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Price Stability and Financial Stability [electronic resource]: The Historical Record

Michael D. Bordo , David C. Wheelock
Format
Computer Resource; Online
Published
Ann Arbor, Mich. Inter-university Consortium for Political and Social Research [distributor] 1999
Edition
1999-03-25
Language
English
Series
ICPSR
ICPSR (Series)
Access Restriction
AVAILABLE. This study is freely available to the general public.
Abstract
Many countries mandate inflation control as the paramount objective for monetary policy. Critics argue, however, that such a narrow focus compromises monetary authorities' responsibility to preserve stability of the financial system and that a more limited focus on inflation control could increase financial instability. The authors examine the economic histories of the United States, the United Kingdom, and Canada, and determine that most episodes of severe financial instability occurred during disinflationary periods that followed sustained inflation. They conclude that the evidence appears to support the claims of those who argue that control of inflation could enhance, rather than detract from, the stability of a financial system.
Series Statement
ICPSR 1191
ICPSR (Series) 1191
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Also available as downloadable files.
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