Skip to main content Accessibility help
×
Hostname: page-component-cd9895bd7-mkpzs Total loading time: 0 Render date: 2024-12-19T07:21:54.107Z Has data issue: false hasContentIssue false

3 - Central Bank Credibility

An Historical and Quantitative Exploration

Published online by Cambridge University Press:  05 June 2016

Michael D. Bordo
Affiliation:
Rutgers University, New Jersey
Øyvind Eitrheim
Affiliation:
Norges Bank
Marc Flandreau
Affiliation:
Graduate Institute of International and Development Studies, Geneva
Jan F. Qvigstad
Affiliation:
Norges Bank
Get access
Type
Chapter
Information
Central Banks at a Crossroads
What Can We Learn from History?
, pp. 62 - 144
Publisher: Cambridge University Press
Print publication year: 2016

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Ahamed, L. (2009), Lords of Finance (New York: The Penguin Press).Google Scholar
Altug, S., and Canova, F. (2013), “Do Institutions and Culture Matter for Business Cycles?”, Working Paper, European University Institute, March.Google Scholar
Arnone, M., and Romelli, D. (2012), “Dynamic Central Bank Independence Indices and Inflation Rates: A New Empirical Explanation”, Paolo Baffi Centre Research Paper No. 2012-118.Google Scholar
Arnone, M., Laurens, B., Segolato, S., and Sommer, J-F. (2009), “Central Bank Autonomy: Lessons from Global Trends”, IMF Staff Papers 56 (2):263296.Google Scholar
Bai, J., and Perron, P. (1998), “Estimating and Testing Linear Models with Multiple Structural Changes”, Econometrica 66 (January): 4778.Google Scholar
Ball, L. (1994), “What Determines the Sacrifice Ratio?” in Mankiw, N.G. (Ed.), Monetary Policy (Chicago: University of Chicago Press), pp. 155182.Google Scholar
Ball, L. (1999), “Policy Rules for Open Economies” in Taylor, J. (Ed.), Monetary Policy Rules (Chicago: University of Chicago Press), pp. 127144.Google Scholar
Ball, L. and Sheridan, N. (2005), “Does Inflation Targeting Matter?” in Bernanke, B. and Woodford, M. (Eds.), The Inflation Targeting Debate (Chicago: University of Chicago Press), pp. 249276.Google Scholar
Ball, L., Leigh, D., and Loungani, P. (2013), “Okun’s Law: Fit at Fifty?”, NBER Working Paper 18688, January.Google Scholar
Bernanke, B. (2013), The Federal Reserve and the Financial Crisis (Princeton, N.J.: Princeton University Press).CrossRefGoogle Scholar
Beyer, A., Gaspar, V., Gerbeding, C., and Issing, O. (2013), “Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods” in Bordo, M.D. and Orphanides, A. (Eds.), The Great Inflation: The Modern Rebirth of Central Banking (Chicago: University of Chicago Press).Google Scholar
Blinder, A. S. (1999), Central Banking in Theory and Practice (Cambridge, Mass.: The MIT Press).Google Scholar
Blinder, A., and Rudd, J. (2013), “The Supply-Shock Explanation of the Great Stagflation Revisited” in Bordo, M.D. and Orphanides, A. (Eds.), The Great Inflation: The Modern Rebirth of Central Banking (Chicago: University of Chicago Press).Google Scholar
Bordo, M.D. (1981), The Classical Gold Standard: Some Lessons For Today” Federal Reserve Bank of St. Louis Review.Google Scholar
Bordo, M.D., and Dewald, W. (2001), “Bond Market Inflation Expectations in Industrial Countries: Historical Comparisons, NBER Working Paper 8582, November.Google Scholar
Bordo, M.D., and Haubrich, J. (2010), “Credit Crises, Money and Contractions: An Historical View”, Journal of Monetary Economics 57: 118.Google Scholar
Bordo, M.D., and Kydland, F. (1995), “The Gold Standard as a Rule: An Essay in Exploration”, Explorations in Economic History 32: 422464.CrossRefGoogle Scholar
Bordo, M.D., and MacDonald, R. (2012), Credibility and the International Monetary Regime (New York: Cambridge University Press).Google Scholar
