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Monetary Regimes, Inflation And Monetary Reform: An Essay in Honor of Axel Leijonhufvud

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  • Michael D. Bordo

    ()
    (Rutgers University)

  • Lars Jonung

    (Stockholm School of Economics)

Abstract

Over the past decade and a half Axel Leijonhufvud has written extensively on monetary regimes and their connection to 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 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.

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Bibliographic Info

Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 199407.

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Date of creation: 04 Oct 1996
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Handle: RePEc:rut:rutres:199407

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Keywords: axel leijonhufvud; inflation; monetary regimes;

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References

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Cited by:
  1. 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.
  2. Maurice Obstfeld & Alan M. Taylor, 2002. "Globalization and Capital Markets," NBER Working Papers 8846, National Bureau of Economic Research, Inc.
  3. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June.
  4. Bordo, Michael D & Flandreau, Marc, 2001. "Core, Periphery, Exchange Rate Regimes and Globalization," CEPR Discussion Papers 3077, C.E.P.R. Discussion Papers.
  5. 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, 04.
  6. 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.
  7. repec:nbr:nberwo:11173 is not listed on IDEAS
  8. Bordo, Michael D. & Jonung, Lars, 2000. "A Return to the Convertibility Principle? Monetary And Fiscal Regimes in Historical Perspective," Working Paper Series in Economics and Finance 415, Stockholm School of Economics.
  9. Michael D. Bordo & Anna J. Schwartz, 1994. "The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1990," NBER Working Papers 4860, National Bureau of Economic Research, Inc.

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