全球智库信息集成服务系统(G2TT): Monetary Policy and Regional Interest Rates in the United States, 1880-2002

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10924
来源ID	Working Paper 10924
	Monetary Policy and Regional Interest Rates in the United States, 1880-2002
	John Landon-Lane; Hugh Rockoff
发表日期	2004-11-22
出版年	2004
语种	英语
摘要	The long running debate among economic historians over how long it took regional financial markets in the United States to become fully integrated should be of considerable interest to students of monetary unions. This paper reviews the debate, discusses the implications of various hypotheses for the optimality of the US monetary union, and presents some new findings on the origin and diffusion of monetary shocks. It appears that financial markets were integrated in the late nineteenth and early twentieth centuries in the sense that monetary shocks were routinely transmitted from one part of the United States to another. In particular, shocks to interest rates in the eastern financial centers were routinely transmitted to the periphery. However, it also appears that during this period significant shocks to bank lending rates in the periphery often arose on the periphery itself. This suggests that a nineteenth century monetary authority that relied on operations confined to eastern financial centers would have had a difficult time managing the U.S. monetary union. After World War II the problem of eruptions on the periphery declined.
主题	History ; Macroeconomic History
URL	https://www.nber.org/papers/w10924
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/568559
推荐引用方式 GB/T 7714	John Landon-Lane,Hugh Rockoff. Monetary Policy and Regional Interest Rates in the United States, 1880-2002. 2004.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w10924.pdf（442KB）	智库出版物		限制开放	CC BY-NC-SA	浏览