Bordo, M.D., and Orphanides, A. (2013), The Great Inflation: The Modern Rebirth of Central Banking (Chicago: University of Chicago Press).Google Scholar
Bordo, M.D., and Schwartz, A.J. (1996), “The Operation of the Specie Standard: Evidence for Core and Peripheral Countries, 1880–1990” in Eichengreen, B. and de Macedo, J. Braga (Eds.), Historical Perspectives in the Gold Standard: Portugal and the World (London: Routledge), pp. 1183.Google Scholar
Bordo, M.D., and Siklos, P.L. (2014), “Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective,” NBER Working Paper 20693, November.Google Scholar
Bordo, M.D., Eichengreen, B., Klingebiel, D., and Martinez –Peria, M. Soledad (2001), “Is the Crisis Problem Growing More Severe?”, Economic Policy. April, 53–82Google Scholar
Borio, C. (2013), “Rethinking Potential Output: Embedding Information About the Financial Cycle”, BIS Working Paper 404, February.Google Scholar
Borio, C., and Filardo, A.J. (2004), “Looking Back at the International Deflation Record”, North American Journal of Economics and Finance 15 (December): 287311.Google Scholar
Burdekin, R.C.K., and Siklos, P.L. (1999), “Exchange Rate Regimes and Shifts in Inflation Persistence: Does Nothing Else Matter?”, Journal of Money, Credit and Banking, Vol. 31, May: 234247.CrossRefGoogle Scholar
Burdekin, R.C.K., and Siklos, P.L., Eds. (2004a), Deflation: Current and Historical Perspectives (Cambridge: Cambridge University Press).CrossRefGoogle Scholar
Burdekin, R.C.K., and Siklos, P.L. (2004b), “Fears of Deflation and the Role of Monetary Policy: Some Lessons and an Overview” in Burdekin, R.C.K. and Siklos, P.L. (Eds.), Deflation: Current and Historical Perspectives (Cambridge: Cambridge University Press), pp. 127.Google Scholar
Brunner, K. (1983), “The Pragmatic and Intellectual Tradition of Monetary Policymaking” in Brunner, Karl, (Ed.), Lessons of Monetary Experiences from the 1970s (Berlin: Springer), pp. 97141.Google Scholar
Burns, A. (1979), The Anguish of Central Banking, Per Jacobsson Lecture, September.Google Scholar
Cargill, T. (2013), “A Critical Assessment of Measures of Central Bank Independence”, Economic Inquiry 51 (January): 260272.Google Scholar
Carney, M. (2013), “Monetary Policy after the Fall”, Eric J. Hanson Memorial Lecture, University of Alberta, 1 May, www.bankofcanada.ca/2013/05/monetary-policy-after-the-fall/.Google Scholar
Chung, H., Laforte, J-P., Reifschneider, D., and Williams, J. (2012), “Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?”, Journal of Money, Credit and Banking 44 (February): 4782.Google Scholar
Cross, P., and Bergevin, P. (2012), “Turning Points in Business Cycles in Canada Since 1926”, C.D. Howe Commentary No. 366, October.Google Scholar
Crow, J. (2002), Making Money (Toronto: John Wiley & Sons).Google Scholar
Cukierman, A. (1986), “Central Bank Behavior and Credibility: Some Recent Theoretical Developments”, Review of the Federal Reserve Bank of St. Louis (May): 5–17.Google Scholar
Cukierman, A. (1992), Central Bank Strategy, Credibility and Independence: Theory and Evidence (Cambridge, Mass.: MIT Press).Google Scholar
De Long, B. (1997), “America’s Peacetime Inflation: the 1970s” in Romer, C.D. and Romer, D.H. (Eds.), Reducing Inflation: Motivation and Strategy (Chicago: University of Chicago Press).Google Scholar
Dehay, E., and Levy, N. (2000), “L’independenance des banques centrales pendant l’entre-deux guerres et ses effects sur l’inflation et la croissance”, Working Paper, Universite de Paris X-Nanterre.Google Scholar
