| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20554 |
| 来源ID | Working Paper 20554 |
| The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914) | |
| Guillaume Bazot; Michael D. Bordo; Eric Monnet | |
| 发表日期 | 2014-10-06 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of England changed its rate very frequently. Why did the policies of these central banks, the two pillars of the gold standard, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role in smoothing international shocks and in maintaining the stability of the discount rate. This policy provides a striking example of a central bank that uses its balance sheet to block the interest rate channel and protect the domestic economy from international constraints (Mundell's trilemma). |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w20554 |
| 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/578227 |
| 推荐引用方式 GB/T 7714 | Guillaume Bazot,Michael D. Bordo,Eric Monnet. The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914). 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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