Since the publication of Cagan's seminal contribution in 1956 and its further development by Sargent (1982) there has been a growing literature that seeks to explain German hyperinflation in terms of the monetary hypothesis. However, this article shows that the origins of this hyperinflation can be traced back to a sudden stop that occurred in the summer of 1922 at a time when expectations that the German economy would stabilise began to subside. The reversal of capital flows that took place in those months led in the short term to a dramatic depreciation of the mark, a significant increase in prices and a decline in output. This decline sparked bitter social conflict that fuelled a wage and price spiral. This spiral was accommodated by monetary authorities, leading in turn to explosive inflation.

中文翻译：

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德国恶性通货膨胀的起源是否突然停止？

自 1956 年 Cagan 的开创性贡献发表以及 Sargent (1982) 进一步发展以来，越来越多的文献试图从货币假设的角度解释德国的恶性通货膨胀。然而，这篇文章表明，这种恶性通货膨胀的根源可以追溯到 1922 年夏天发生的突然停止，当时人们对德国经济将企稳的预期开始消退。那几个月发生的资本流动逆转导致马克在短期内大幅贬值，价格大幅上涨，产出下降。这种下降引发了激烈的社会冲突，助长了工资和价格的螺旋式上升。货币当局适应了这种螺旋式上升，进而导致了爆炸性的通货膨胀。