Dincer, N. and Eichengreen, B. (2007), “Central Bank Transparency: Where, Why, and With What Effects?”, NBER Working Paper 13003, March, www.nber.org/papers/w13003Google Scholar
Dreher, A., Sturm, J.E., and de Haan, J. (2008), “Does High Inflation Cause Central Bankers to Lose Their Job? Evidence Based on a New Data Set”, European Journal of Political Economy 24 (December): 778787.Google Scholar
Dupasquier, C., Guay, A., and St-Amant, P. (1999), “A Survey of Alternative Methodologies for Estimating Potential Output and the Ouput Gap”, Journal of Macroeconomics 21 (Summer): 577595.Google Scholar
Eijffinger, S., and De Haan, J. (1996), The Political-Economy of Central Bank Independence”, Special Papers in International Economics, Princeton University, no. 19, May.Google Scholar
Eggertsson, G., and Woodford, M. (2003), “The Zero Bound on Interest Rates and Optimal Monetary Policy”, Brookings Papers on Economic Activity 34: 139211.Google Scholar
Eichengreen, B. (1997), “The Gold Standard Since Alec Ford” in Eichengreen, B. and Flandreau, M. (Eds.), The Gold Standard in Theory and Practice. Second Edition. (London: Routledge).Google Scholar
Fellner, W. (1976), Towards a Reconstruction of Macroeconomics: Problems of Theory and Policy (Washington, D.C.: American Enterprise Institute).Google Scholar
Ferguson, N., and Schularik, M. (2008), “The ‘Thin Film of Gold’: Monetary Policy Rules and Policy Credibility in Developing Countries”, NBER Working Paper 13918, April.Google Scholar
Fortin, P. (1996), “The Great Canadian Slump”, Canadian Journal of Economics 29 (November): 761787.Google Scholar
Freedman, C. and Macklem, T. (1998), “A Comment on the ‘The Great Canadian Slump’”, Canadian Journal of Economics 31 (August): 646665.Google Scholar
Friedman, M. (1968), “The Role of Monetary Policy”, American Economic Review 58 (March): 117.Google Scholar
Goodfriend, M. (1986), “Monetary Mystique: Secrecy and Central Banking”, Journal of Monetary Economics 17 (January): 6392.Google Scholar
Goodfriend, M., and King, R. (2013), “The Great Inflation Drift” in Bordo, M.D. and Orhanides, A. (Eds), The Great Inflation: The Modern Rebirth of Central Banking (Chicago: University of Chicago Press).Google Scholar
Goodhart, C.A.E. (1999), “Central Bankers and Uncertainty”, Bank of England Quarterly Bulletin (February): 102–121.Google Scholar
Greenspan, A. (1996), “Opening Remarks”, in Achieving Price Stability, A Symposium sponsored by the Federal Reserve Bank of Kansas City, August.Google Scholar
Haberler, G. (1980), “Notes on Rational and Irrational Expectations”, reprint 111, American Enterprise Institute (March).CrossRefGoogle Scholar
Haltmaier, J. (2012), “Do Recessions Affect Potential Output?” Board of Governors of the Federal Reserve System, International Finance Discussion Papers, No. 1066, December.Google Scholar
James, H. (2012), Making the European Monetary Union (Cambridge, Mass.: The Belknap Press of Harvard University Press).Google Scholar
Kahn, G. (2012), “Estimated Rules for Monetary Policy”, Economic Review, Federal Reserve Bank of Kansas City, Fall, 5–29.Google Scholar
Killian, L. (2009), “Oil Price Shocks, Monetary Policy and Stagflation” in Fry, R., Jones, C. and Kent, C. (Eds.), Inflation in an Era of Relative Price Shocks (Sydney: Reserve Bank of New Zealand), pp. 6084.Google Scholar
Kozicki, S., and Tinsley, P.A. (2009), “Perhaps the 1970s FOMC Did What It Said It Did”, Journal of Monetary Economics 56: 842855.Google Scholar
La Porta, R., Lopez-de-Silanes, F., and Schleifer, A. (2008), “The Economic Consequences of Legal Origins”, Journal of Economic Literature 46 (2): 285332.Google Scholar
