Case | HBS Case Collection | January 1998 (Revised June 1999)

German Hyperinflation of 1923, The

by David A. Moss and Julio J. Rotemberg


Presents a compilation of primary and secondary sources as well as a set of data exhibits on the German hyperinflation of 1923. The hyperinflation represented a defining moment in German history and certainly one of the two or three most important economic events of the 20th century. Memories of it continue to shape economic policy in Germany to this day. Equally important, the story of the world's most spectacular hyperinflation is rich in lessons about the many interconnections between money, prices, production, and politics in a modern capitalist economy.

Keywords: History; Price; Production; Money; Inflation and Deflation; Policy; Economy; Government and Politics; Germany;


Moss, David A., and Julio J. Rotemberg. "German Hyperinflation of 1923, The." Harvard Business School Case 798-048, January 1998. (Revised June 1999.)