Pillars of globalization: a history of monetary policy targets, 1797-1997

This paper studies the evolution of monetary policy targets over the course of the past 200 years. We argue that policy targets are set as part of an assignment procedure that is intended to address both time consistency and monitoring problems. As a result, central banks, after having been assigned to target the exchange rate in the 19th century, are now entrusted with targeting the rate of inflation. Critical advances in the measurement of inflation have proved decisive in bringing about this radical transformation.


Publication infos:
London, Centre for Economic Policy Research, 2007
Publication year:
2007
Number of pages:
52 p.
Collection:
Discussion paper / Centre for Economic Policy Research ; 6252. International macroeconomics
Record appears in:

Note: The status of this file is: restricted


 Record created 2015-02-20, last modified 2019-08-05

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)