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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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Citations

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Cited by:
  1. Michael D. Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," Sciences Po publications n°3077, Sciences Po.
  2. Obstfeld, Maurice & Taylor, Alan M., 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," Center for International and Development Economics Research, Working Paper Series qt6f15n0h0, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  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. Christopher M Meissner & Michael D Bordo, 2006. "The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997," WEF Working Papers 0001, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
  5. Christopher M Meissner & Michael D Bordo, 2006. "Financial Crises, 1880-1913: The Role of Foreign Currency Debt," WEF Working Papers 0002, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
  6. Maurice Obstfeld & Alan M. Taylor, 2002. "Globalization and Capital Markets," NBER Working Papers 8846, National Bureau of Economic Research, Inc.
  7. Michael Bordo & Christopher Meissner, 2005. "Financial Crises, 1880-1913: The Role of Foreign Currency Debt," NBER Working Papers 11173, National Bureau of Economic Research, Inc.
  8. 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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