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Moderate Monetarism: A Brief Survey of Dutch Monetary Policy in thePost-War Period

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  • I.J.M de Greef
  • P.L.C. Hilbers
  • L.H. Hoogduin
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    Abstract

    The paper discusses developments in Dutch monetary policy over the past five decades. It does not aim at providing a precise historical description, but rather focuses on the main trends and developments. Discussing these trends now is not only interesting from a historical point of view, but also because the Netherlands is about to become part of the European Economic and Monetary Union (EMU). This will end Dutch sovereignty over monetary policy, and mark the beginning of a joint responsibility for European monetary policy aimed at a stable value of the Euro. Will this imply a radical change in the way monetary policy is being conducted? To answer this question, the paper, which has been written from the perspective of the Nederlandsche Bank, focuses on three main themes: developments in monetary philosophy and strategy, the modernisation of the set of monetary instruments, and the achievements of monetary policy during the post-war period. It concludes that participation in EMU fits in well with post-war developments in Dutch monetary policy, which will contribute to a smooth transition when the Euro is introduced on January 1, 1999.

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    File URL: http://www.dnb.nl/binaries/sr028_tcm46-146806.pdf
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    Bibliographic Info

    Paper provided by Netherlands Central Bank in its series DNB Staff Reports (discontinued) with number 28.

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    Length: 47 pages
    Date of creation: 1998
    Date of revision:
    Handle: RePEc:dnb:staffs:28

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    Postal: Postbus 98, 1000 AB Amsterdam
    Web page: http://www.dnb.nl/en/
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    References

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    1. Paul Louis Ceriel Hilbers, 1998. "Financial Sector Reform and Monetary Policy in the Netherlands," IMF Working Papers 98/19, International Monetary Fund.
    2. M. M. G. Fase, 1994. "The Rise and Demise of Dutch Monetarism; or, the Schumpeter-Koopmans-Holtrop Connection," History of Political Economy, Duke University Press, vol. 26(1), pages 21-38, Spring.
    3. Eijffinger, S. & De Hann, J., 1995. "The Political Economy of Central Bank Independence," Papers 9587, Tilburg - Center for Economic Research.
    4. Haan, L. de & Koedijk, C.G. & Vrijer, E.J. de, 1994. "Buffer stock money and pecking order financing: Results from an interview study among Dutch firms," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3108622, Tilburg University.
    5. S.K. Kuipers & E. Sterken, 1995. "On the scope of Dutch monetary policy," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(193), pages 173-187.
    6. den Butter, F. A. G. & Fase, M. M. G., 1981. "The demand for money in EEC countries," Journal of Monetary Economics, Elsevier, vol. 8(2), pages 201-230.
    7. Tomás J. T. Baliño & Charles Enoch & William E. Alexander, 1995. "The Adoption of Indirect Instruments of Monetary Policy," IMF Occasional Papers 126, International Monetary Fund.
    8. Ivo J. M. Arnold, 1992. "The Derivation of the Liquidity Ratio in the EMS: Comment on Kremers and Lane," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 195-202, March.
    9. Jeroen J. M. Kremers & Timothy D. Lane, 1990. "Economic and Monetary Integration and the Aggregate Demand for Money in the EMS," IMF Staff Papers, Palgrave Macmillan, vol. 37(4), pages 777-805, December.
    10. Paul Louis Ceriel Hilbers, 1993. "Monetary Instruments and their Use During the Transition From a Centrally Planned to a Market Economy," IMF Working Papers 93/87, International Monetary Fund.
    11. Selden, Richard T., 1975. "A critique of Dutch monetarism," Journal of Monetary Economics, Elsevier, vol. 1(2), pages 221-232, April.
    12. Van Ees, H. & Sterken, E., 1992. "the Scope for Independent Monetary Policy," Papers 490, Groningen State, Institute of Economic Research-.
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    Cited by:
    1. Joke Mooij & Henriette Prast, 2002. "A Brief History of the Institutional Design of Banking Supervision in the Netherlands," Research Series Supervision (discontinued) 48, Netherlands Central Bank, Directorate Supervision.

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