Levin, A., and Taylor, J. (2013), “Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation” in Bordo, M.D. and Orphanides, A. (Eds.), The Great Inflation: The Modern Rebirth of Central Banking (Chicago: University of Chicago Press).Google Scholar
Mankiw, N. G., and Miron, J. (1991), “Should the Fed Smooth Interest Rates? The Case of Seasonal Monetary Policy”, Carnegie-Rochester Series on Public Policy 34 (Spring): 4169.Google Scholar
Marsh, D. (1992), The Bundesbank: The Bank That Rules Europe (London: Heinemann).Google Scholar
Mauro, P., Romeu, R., Binder, A., and Zaman, A. (2013), “A Modern History of Fiscal Prudence and Profligacy”, IMF Working Paper 13/05, January.Google Scholar
Meltzer, A. (2009), A History of the Federal Reserve, Volume 1: 1913–1951 (Chicago: University of Chicago Press).Google Scholar
Mishkin, F. (2005), “The Inflation Targeting Debate”, John Kusczcak Memorial Lecture, Bank of Canada, May.Google Scholar
Mishkin, F. (2007), “Estimating Potential Output”, speech given at the Conference on Price Measurement for Monetary Policy, Federal Reserve Bank of Dallas, Dallas, Texas, available from www.c.federalreserve.gov/newsevents/speech/mishkin20070524a.htm.Google Scholar
Orphanides, A. (2003), “The Quest for Prosperity without Inflation”, Journal of Monetary Economics 50(3): 633663.Google Scholar
Orphanides, A. and van Norden, S. (2002), “The Unreliability of Output Gap Estimates in Real-Time”, Review of Economics and Statistics 84 (November): 569583.Google Scholar
Orphanides, A. and Williams, J. (2011), “Monetary Policy Mistakes and the Evolution of Inflation Expectations”, Working Paper, June.Google Scholar
Parkin, M. (2012), “Central Bank Laws and Monetary Policy Outcomes: A Three Decade Perspective”, available from http://ideas.repec.org/p/uwo/epuwoc/20131.html.Google Scholar
Perron, P. (1989), “The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis”, Econometrica 57 (November): 13611401.Google Scholar
Pesaran, H., Schurmann, T., and Weiner, S.M. (2004), “Modelling Regional Interdependencies Using a Global Error-Correcting Macroeconometric Model”, Journal of Business and Economic Statistics 22: 129162.Google Scholar
Powell, J. (2009), The Bank of Canada of James Elliot Coyne (Montreal and Kingston: McGill-Queen’s University Press).Google Scholar
Reinhart, C., and Rogoff, K.S. (2009), This Time Is Different: Eight Centuries of Financial Folly (Princeton: Princeton University Press).Google Scholar
Reinhart, C., and Rogoff, K.S. (2013), “Shifting Mandates: The Federal Reserve’s First Centennial”, American Economic Review Papers and Proceedings 103 (May): 4854.Google Scholar
Romer, C. (2013), “Comments”, in Bordo, M.D. and Orphanides, A. (Eds.), The Great Inflation: The Modern Rebirth of Central Banking (Chicago: University of Chicago Press).Google Scholar
Rudebusch, G. (2002), “Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia”, Journal of Monetary Economics 49 (September): 11611187.Google Scholar
Rudebusch, G. (2006), “Monetary Policy Inertia: Fact or Fiction?” International Journal of Central Banking, December: 85–135.Google Scholar
Sack, B., and Wieland, V. (2000), “Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence”, Journal of Economics and Business 52 (January–April): 205228.Google Scholar
Siklos, P.L. (2002), The Changing Face of Central Banking (Cambridge: Cambridge University Press).Google Scholar
Siklos, P.L. (2003), “Assessing the Impact of Changes in Transparency and Accountability at the Bank of Canada”, Canadian Public Policy 29 (September): 279299.CrossRefGoogle Scholar
Siklos, P.L. (2008), “No Single Definition of Central Bank Independence is Right for All Countries”, European Journal of Political Economy 24: 802816.Google Scholar
