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Monetary Regimes, Inflation and Monetary Reform:

In: Inflation, Institutions and Information

Author

Listed:
  • Michael Bordo
  • Lars Jonung

Abstract

Since the late 1970s Axel Leijonhufvud has written extensively on monetary regimes and their connection with nominal and real economic performance. Monetary regimes are important because they determine whether countries follow stable or unstable monetary policies and hence have stable or inflationary price levels. Each monetary regime is associated with a given set of inflationary expectations of the private sector and a pattern of policy reactions to these expectations by the monetary authorities. The state of the private sector’s expectations, specific to each regime, in turn greatly influences the response of real variables to monetary policy actions.

Suggested Citation

  • Michael Bordo & Lars Jonung, 1996. "Monetary Regimes, Inflation and Monetary Reform:," Palgrave Macmillan Books, in: Daniel Vaz & Kumaraswamy Velupillai (ed.), Inflation, Institutions and Information, chapter 9, pages 157-244, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13521-9_9
    DOI: 10.1007/978-1-349-13521-9_9
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    Citations

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    Cited by:

    1. Michael D. Bordo & Christopher M. Meissner, 2005. "The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997," NBER Working Papers 11897, National Bureau of Economic Research, Inc.
    2. Maurice Obstfeld & Alan M. Taylor, 2003. "Sovereign risk, credibility and the gold standard: 1870-1913 versus 1925-31," Economic Journal, Royal Economic Society, vol. 113(487), pages 241-275, April.
    3. Bordo, Michael D. & Schwartz, Anna J., 1999. "Monetary policy regimes and economic performance: The historical record," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 3, pages 149-234, Elsevier.
    4. Michael D. Bordo & Christopher M. Meissner, 2007. "Financial Crises, 1880-1913: The Role of Foreign Currency Debt," NBER Chapters, in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 139-194, National Bureau of Economic Research, Inc.
    5. Michael D. Bordo & Thomas Helbling, 2003. "Have National Business Cycles Become More Synchronized?," NBER Working Papers 10130, National Bureau of Economic Research, Inc.
    6. Bordo, Michael D. & Jonung, Lars, 2000. "A Return to the Convertibility Principle? Monetary And Fiscal Regimes in Historical Perspective," SSE/EFI Working Paper Series in Economics and Finance 415, Stockholm School of Economics.
    7. Maurice Obstfeld & Alan M. Taylor, 2003. "Globalization and Capital Markets," NBER Chapters, in: Globalization in Historical Perspective, pages 121-188, National Bureau of Economic Research, Inc.
    8. Moritz Schularick, 2006. "A tale of two 'globalizations': capital flows from rich to poor in two eras of global finance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(4), pages 339-354.

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