Abstract
The monthly (continuous) inflation rate that maximizes the inflation tax revenue varies widely (from 18.3 to 143 %), according to semi-elasticity estimates for the German hyperinflation made by several authors (Cagan 1956; Barro 1970; Frenkel 1977; Sargent 1977; Goodfriend 1982; Burmeister and Wall 1987; Christiano 1987; Casella 1989; Taylor 1991; Engsted 1993; Imrohoroglu 1993; Michael et al. 1994). Those estimates lead one to conclude that during hyperinflation the German government could have obtained more tax revenue with lower inflation rates.
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