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A Policy Framework for the Bank of Amsterdam, 1736–1791

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  • Quinn, Stephen
  • Roberds, William

Abstract

This article describes and measures how the Bank of Amsterdam supplied a successful fiat money in a world of specie by offering the unlimited repo of large coins at a near-zero rate. Our data from 1736 to 1791 finds that such liberal access led to volatile loan levels and that the Bank responded with sterilization by means of open market operations. In this way, the Bank held its money stock at a roughly constant level and helped stabilize its value. Profit was another part of the Bank’s policy framework, and the pursuit of seigniorage eventually compromised stabilization.

Suggested Citation

  • Quinn, Stephen & Roberds, William, 2019. "A Policy Framework for the Bank of Amsterdam, 1736–1791," The Journal of Economic History, Cambridge University Press, vol. 79(3), pages 736-772, September.
    • Handle: RePEc:cup:jechis:v:79:y:2019:i:03:p:736-772_00
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    Cited by:

    1. Peter Grajzl & Peter Murrell, 2022. "Did Caselaw Foster England’s Economic Development during the Industrial Revolution? Data and Evidence," CESifo Working Paper Series 10088, CESifo.
    2. Charles M. Kahn & Stephen F. Quinn & William Roberds, 2023. "The Fed and Its Shadow: A Historical View," Policy Hub, Federal Reserve Bank of Atlanta, vol. 2023(6), pages 1-32, October.
    3. Michael D. Bordo & William Roberds, 2022. "Central Bank Digital Currencies, an Old Tale With a New Chapter," NBER Working Papers 30709, National Bureau of Economic Research, Inc.
    4. Grajzl, Peter & Murrell, Peter, 2024. "Caselaw and England's economic performance during the Industrial Revolution: Data and evidence," Journal of Comparative Economics, Elsevier, vol. 52(1), pages 145-165.
    5. Michael D. Bordo & William Roberds, 2024. "Central Bank Digital Currencies: An Old Tale with a New Chapter," Working Papers 323, Princeton University, Department of Economics, Center for Economic Policy Studies..
    6. Peter Grajzl & Peter Murrell, 2024. "From Status to Contract? A Macrohistory from Early-Modern English Caselaw and Print Culture," CESifo Working Paper Series 11246, CESifo.
    7. Grajzl, Peter & Murrell, Peter, 2023. "A macrohistory of legal evolution and coevolution: Property, procedure, and contract in early-modern English caselaw," International Review of Law and Economics, Elsevier, vol. 73(C).

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