Abstract
The authors apply Gregory C. Chow's (1989) technique to the present value model of hyperinflation under rational and adaptive expectation hypotheses. They use the monthly data on price and money supply of Germany (1921:5-1923:8), Hungary (1921:10-1924:2), and Poland (1922:1-1924:1). The authors' test results show that the German data are consistent with the adaptive expectations hypothesis and the Hungarian data are consistent with the rational expectations hypothesis. The Polish data, however, do not support either of the two hypotheses. Copyright 1993 by MIT Press.
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