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The development of monetary policy in the 20th century - some reflections. National Bank of Belgium Working Paper, No. 186, April 2010

Issing, Otmar. (2010) The development of monetary policy in the 20th century - some reflections. National Bank of Belgium Working Paper, No. 186, April 2010. [Working Paper]

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    Abstract

    In this paper I outline – from a practitioner's as well as from a researcher's perspective – several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout most of the last century, to paper money and how the norm in central banking changed from pure discretion after World War II to transparency and independence. I furthermore analyze how the exchange rate regime under Bretton-Woods impacted on countries’ monetary policy and, with a focus on Europe, how European Monetary Union (EMU) emerged from the European Monetary System (EMS). I then outline today’s relatively broad consensus on monetary policy and how it developed from a learning process on the side of central banks and important contributions from research. Finally, after arguing that the ECB's monetary policy which fruitfully combines past experience and current research is a successful and promising approach, I outline some challenges lying ahead.

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    Item Type: Working Paper
    Uncontrolled Keywords: Monetary policy; monetary system; European Monetary Union; ECB.
    Subjects for non-EU documents: EU policies and themes > External relations > international economy
    EU policies and themes > EU institutions & developments > European Central Bank
    EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > National Bank of Belgium (Brussels) > Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 02 Aug 2010
    Page Range: p. 32
    Last Modified: 15 Feb 2011 18:33
    URI: http://aei.pitt.edu/id/eprint/14461

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