hyperinflation: European Inflation Dynamics after World War I,” Federal Reserve Bank of San Francisco Working Paper 2018-06. https://doi.org/10.24148/wp2018-06 The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Uncertainty and Hyperinflation: European Inflation Dynamics after World War I Jose A. Lopez Federal Reserve Bank of San Francisco Kris James Mitchener Santa Clara University CAGE, CEPR, CES-ifo & NBER* May 9, 2018 ABSTRACT. Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland, and Hungary (GAPH) suffered from frequent uncertainty shocks – and correspondingly high levels of uncertainty – caused by protracted political negotiations over reparations payments, the apportionment of the Austro-Hungarian debt, and border disputes. In contrast, other European countries exhibited lower levels of measured uncertainty between 1919 and 1925, allowing them more capacity with which to implement credible commitments to their fiscal and monetary policies. -
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X-6737 TUB DISCOUNT RATE CONTROVERSY BETWEEN THE FEDERAL RESERVE BOARD and THE FEDERAL RESERVE BANK OF NEW YORK -1- November [1st approx., 1930. The Federal Reserve Bank of New York, in its Annual Report for the year 1929, stated: "For a number of weeks from February to May, 1929, the Directors of the Federal Reserve Bank of New York voted an increase in the discount rate from 5% to 6%. This increase was not approved by the Board." Annual Report, Page 6. ~2~ The above statement makes clear the error of the prevailing view that the discount rate controversy lasted from February 14, 1929, - the date of the first application for increase in discount rates, - to August 9, 1929, the date of the Board's approval of the increase from 5% to 6%. The controversy began on February 14, 1929, but practically ended on May 31, 1929. On May 22, 1929, Governor Harrison and Chairman McGarrah told the Board that while they still desired an increase to 6%, they found that the member banks, under direct pressure, feared to increase their borrowings, and that they wanted to encourage them to borrow to meet the growing demand for commercial loans. 16 Diary 76 (69). Furthermore, on May 31, 1929, Chairman McGarrah wrote to the Federal Reserve Board that the control of credit without increasing discount rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis X-6737 - 2 - (direct pressure) had created uncertainty; that agreement upon a program to remove uncertainty was far more important than the discount rate; that in view of recent changes in the business and credit situation., his directors believed that a rate change now without a mutually satis- factory program, might only aggravate existing tendencies; that it may soon be necessary to establish a less restricted discount policy in order that the member banks may more freely borrow for the proper conduct of their business:; that the Federal reserve bank should be prepared to increase its portfolio if and when any real need of doing so becomes apparent. -
Survey of Current Business October 1924
MONTHLY SUPPLEMENT TO COMMERCE REPORTS UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS OCTOBER, 1924 No. 38 COMPILED BY BUREAU OF THE CENSUS BUREAU OF FOREIGN AND DOMESTIC COMMERCE BUREAU OF STANDARDS IMPORTANT NOTICE In addition to figures given from Government sources9 there are also incorporated for completeness of service figures from other sources generally accepted by the trades, the authority and responsibility for which are noted in the "Sources of data9' at the end of this number Subscription price of the SURVEY OF CURRENT BUSINESS is* $1.50 a year; single copies (monthly), 10 cents, quarterly issues, 20 cents. Foreign subscriptions, $2.25; single copies (monthly issues) including postage, 14 cents, quarterly issues, 31 cents. Subscription price of COMMERCE REPORTS is $4 a year; with the Survey, $5.50 a year. Make remittances only to Superintendent of Documents, Washington, D. C, by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign money not accepted. ^v - WASHINQTON : GOVERNMENT PRINTING OFFICE : 1994 INTRODUCTION The SURVEY OF CURRENT BUSINESS is designed to period has been chosen. In a few cases other base present each month a picture of the business situation periods are used for special reasons. In all cases the by setting forth the principal facts regarding the vari- base period is clearly indicated. ous lines of trade and industry. At quarterly intervals The relative numbers are computed by allowing the detailed tables are published giving, for each item, monthly average for the base year or period to equal monthly figures for the past two years and yearly com- 100. -