Siklos, P.L. (2010), “Revisiting the Coyne Affair: A Singular Event that Changed the Course of Canadian Monetary History”, Canadian Journal of Economics 43 (3): 9941015.CrossRefGoogle Scholar
Siklos, P.L. (2014), “Communications Challenges for Multi-Tasking Central Banks: Evidence and Implications”, International Finance 17 (Spring): 7798.Google Scholar
Silber, W.L. (2012), Volcker (New York: Bloomsbury Press).Google Scholar
Singleton, J. (2011), Central Banking in the Twentieth Century (Cambridge, Mass.: Cambridge University Press).Google Scholar
Stock, J.H., and Watson, M.W. (2007), “Why Has US Inflation Become Harder to Forecast?”, Journal of Money, Credit and Banking Vol 39 (February): 333Google Scholar
Stock, J., and Yogo, M. (2005), “Testing for Weak Instruments in Linear IV Regressions” in Andrews, D.W.K. and Stock, J.H. (Eds.), Identification and Inference for Econometric Models: Essays in Honor of Thomas Rothenberg (Cambridge: Cambridge University Press).Google Scholar
Taylor, J. (1993), “Discretion versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy 39 (December): 195214.Google Scholar
Taylor, J. (1998), “A Historical Analysis of Monetary Policy Rules” in Taylor, J. (Ed.), Monetary Policy Rules (Chicago: University of Chicago Press), pp. 314341.Google Scholar
Waller, C. (2011), “Independence and Accountability: Why the Fed Is a Well-Designed Central Bank”, Review of the Federal Reserve Bank of St. Louis (Sept/Oct): 293–301.Google Scholar
Woodford, M. (2003), Interest and Prices: Foundations of a Theory of Monetary Policy Princeton: Princeton University Press.Google Scholar
Ahamed, L. (2009), The Lords of Finance (New York: The Penguin Press).Google Scholar
Bagehot, W. (1873), Lombard Street, rev. ed. (London: Kegan Paul, Trenh, Toubner and Co.), 1906.Google Scholar
Bell, S. (2004), Australia’s Money Mandarins (Cambridge: Cambridge University Press).Google Scholar
Berg, C., and Jonung, L. (1999), “Pioneering Price Level Targeting: The Swedish Experience 193–1937”, Journal of Monetary Economics 43(3): 525551.Google Scholar
Beyer, A., Gaspar, V., Gerberding, C., and Issing, O. (2013), “Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods” in Bordo, M.D. and Orphanides, A. (Eds.), The Great Inflation; The Rebirth of Modern Central Banking (Chicago: University of Chicago Press for the NBER).Google Scholar
Bordo, M.D. (1981), “The Classical Gold Standard: Some Lessons for TodayFederal Reserve Bank of St. Louis Review 63(6) May.Google Scholar
Bordo, M.D., and Eschweiler, B. (1994), “Rules, Discretion and Central Bank Independence: The German Experience 1880–1989” in Sikos, P.L. (Ed.), Varieties of Monetary Reform: Lessons and Experience on the Road to Monetary Union (Boston: Kluwer Academic Publishers).Google Scholar
Bordo, M.D., and James, H. (2007), “From 1907 to 1946: A Happy Childhood or a Troubled Adolescence? in SNB. The Swiss National Bank 1907–2007. (Zurich: Neue Zurcher Zeitung Publishing).Google Scholar
Bordo, M.D., and Hautcoeur, P.C. (2007), “Why Didn’t France Follow the British Stabilization after World War I?”, European Review of Economic History 11(1)(April): 337.Google Scholar
Bordo, M.D., and Haubrich, J. (2012), “Deep Recessions, Fast Recoveries and Financial Crises: Evidence from the American Record” NBER Working Paper 18194 June.Google Scholar
Bordo, M.D., and Kydland, F. (1995), “The Gold Standard as a Rule: An Essay in Exploration” Explorations in Economic History. October.Google Scholar
Bordo, M.D., and Landon Lane, J. (2013a), “Does Expansionary Monetary Policy Cause Asset Price Booms: Some Historical and Empirical Evidence” NBER Working Paper 19585 October.Google Scholar
