Journal Article Open Market Money Supply Strategy, 1952–1956 Get access Elmus Wicker Elmus Wicker Indiana University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 88, Issue 1, February 1974, Pages 170–179, https://doi.org/10.2307/1881807 Published: 01 February 1974

To assess the validity of Thomas Sargent's claim that hyperinflation can be terminated without dire employment effects, monthly unemploymentpercentage estimates were constructed for Poland, Hungary, and Austriaover the period both before and after monetary stabilization followingWorld War I. These data reveal that there were significant effects onemployment in the three territories. Unemployment peaked in Poland at alittle less than 13 percent; in Hungary at 12 percent and probably higher; and in Austria at 7 percent. An attempt is made to identify those considerations that contributed to the emergence of unemploymentwith the advent of monetary stabilization. Copyright 1986 by American Economic Association.

But I beg of you not to despise monetary history; for I am sure that the monetary policy of nations is often unintelligible without some understanding of the queer institutional jungles out of which it has sprung.