/ Des membres de Triangle participent
Constance André-Aigret participe au séminaire « Historical and Philosophical Perspectives on Economics » (HPPE) de la London School of Economics (LSE)15 février 2017, 13h-14h30, LSE (Londres), Tower 2, room 2.03
Contance André-Aigret, doctorante en sciences économiques à l’Université Lumière Lyon-2 présentera une communication intitulée :
« Eleanor Lansing Dulles and James Harvey Rogers’ analysis of the French inflation during the interwar period (1919 – 1929) »
Résumé de l’intervention :
This paper studies the analysis of two American authors concerning the French inflation of the interwar period 1919-1929. During the years following the First World War, constant inflation coupled with speculative attacks against the germinal franc obliged the government to reinstate Raymond Poincaré as Finance Minister in 1926 and as well as President of the Council of Ministers. A first debate took place concerning the theoretical framework to use to explain the French inflation. These authors were in favor of a theory which includes qualitative factors such as confidence and speculation and doing so were criticizing the Quantity Theory of Money and Purchasing Power Parity theory. Then, a second debate emerged between advocates of a revaluation of the franc to its prewar level (Poincaré, Aftalion) and those in favor of a devaluation of the franc to its real value (Moreau, Rist, Keynes). This debate leads to the devaluation of the germinal franc by 80% by Poincaré in 1928. The new “franc Poincaré” was only worth a fifth of the gold equi¬valent of the franc ger¬minal. The American analysis of this interwar inflation is not well known. In this paper, I study two American authors who contributed to this subject : Eleanor Lansing Dulles (1895-1996) and James Harvey Rogers (1886-1939). They examined the French inflation and devaluation in order to compare them with the American situation at that time. The aim of this paper is twofold : to analyze the American contribution to this debate and to study the effects of foreign exchange fluctuations on the economy.