Bordo, M.D., and Lane, J. Landon (2013b), “What Explains House Price Booms?: History and Empirical Evidence” NBER Working Paper 19584 October.Google Scholar
Bordo, M.D., and MacDonald, R. (2003), “The Interwar Gold Exchange Standard: Credibility and Monetary Independence”, Journal of International Money and Finance 22 (February): 132.Google Scholar
Bordo, M.D., and MacDonald, R. (2005), “Interest Rate Interactions in the Classical Gold Standard: 1880–1914; Was There Monetary Independence?”, Journal of Monetary Economics 2 (March): 307327.Google Scholar
Bordo, M.D., and Orphanides, A. (2013), The Great Inflation; The Rebirth of Modern Central Banking (Chicago: University of Chicago Press for the NBER)Google Scholar
Bordo, M.D., and Redish, A. (1987), “Why Did the Bank of Canada Emerge in 1935?”, Journal of Economic History 47 (June): 405417.Google Scholar
Bordo, M.D., and Redish, A. ‘The Lender of Last Resort: Alternative Views and Historical Experience’ Federal Reserve Bank of Richmond Economic Review March.Google Scholar
Bordo, M.D., and Redish, A. “ The Bretton Woods International Monetary System: An Historical Overview” in Bordo, M.D. and Eichengreen, B. (Eds.), A Retrospective on the Bretton Woods System (Chicago: University of Chicago Press for the NBER).Google Scholar
Bordo, M.D., and Rockoff, H. (1996b), “The Gold Standard as a Good Housekeeping Seal of Approval”, Journal of Economic History 56 (June): 389428.CrossRefGoogle Scholar
Bordo, M.D., and Schwartz, A.J. (Eds.), (1984), A Retrospective on the Classical Gold Standard 1821–1931 (Chicago: University of Chicago Press for the NBER) pp. 361404.Google Scholar
Bordo, M.D., and Schwartz, A.J. (1996a), “The Operation of the Specie Standard: Evidence for Core and Peripheral Countries, 1880–1990” in Eichengreen, B. and de Macedo, J. Braga (Eds.), Historical Perspectives on the Gold Standard; Portugal and the World (London: Routledge Publishers).Google Scholar
Bordo, M.D., and Siklos, P.L. (2014), “Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective”, NBER Working Paper 20693, November.Google Scholar
Bordo, M.D., and Wheelock, D. (2013), “The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914–1933” in Bordo, M.D. and Roberds, W. (Eds.), A Return to Jekyll Island (Cambridge: Cambridge University Press).Google Scholar
Bordo, M.D., Helbling, T., and James, H. (2007), “Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism?”, Open Economies Review 18 (February): 125.Google Scholar
Bordo, M.D., Erceg, C., Levin, A., and Michaels, R. (2007), “Three Great American Disinflations” NBER Working Paper No. 12982 March.CrossRefGoogle Scholar
Bordo, M.D., Humpage, O., and Schwartz, A.J. (2014), Strained Relations: U.S. Monetary Policy and Foreign Exchange Operations in the Twentieth Century (Chicago: University of Chicago Press).Google Scholar
Bordo, M.D., Simard, D., and White, E. (1995), “France and the Bretton Woods International System” in Reis, J. (Ed.), The History of International Monetary Arrangements (London: MacMillan).Google Scholar
Burdekin, R., and Siklos, P.L. (2004), “Fears of Deflation and the Role of Monetary Policy: Some Lessons and An Overview” in Burdekin, R.C.K. and Siklos, P.L. (Eds.), Deflation (Cambridge: Cambridge University Press), pp. 130.Google Scholar
Capie, F. (2010), The Bank of England 1950s to 1979 (Cambridge: Cambridge University Press).Google Scholar
Courchene, T. (1976), Money, Inflation and the Bank of Canada: An Analysis of Canadian Monetary Policy from 1970 to Early 1975 (Toronto: C.D. Howe Institute).Google Scholar
Cross, P., and Bergevin, P. (2012), “Turning Points: Business Cycles in Canada since 1926”, C.D. Howe Commentary No. 366, October.Google Scholar
