Macroeconomic features of the French revolution

Thomas J. Sargent, François R. Velde

    Research output: Contribution to journalArticlepeer-review


    This paper describes aspects of the French Revolution from the perspective of theories about money and government budget constraints. We describe how unpleasant fiscal arithmetic gripped the Old Regime, how the Estates General responded to reorganize France's fiscal affairs, and how fiscal exigencies impelled the Revolution into a procession of monetary experiments ending in hyperinflation.

    Original languageEnglish (US)
    Pages (from-to)474-518
    Number of pages45
    JournalJournal of Political Economy
    Issue number3
    StatePublished - 1995

    ASJC Scopus subject areas

    • Economics and Econometrics


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