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Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective
Bordo, Michael D. - 2014
This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
Persistent link: https://www.econbiz.de/10013043621
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Central Banks : Evolution and Innovation in Historical Perspective
Bordo, Michael D. - 2017
Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...
Persistent link: https://www.econbiz.de/10012947026
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Central Bank Credibility : An Historical and Quantitative Exploration
Bordo, Michael D. - 2015
In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...
Persistent link: https://www.econbiz.de/10013030622
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Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914
Bordo, Michael D.; MacDonald, Ronald - 2021
This paper examines the recently noted finding that the Classical gold standard represented a credible, well-behaved target zone system from the perspective of the well-documented failure of countries to play by the rules of the game in the classical period. In particular, we test an hypothesis...
Persistent link: https://www.econbiz.de/10013239352
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The Inter-War Gold Exchange Standard : Credibility and Monetary Independence
Bordo, Michael D.; MacDonald, Ronald - 2022
In this paper we analyze the operation of the inter-war gold exchange standard to see if the evident credibility of the system conferred on participating central banks the ability to pursue independent monetary policies. To answer this question we econometrically analyze two key parity, or...
Persistent link: https://www.econbiz.de/10013308600
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The Price of Stability : The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …
Persistent link: https://www.econbiz.de/10013046162
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A Multi-Country Comparison of Term Structure Forecasts at Long Horizons
Mishkin, Frederic S.; Jorion, Philippe - 2021
besides the United states, using a newly constructed data set for 1 to 5 year interest rates from Britain, West Germany and …
Persistent link: https://www.econbiz.de/10013234377
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The London Monetary and Economic Conference of 1933 and the End of the Great Depression : A “Change of Regime” Analysis
Edwards, Sebastian - 2017
In this paper I analyze the London Monetary and Economic Conference of 1933, an almost forgotten episode in U.S. monetary history. I study how the Conference shaped dollar policy during the second half of 1933 and early 1934. I use daily data to investigate the way in which the Conference and...
Persistent link: https://www.econbiz.de/10012962174
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Unprecedented Actions : The Federal Reserve's Response to the Global Financial Crisis in Historical Perspective
Mishkin, Frederic S. - 2015
-inconsistency problem and moral hazard. Reviewing the evidence for central banks' crisis management in the U.S., the U.K. and France from …
Persistent link: https://www.econbiz.de/10013031481
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The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets
Favero, Carlo A.; Giavazzi, Francesco; Flabbi, Luca - 2021
implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …
Persistent link: https://www.econbiz.de/10013235277