Macro Musings with David Beckworth cover image

Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France

Macro Musings with David Beckworth

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The State Back Theory of Money

In 1790, the ASEANs are introduced. It works relatively well for 1792 when the government divorces no issue from land cells. The Jacobins come in and they actually help restore some of the value to the ASEans. And then they lose in 1794. That final period is most consistent with the Kagan view of hyperinflation.

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