Price Stability and Financial Stability: The Historical Record
- Bordo, Michael D. (Rutgers University)
- Wheelock, David C. (Federal Reserve Bank of St. Louis)
- Archival Version (Subtitle)
AbstractMany 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
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- 1191 (Type: ICPSR Study Number)
Is previous version of
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