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APPENDIX

Table A5.1 Monthly data on German real monetary aggregates, the real deficit, wholesale prices and the forward exchange discount, 1920-1923

Date

Real monetary base

Real notes in circulation

Real budget deficit

Wholesale price index

Forward exchange discount

(in millions of 1913 marks)

(1913=100)

(mark/£)

Jan 1920

3,723

2,972

232

1,260

-

Feb 1920

2,909

2,428

82

1,690

-

Mar 1920

3,366

2,642

33

1,710

-

Apr 1920

3,758

3,053

207

1,570

−0.006

May 1920

4,068

3,312

359

1,510

−00.008

June 1920

5,048

3,911

622

1,380

−0.005

July 1920

4,916

4,071

775

1,370

−0.008

Aug 1920

4,756

4,028

434

1,450

−0.004

Sept 1920

5,011

4,116

439

1,500

−0.006

Oct 1920

5,144

4,326

142

1,470

−0.007

Nov1920

5,027

4,257

417

1,510

−0.006

Dec 1920

5,817

4,778

184

1,440

−0.009

Jan 1921

5,444

4,626

355

1,440

−0.012

Feb 1921

5,615

4,886

157

1,380

−0.011

Mar 1921

6,138

5,180

−315

1,340

−0.009

Apr 1921

6,023

5,326

642

1,330

−0.007

May 1921

6,289

5,484

815

1,310

−0.008

June 1921

6,574

5,498

360

1,370

−0.006

July 1921

6,182

5,412

361

1,430

−0.005

Aug 1921

4,629

4,170

556

1,920

−0.006

Sept 1921

4,915

4,173

312

2,070

−0.004

Oct 1921

4,252

3,721

224

2,460

−0.004

Nov 1921

3,541

2,952

217

3,420

−0.003

Dec 1921

3,981

3,256

475

3,490

−0.004

Jan 1922

3,638

3,144

265

3,670

−0.003

Feb 1922

3,433

2,927

127

4,100

−0.002

Mar 1922

2,878

2,406

107

5,430

−0.000

Apr 1922

2,586

2,208

136

6,360

−0.000

May 1922

2,746

2,352

119

6,460

−0.000

June 1922

2,792

2,407

42

7,030

0.001

July 1922

2,171

1,868

130

10,160

0.003

Aug 1922

1,461

1,240

96

19,200

0.023

Sept 1922

1,383

1,104

358

28,700

0.041

Oct 1922

1,018

829

261

56,600

0.120

Nov 1922

821

655

190

115,100

0.107

Dec 1922

1,124

868

375

147,480

0.066

Jan 1923

930

713

209

278,500

0.148

Feb 1923

867

629

252

558,500

0.209

Mar 1923

1,518

1,129

593

488,800

0.046

Apr 1923

1,908

1,256

337

521,200

0.102

May 1923

1,588

1,048

172

817,000

0.122

June 1923

1,320

892

546

1,938,500

0.181

July 1923

905

583

458

7,478,700

0.462

Aug 1923

1,110

703

938

94,404,100

0.356

Sept 1923

1,545

1,178

1,251

2,394,889,300

-

Oct 1923

812

352

716

709,480,000,000

-

Sources: Young 1925, pp. 526-530; Webb 1985, pp. 482-483; 1986, pp. 48-50, 67-69; and authors’ calculations.

-108-

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Publication Information: Book Title: Confidence, Credibility, and Macroeconomic Policy: Past, Present, Future. Contributors: Richard C. K. Burdekin - author, Farrokh K. Langdana - author. Publisher: Routledge. Place of Publication: New York. Publication Year: 1995. Page Number: 108.
    
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