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945. T939. 311 rolls. (~A complete list of rolls has been added.) Roll Volumes Dates 1 1-3 January-June, 1910 2 4-5 July-October, 1910 3 6-7 November, 1910-February, 1911 4 8-9 March-June, 1911 5 10-11 July-October, 1911 6 12-13 November, 1911-February, 1912 7 14-15 March-June, 1912 8 16-17 July-October, 1912 9 18-19 November, 1912-February, 1913 10 20-21 March-June, 1913 11 22-23 July-October, 1913 12 24-25 November, 1913-February, 1914 13 26 March-April, 1914 14 27 May-June, 1914 15 28-29 July-October, 1914 16 30-31 November, 1914-February, 1915 17 32 March-April, 1915 18 33 May-June, 1915 19 34-35 July-October, 1915 20 36-37 November, 1915-February, 1916 21 38-39 March-June, 1916 22 40-41 July-October, 1916 23 42-43 November, 1916-February, 1917 24 44 March-April, 1917 25 45 May-June, 1917 26 46 July-August, 1917 27 47 September-October, 1917 28 48 November-December, 1917 29 49-50 Jan. 1-Mar. 15, 1918 30 51-53 Mar. 16-Apr. 30, 1918 31 56-59 June 1-Aug. 15, 1918 32 60-64 Aug. 16-0ct. 31, 1918 33 65-69 Nov. 1', 1918-Jan. 15, 1919 34 70-73 Jan. 16-Mar. 31, 1919 35 74-77 April-May, 1919 36 78-79 June-July, 1919 37 80-81 August-September, 1919 38 82-83 October-November, 1919 39 84-85 December, 1919-January, 1920 40 86-87 February-March, 1920 41 88-89 April-May, 1920 42 90 June, 1920 43 91 July, 1920 44 92 August, 1920 45 93 September, 1920 46 94 October, 1920 47 95-96 November, 1920 48 97-98 December, 1920 49 99-100 Jan. -
Service Notes
of the Government of India in the Department of Education, Health and Lands. Major H. Caldwell Tait, m.b.E., i.m.s., Military Medi- cal Officer, Roorkee, to ibe the Civil Medical Officer of Roorkee, in addition to his own duties, vice Major E. A. Penny, i.m.s., with effect from the afternoon of 23rd April, 1929. The undermentioned temporary commissioned officers are appointed permanently to the Indian Medical Service subject to His Majesty's approval:? Lieutenant Sher Mohammad Khan Mallick, m.b. Dated 16th February, 1928, with seniority from 18th August, 1927. Lieutenant Euruch Ardeshir Ruttanji Ardeshir. Dated 30th April, 1928, with seniority from 16th Decem- ber, 1927. Lieutenant Thaku Chuharmal Ramchandani, m.b., F.r.c.s.E. Dated 30th April, 1928, with seniority from 12th May, 1926. Lieutenant Cheruvari Kottieth Lakshmanan. Dated 30th April, 1928, with seniority from 21st October, 1925. To be Lieutenants (on probation). Service Notes. K. F. Alford, m.b., 4th February, 1929, with seniority 6th January, 1927. H. J. Curran, m.b., 4th February, 1929. Appointments and Transfers. H. T. McWilliams, m.b., 4th February, 1929. P. Shannon, m.b., 4th February, 1929. Colonel W.- D. c.i.E., m.b., v.h.s., i.m.s., J. Megaw, G. m.b., 4th 1929. with the Government of J. O'Connor, February, Officiating Surgeon-General B. Griffiths, 4th 1929. is to that post, with J. February, Madras, appointed permanently E. A. Y. Mackeown, 4th 1929. effect from the forenoon of the 3rd April. 1929. February, H. S. Waters, m.b., 4th 1929. -
Papers of George Gavan Duffy
Private Sources at the National Archives Papers of George Gavan Duffy 1882–1951 1125 1 George Gavan Duffy 1882–1951 ACCESSION NO. 1125 DESCRIPTION Correspondence, secret memoranda and reports received by George Gavan Duffy at the Delegation of elected representatives of the Irish Republic while in Paris and Rome. 1918–1921 Correspondence and reports received by, and sent by George Gavan Duffy, Berlin, Paris and Rome (1918) 1919–1921 (1922) Draft of 1922 Constitution with emendations. DATE OF ACCESSION September 1982 November 1984 PROVENANCE Colm Gavan Duffy ACCESS Open 2 This collection was received in three parts which accounts for three fronting pages within this list. The three parts have kept separate and no attempt has been made to move items from one section to another. This collection of personal papers is of paramount importance for those wishing to understand political development s within Ireland and concerning Ireland from the periods 1918–1922. 3 ACCESSION NO. 1125 DESCRIPTION Correspondence, secret memoranda and reports received by George Gavan Duffy at the Delegation of elected representatives of the Irish Republic while in Paris and Rome. 1918–1921 DATE OF ACCESSION September 1982 PROVENANCE Colm Gavan Duffy ACCESS Open 4 This collection was presented to the Public Record Office in two ring binders. As no order, other than a rough chronological one, was apparent within the binders the material was separated and placed in new classifications. This has ensured that, as far as is possible, incomplete letters separated within the binders have now been joined together. For this reason it was impossible to believe that the order was original or the work of George Gavan Duffy himself. -
Special Libraries, May 1925 Special Libraries Association
