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Pillars of Globalization: A history of monetary policy targets, 1797-1997

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  • Flandreau, Marc

Abstract

This paper studies the evolution of monetary policy targets over the course of the past 200 years. We argue that policy targets are set as part of an assignment procedure that is intended to address both time consistency and monitoring problems. As a result, central banks, after having been assigned to target the exchange rate in the 19th century, are now entrusted with targeting the rate of inflation. Critical advances in the measurement of inflation have proved decisive in bringing about this radical transformation.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6252.

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Date of creation: Apr 2007
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Handle: RePEc:cpr:ceprdp:6252

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Keywords: central banks; exchange rates; inflation; monetary policy targets;

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Cited by:
  1. Peter Stella, 2010. "Minimising monetary policy," BIS Working Papers 330, Bank for International Settlements.
  2. Jagjit S.Chadha & Elisa Newby, 2013. "'Midas, transmuting all, into paper': the Bank of England and the Banque de France during the Napoleonic Wars," Studies in Economics 1315, Department of Economics, University of Kent.
  3. Willem H. Buiter, 2007. "Seigniorage," NBER Working Papers 12919, National Bureau of Economic Research, Inc.
  4. Elisa Newby, 2007. "The Suspension of Cash Payments as a Monetary Regime," CDMA Working Paper Series 200707, Centre for Dynamic Macroeconomic Analysis.

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