Sihao Feng

Research Topic:

Debt Monetization and Inflation in Comparative Perspective, France & Germany: 1914 — 1920

Thesis:

The provisional title of my thesis is 'Debt Monetization and Inflation in Comparative Perspective, France & Germany: 1914 — 1920.' Building on this Franco-German comparative analysis, I expand the study's scope to encompass a broader set of European countries, particularly focusing on neutral states such as the Netherlands, Denmark, and Sweden during the war period. Through this expanded comparative framework, I examine the striking disconnect between financial market conditions and fiscal policy choices and their surprisingly limited influence on price stability across these economies. The research challenges the conventional wisdom regarding monetary and fiscal policy effectiveness, demonstrating that even prudent financial management and fiscal discipline in neutral European states proved insufficient to maintain price stability in the face of severe wartime supply shocks. The findings suggest a fundamental reassessment of how we understand the relationship between fiscal discipline, sound central bank policy, and inflation control during periods of extreme economic disruption.

Supervisor: Professor Catherine R. Schenk

Background:

For my undergraduate studies, I attended New York University, where I studied analytic philosophy and European history. I am currently a student at St. Catherine’s College and supervised by Catherine Schenk.