San Jose State University SJSU ScholarWorks Special Libraries, 1925 Special Libraries, 1920s 5-1-1925 Special Libraries, May 1925 Special Libraries Association Follow this and additional works at: http://scholarworks.sjsu.edu/sla_sl_1925 Part of the Cataloging and Metadata Commons, Collection Development and Management Commons, Information Literacy Commons, and the Scholarly Communication Commons Recommended Citation Special Libraries Association, "Special Libraries, May 1925" (1925). Special Libraries, 1925. Book 5. http://scholarworks.sjsu.edu/sla_sl_1925/5 This Book is brought to you for free and open access by the Special Libraries, 1920s at SJSU ScholarWorks. It has been accepted for inclusion in Special Libraries, 1925 by an authorized administrator of SJSU ScholarWorks. For more information, please contact [email protected]. Contents ARTICLES Around the World With the Insurance Year Books. By Abbie G. Glover .........-.......... .................................................... 157 C;lsualty Inwranc=. By Jesse S. Phillips................................... 1 4 1 'T'hI,l&at;onal -Ji;o:!c of the Casualty Actuarial Society. R! Pi~!nrdFmdiller ......................................... 1 43 Iosuiairce J~l)m:~es;n the United States .......................................... 15 1 The Literature of Fire Insurance. By D. N. Handy............ 146 The Place in Insurance Business of Organized Insurance Libraries. By Frederick Richardson ................................... 145 The Public Service of Fire Insurance. By W. E. Mallalieu ............................................................................................ -
The Foreign Service Journal, September 1924
AMERICAN Photo submitted by W. W. Schott THE TWELFTH CENTURY CATHEDRAL AT PALERMO Vol. VI SEPTEMBER. 1924 No. 9 FEDERAL-AMERICAN NATIONAL BANK NOW IN COURSE OF CONSTRUCTION IN WASHINGTON, D. C. W. T. GALLIHER, Chairman of the Board JOHN POOLE, President RESOURCES OVER $13,000,000.00 LLETIN JSlUn.; PUBLISHED MONTHLY BY THE AMERICAN CONSULAR ASSOCIATION VOL. VI. No. 9 WASHINGTON, D. C. SEPTEMBER, 1924 Speech By Mr. Grew THE day on which I took my first bath before I can assure you that the new Association will a Diplomatic or Consular officer and pro¬ receive the very warm and hearty support of the ceeded to my post (with apologies to the members of the diplomatic branch of the Service. last number of the BULLETIN) I experienced two I have always taken particular satisfaction in distinct feelings; one of pleasure and satisfaction the fact that my first post was a consular one and at entering this great service of ours and the other that I spent two years gaining familiarity with the of something bordering on consternation at the work of that branch of the Service. I shall never prospect of the ordeal of the bath. I find my¬ forget the youthful pride with which I first saw self today experiencing much the same feelings—- a report of mine on Egyptian cotton published in great pleasure and satisfaction in the enjoyment the Trade Bulletins: true, several nights of work of your very kind and courteous hospitality, which and many pages were boiled down to five or six I highly appreciate and for which I warmly thank lines of print, but I felt then that I had become you, and the other feeling of trepidation at the at least a modest member of the great army of prospect of trying to justify my presence here by experts who keep our country informed of com¬ telling you something of interest. -
Subordinate Laws—1929
Australian Capital Territory Subordinate laws—1929 A chronological listing of subordinate laws notified in 1929 [includes subordinate laws 1929 Nos 1-14] Subordinate laws—1929 1 22 January 1929 Amendment of Canberra Sewerage and Water lapsed on repeal of Supply Regulations (repealed) SL1924-4 made on made under the Building and Services Ordinance 16 October 1924 1924 2 November 1933 notified 25 January 1929 (Cwlth Gaz 1929 No 10) taken to have commenced 1 January 1929 (see reg) 2 4 March 1929 Amendment of Leases Regulations 1919 repealed by SL1929-3 (repealed) made on 28 March 1929 made under the Leases Ordinance 1918 reg 2 (1) notified 7 March 1929 (Cwlth Gaz 1929 No 22) 25 April 1929 commenced 7 March 1929 (see Interpretation Ordinance 1914 s 5) 3 28 March 1929 Leases Regulations 1929 (repealed) lapsed on repeal of Act (renamed as Leases Regulations) 2 April 1992 made under the Leases Ordinance 1918 notified 25 April 1929 (Cwlth Gaz 1929 No 41) commenced 25 April 1929 (see Interpretation Ordinance 1914 s 5) 4 28 March 1929 Amendment of Canberra Sewerage and Water lapsed on repeal of Supply Regulations (repealed) SL1924-4 made on made under the Building and Services Ordinance 16 October 1924 1924 2 November 1933 notified 11 April 1929 (Cwlth Gaz 1929 No 36) taken to have commenced 1 January 1929 (see reg) 5 28 March 1929 Fish Protection (Close Season) Regulations repealed by SL1931-1 (repealed) made on 24 January made under the Fish Protection Ordinance 1929 1931 reg 2 notified 4 April 1929 (Cwlth Gaz 1929 No 34) 26 February 1931 commenced -
December 1927) James Francis Cooke
