Price Stability and Financial Stability: The Historical Record

Resource Type
Dataset : survey data
  • Bordo, Michael D. (Rutgers University)
  • Wheelock, David C. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
Free Keywords
economic crises; inflation; monetary policy; price controls; price fluctuations; price trends
  • Abstract

    Many countries mandate inflation control as the paramount objective for monetary policy. Critics argue, however, that such a narrow focus compromises monetary authorities' responsibility to preserve stability of the financial system and that a more limited focus on inflation control could increase financial instability. The authors examine the economic histories of the United States, the United Kingdom, and Canada, and determine that most episodes of severe financial instability occurred during disinflationary periods that followed sustained inflation. They conclude that the evidence appears to support the claims of those who argue that control of inflation could enhance, rather than detract from, the stability of a financial system.
  • Table of Contents


    • DS1: Dataset
Geographic Coverage
  • Canada
  • United Kingdom
  • United States
  • Global
Collection Mode
  • (1) The file submitted is 9809DW.DAT, a data file. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (
Alternative Identifiers
  • 1191 (Type: ICPSR Study Number)
  • Is previous version of
    DOI: 10.3886/ICPSR01191.v1
  • Bordo, Michael D.. Price stability and financial stability: The historical record. Federal Reserve Bank of St. Louis Review.80, (5), 41-62.1998.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15