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


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


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.

Suggested Citation

  • I.J.M de Greef & P.L.C. Hilbers & L.H. Hoogduin, 1998. "Moderate Monetarism: A Brief Survey of Dutch Monetary Policy in thePost-War Period," DNB Staff Reports (discontinued) 28, Netherlands Central Bank.
  • Handle: RePEc:dnb:staffs:28

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    References listed on IDEAS

    1. Selden, Richard T., 1975. "A critique of Dutch monetarism," Journal of Monetary Economics, Elsevier, vol. 1(2), pages 221-232, April.
    2. S.K. Kuipers & E. Sterken, 1995. "On the scope of Dutch monetary policy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(193), pages 173-187.
    3. Van Ees, H. & Sterken, E., 1992. "the Scope for Independent Monetary Policy," Papers 490, Groningen State, Institute of Economic Research-.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. Paul Louis Ceriel Hilbers, 1998. "Financial Sector Reform and Monetary Policy in the Netherlands," IMF Working Papers 98/19, International Monetary Fund.
    9. Eijffinger, S. & De Hann, J., 1995. "The Political Economy of Central Bank Independence," Papers 9587, Tilburg - Center for Economic Research.
    10. 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.
    11. 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.
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    Cited by:

    1. Joke Mooij & Henriette Prast, 2003. "A brief history of the institutional design of banking supervision in the Netherlands," Chapters,in: Banking Supervision at the Crossroads, chapter 2 Edward Elgar Publishing.
    2. Melle Bijlsma & Jan Kakes & Eric Klaaijsen, 2017. "Measuring cross-sectoral shifts in credit provisioning: an enhanced framework," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Statistical implications of the new financial landscape, volume 43 Bank for International Settlements.

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