for excellent assistance throughout the construction of the dataset, Guillaume Daudin and Walker Hanlon for kindly sharing data, and Eugene White for sharing his expertise of hyperinflation during the French Revolution. Financial support from the National Science Foundation (Grant # 1628866) is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.