Nonetheless, ever more MPS economists converted to floating exchange rates, partly convinced by the arguments of their peers, partly by real world events such as rising inflation in West Germany and US balance of payments problems. Among these converts was Ludwig A. Hahn, a West German economist, stock trader, and banker, who used his private financial success to gain authority in monetary debates and introduced the argument of “imported inflation” due to rigid exchange rates in hard currency countries such as the Federal Republic.

Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, loc. 432