Crow, J. (1988), “The Work of Canadian Monetary Policy”, Eric Hanson Memorial Lecture, January, University of Alberta.Google Scholar
Deutsch, J. (1957), “The Canadian Treasury and Monetary Policy”, American Economic Review 47 (May): 220228.Google Scholar
DiCecio, R., and Nelson, E. (2013), “The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes” in Bordo, M.D. and Orphanides, A. (Eds.), The Great Inflation: The Rebirth of Modern Central Banking (Chicago: University of Chicago Press for the NBER).Google Scholar
Dincer, N.N., and Eichengreen, B. (2007), “Central Bank Transparency: Where, Why, and With What Effects?” NBER Working Paper 13003, March.Google Scholar
Eichengreen, B. (1992), Golden Fetters (Oxford: Oxford University Press).Google Scholar
Eitrheim, Ø., Qvigstad, J.F., and Skeie, Ø.B. (2006), “Price Stability has Been the Historical Norm. What Distinguishes the Abnormal?” Norges Bank (mimeo).Google Scholar
Eitrheim, Ø. and Øksendal, L.F. (2013), “The Cost of the Post War Economic Order in Norway: Reflections in Hindsight” Norges Bank (mimeo).Google Scholar
Fratianni, M., and Spinelli, F. (1997), A Monetary History of Italy (Cambridge, Mass.: Cambridge University Press).Google Scholar
Fregert, K.,and Jonung, L. (2008), “Inflation Targeting Is a Success So Far: 100 Years of Evidence from Swedish Contracts”, Economics Open Access E Journal 2 :20082031.Google Scholar
Friedman, M., and Schwartz, A.J. (1963), A Monetary History of the United States 1867 to 1960 (Princeton NJ: Princeton University Press).Google Scholar
Geraats, P. (2014), “Monetary Policy Transparency”, in Foessbaeck, J. and Oxelheim, L. (Eds.), Oxford Handbook of Institutional and Economic Transparency (Oxford: Oxford University Press), pp. 6897.Google Scholar
Giavazzi, F., and Pagano, M. (1991), “The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility”, European Economic Review 38: 303330.Google Scholar
Gollan, R. (1968), The Commonwealth Bank of Australia: Origins and Early History (Canberra: ANU Press).Google Scholar
Goodfriend, M. (1993), “Interest Rate Policy and the Inflation Scare Problem 1979–1992” Federal Reserve Bank of Richmond Quarterly 79/1 (Winter).Google Scholar
Gordon, H.S. (1961), The Economists versus the Bank of Canada (Toronto: The Ryerson Press).Google Scholar
Grenville, S. (1996), “Recent Development in Monetary Policy: Australia and Abroad”, Australian Economic Review (1st Quarter): 29–39.Google Scholar
Hautcoeur, P.C., Riva, A., and White, E. (2014), “Can Moral Hazard Be Avoided? The Banque De France and the Crisis of 1889” Journal of Monetary Economics (forthcoming).Google Scholar
Hawke, G. (1973), Between Governments and Banks (Wellington: Reserve Bank of New Zealand).Google Scholar
Helleiner, E. (2006), Towards North American Monetary Union? A Political History of Canada’s Exchange Rate Regime (Montreal: McGill-Queen’s University Press).Google Scholar
Johnson, H.C. (1997), Gold, France and the Great Depression, 1919–1932 (New Haven, Conn.: Yale University Press).Google Scholar
Jonung, L. (1984), “Swedish Experience Under the Classical Gold Standard: 1873–1914” in Bordo, M.D. and Schwartz, A.J. (Eds.), National Bureau of Economic Research Conference Report Series (Chicago and London: University of Chicago Press), pp. 361399.Google Scholar
Laidler, D.E.W. (1991), How Shall We Govern the Governor?: A Critique of the Governance of the Bank of Canada The Canada Round 1 (Toronto: C.D. Howe Institute).Google Scholar
Laidler, D.E.W., and Robson, W.P. (1993), The Great Canadian Disinflation: The Economics and Politics of Canadian Monetary Policy in Canada, 1988–93 (Toronto: C.D. Howe Institute).Google Scholar