Gardner-Webb University Digital Commons @ Gardner-Webb University The tudeE Magazine: 1883-1957 John R. Dover Memorial Library 12-1-1927 Volume 45, Number 12 (December 1927) James Francis Cooke Follow this and additional works at: https://digitalcommons.gardner-webb.edu/etude Part of the Composition Commons, Ethnomusicology Commons, Music Education Commons, Musicology Commons, Music Pedagogy Commons, Music Performance Commons, Music Practice Commons, and the Music Theory Commons Recommended Citation Cooke, James Francis. "Volume 45, Number 12 (December 1927)." , (1927). https://digitalcommons.gardner-webb.edu/etude/46 This Book is brought to you for free and open access by the John R. Dover Memorial Library at Digital Commons @ Gardner-Webb University. It has been accepted for inclusion in The tudeE Magazine: 1883-1957 by an authorized administrator of Digital Commons @ Gardner-Webb University. For more information, please contact [email protected]. r 7'he Journal of the iMusjcal Home Everywhere THE ETUDE <Music HhCasazine A CHRISTMAS EVE DILEMMA PRICE 25 CENTS December I92^ $2.oo A YEAR D Acquaintance with thex ComposenjmA^^--rZT —1---. asr-TSS-feiJs Z »*• s 126 S5S?-* o/l favorite American and European Composers. THE WORLD OF -MUSIC Interesting and Important Items Gleaned in a Constant Watch on Happenings and Activities Pertaining to Things Musical Everywhere THE ETUDE THE ETUDE DECEMBER 1927 Page SS3 Page 882 DECEMBER 1927 Professional WHAT TO DO FIRST AT Directory ■ Qan You THE PIANO THE ETUDE MUSIC MA®AZlNE Founded by Theodore Pres'er’ „ --- eastern 1. Why ir, the Dominant Chord so called? By Helen L. Cramm “Music for 2. -
THE AVAILABLE MAN the Savage, Turbulent Struggle for the 1924 Democratic Presidential Nomination Firmly Established Al Smith As
THE AVAILABLE MAN The savage, turbulent struggle for the 1924 Democratic presidential nomination firmly established Al Smith as one of the handful of American political figures who commanded immediate and serious nationwide attention. In the succeeding four years, his political successes and forceful administration as governor of New York kept him in the public eye and earned him widespread respect, while speculation about the 1928 presidential nomination shadowed nearly every action that he took. 1 Although Smith’s record as governor was his most impressive credential as a presidential contender, this was not all that people perceived when they thought about him and his possible candidacy. Since Smith combined in his person certain qualities and forces that had never before found a major representative in presidential politics and that roused explosive extremes of hostility and devotion, his potential candidacy put the Democratic Party in an agonizing dilemma. How Smith was able to capture the 1928 Democratic presidential nomination on the first ballot, despite the misgivings of some Democrats and the conviction of others that he was an unsuitable choice, is a singular study in political availability. In retrospect, Smith’s many strengths and the political bankruptcy of the Democratic Party of the 1920s make his victory, which he and his friends actually did little to achieve, seem as logical as anything can be in American politics, perhaps even inevitable. 2 Smith demonstrated his political strength by winning re-election in 1924 and 1926. His renomination in 1924 remained in doubt until almost the eve of the state convention in late September. -
How Were Female Students Treated from 1917-1920 by Charlie Williams
Disparity or Equality: How Were Female Students Treated from 1917-1920 By Charlie Williams For years, a girl’s place was in the home. Days and nights were spent cooking, cleaning, and waiting on the hand and foot of their families. There was very little, if any, room to advance and make a career while trapped inside the body of a woman. This view on female sexuality and gender roles started to improve during the Progressive Era between the 1890s and 1920s. At this juncture in time, women gained the right to vote and even started to leave the house. Many women also took a leap of faith and started the journey of earning a college degree on campuses across the United States. California Polytechnic State University, San Luis Obispo was one of those schools where women found a place to study. During World War I, female involvement in academics may have been seen as groundbreaking due to the fact that women were rel- atively new to higher education; however, women on campus were treated as substandard. Their ability to grow as intellectuals and innovate new technol- ogies and ideas was halted by the patriarchal, male dominated, nature of the college institution at the time. By looking at the course catalogs and yearbooks released by Cal Poly between the years 1917 and 1920 one can easily come to the conclusion that male students were the top priority of the institution. The Progressive Era was a time full of change. Social reform was popular during the 1910s and 1920s, and more liberal times allowed women an oppor- tunity to rise up.