Bazot, Guillaume, Monnet, Eric and Morys, Matthias orcid.org/0000-0002-6460-2575 (2022) Taming the global financial cycle:Central banks as shock absorbers in the first era of globalization. Journal of economic history. pp. 801-839. ISSN 0022-0507
Abstract
The Classical Gold Standard period, with high capital mobility and fixed-exchange rates, is usually seen as the extreme case of international constraints on monetary policy. Contrary to this view, we show how central bank balance sheets offset the effects of international shocks on domestic interest rates. In contrast, in the United States, a gold standard country without a central bank, the reaction of money market rates was two to four times stronger than that of interest rates in countries with a central bank. Our study is based on the monthly balance sheets of all central banks in the world (i.e., 21) from 1891–1913.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © The Author(s), 2022. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. |
Dates: |
|
Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Depositing User: | Pure (York) |
Date Deposited: | 26 May 2023 08:00 |
Last Modified: | 01 Apr 2025 23:10 |
Published Version: | https://doi.org/10.1017/S0022050722000274 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1017/S0022050722000274 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:199596 |
Download
Filename: BazotMonnetMorys_Main_Text_and_Revised_Bibliography.docx
Description: BazotMonnetMorys_Main_Text_and_Revised_Bibliography
Licence: CC-BY-NC-ND 2.5