Meltzer, A. (2003), A History of the Federal Reserve Volume 1 (Chicago: University of Chicago Press).Google Scholar
Monnet, E. (2013), “Monetary Policy without Interest Rates. Evidence from France’s Golden age (1948–1973) Using a Narrative Approach” Banque de France (mimeo).Google Scholar
New Zealand Treasury and Reserve Bank of New Zealand (2006), Testing Stabilization Policy Limits in a Small Open Economy: Proceedings from a Macroeconomic Policy Forum (Wellington: NZ Treasury).Google Scholar
Qvigstad, J.F. (2013), “On Institutions—Fundamentals of Confidence and Trust” Norges Bank (mimeo)Google Scholar
Reserve Bank of Australia (1987), Annual Report (Sydney: Reserve Bank of New Zealand).Google Scholar
Reserve Bank of New Zealand (2007), The Reserve Bank and New Zealand’s Economic History (Wellington: Reserve Bank of New Zealand).Google Scholar
Rich, G. (1997), “Monetary Targets as a Policy Rule: Lessons from the Swiss Experience”, Journal of Monetary Economics 39(1): 113141.Google Scholar
Siklos, P.L. (2000), “Is the MCI a Useful Signal of Monetary Policy Conditions? An Empirical Investigation”, International Finance 3 (November): 413438.Google Scholar
Siklos, P.L. (2002), The Changing Face of Central Banking (Cambridge: Cambridge University Press).Google Scholar
Siklos, P.L. (2010), “Revisiting the Coyne Affair: A Singular Event That Changed the Course of Canadian Monetary History”, Canadian Journal of Economics 43 (August): 9941015.Google Scholar
Siklos, P.L., and Spence, A. (2010), “Face-Off: Should the Bank of Canada Release Its Projections for the Interest Rate Path?”, C.D. Howe Backgrounder 134, October, available from www.cdhowe.org/pdf/Backgrounder_134.pdf.Google Scholar
Siklos, P.L., and Karagedikli, O. (2013), “A Bridge Too Far? RBNZ Communication, The Forward Interest Rate Track, and the Exchange Rate” (with Özer Karagedikli) in Central Bank Transparency, Decision-Making, and Governance: The Issues, Challenges, and Case Studies (Cambridge, Mass.: MIT Press), pp. 273310.Google Scholar
Singleton, J. (2011), Central Banking in the Twentieth Century (Cambridge: Cambridge University Press).Google Scholar
Singleton, J., Grimes, A., Hawke, G., and Holmes, F. (2006), Innovation and Independence: The Reserve Bank of New Zealand (Wellington: Auckland University Press).Google Scholar
Statutes of Canada (2014), laws.justice.gc.ca/eng/.Google Scholar
Steigum, E. (2009), “The Boom and Bust Cycle in Norway” in Jonung, L. et. al. (Eds.), The Great Financial Crisis in Finland and Sweden (Northampton, Mass.: Edward Elgar Publishers), pp. 202244.Google Scholar
Stevens, G. (2003), “Inflation Targeting: A Decade of Australian Experience”, Reserve Bank of Australia Bulletin, April: 17–27.Google Scholar
Swan, T.W. (1940), “Australian War Finance and Banking Policy”, Economic Record 16 (June): 50–67.Google Scholar
Swiss National Bank (2007), The Swiss National Bank 1907–2007 (Zurich: Neue Zurcher Zeitung Publishing).Google Scholar
Tattara, G. (2000), “Paper Money but a Gold Debt: Italy on the Gold StandardExplorations in Economic History 40: 122142.Google Scholar
Taylor, J.B. (2007), “Housing and Monetary Policy” in Housing Finance and Monetary Policy. Federal Reserve Bank of Kansas City (Kansas City: Kansas City Fed Symposium) pp. 463476.Google Scholar
White, E.N. (2007), “The Crash of 1882, Counterparty Risk, and the Bailout of the Paris Bourse” NBER Working Paper 12933Google Scholar
Yeager, L. (1976), International Monetary Relations; Theory, History and Policy Second Edition (New York: Harper and Row).Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×