Arbeitspapier
Shooting on a moving target : explaining European Bank rates during the interwar period
This paper describes the monetary policy response of countries during the inter-war period. How did central banks react to the Great Depression? How did countries balance the externals demands of the gold standard with domestic policy pressures? What was the optimal level of international policy coordination? We use weekly data over the period 1925-1936 to estimate central bank rate reaction functions for a panel of 22 countries during the inter-war gold standard. The estimates suggest to us changing objectives for monetary policy. Countries moved away from the sole objective of convertibility and towards a more ‘modern’ monetary policy based on exchange rate stabilization, but not yet output stabilization or even modern price level targeting. Importantly, this move to exchange rate stabilization was accompanied by the formation of monetary policy blocs around pre-existing economic relations. Countries’ interwar policy choices offer lessons for countries remaining in or choosing to join the European Monetary Union today.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 2694
- Klassifikation
-
Wirtschaft
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-
Interest Rates: Determination, Term Structure, and Effects
Central Banks and Their Policies
- Thema
-
monetary policy
great depression
reaction functions
Geldpolitik
Zinspolitik
Reaktionsfunktion
Wirtschaftskrise
Goldwährung
Währungspolitik
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Wandschneider, Kirsten
Wolf, Nikolaus
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Wandschneider, Kirsten
- Wolf, Nikolaus
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2009
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