Citation

Discussion Paper Details

Please find the details for DP6252 in an easy to copy and paste format below:

Full Details   |   Bibliographic Reference

Full Details

Title: Pillars of Globalization: A history of monetary policy targets, 1797-1997

Author(s): Marc Flandreau

Publication Date: April 2007

Keyword(s): central banks, exchange rates, inflation and monetary policy targets

Programme Area(s): International Macroeconomics

Abstract: 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.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6252

Bibliographic Reference

Flandreau, M. 2007. 'Pillars of Globalization: A history of monetary policy targets, 1797-1997'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6252