Before the Accord: U.S. Monetary-Financial Policy 1945-51
AbstractThia paper analyzes U.S. monetary-financial policy in the period leading up to the Treasury-Fed Accord. We model policy as an implicit target zone for the price level and an explicit zone for interest rates, and the difficulties on the eve of the Accord as an incipient run on a collapsing target-zone regime. The regime was implemented to maintain the stability of the financial system in a period when there was a serious maturity mismatch between the assets and liabilities of the banking system.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3380.
Date of creation: Jun 1990
Date of revision:
Publication status: published as Reprinted in Deutsche Bank Emerging Markets, April 1999.
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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
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Other versions of this item:
- Barry Eichengreen & Peter M. Garber, 1991. "Before the Accord: U.S. Monetary-Financial Policy, 1945-51," NBER Chapters, in: Financial Markets and Financial Crises, pages 175-206 National Bureau of Economic Research, Inc.
- Barry Eichengreen and Peter M. Garber., 1990. "Before the Accord: U.S. Monetary-Financial Policy 1945-51," Economics Working Papers 90-144, University of California at Berkeley.
- Eichengreen, Barry & Gerber, Peter M., 1990. "Before the Accord: US Monetary-Financial Policy 1945-51," Department of Economics, Working Paper Series qt9x3540q8, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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