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Before the Accord: US Monetary-Financial Policy 1945-51

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  • Eichengreen, Barry
  • Gerber, Peter M.

Abstract

Thia paper analyzes U.S. monetary-financial policy in the period leading up to the Treasury-Fed Accord. We model policy as an implicit target zone for the price level and an explicit zone for interest rates, and the difficulties on the eve of the Accord as an incipient run on a collapsing target-zone regime. The regime was implemented to maintain the stability of the financial system in a period when there was a serious maturity mismatch between the assets and liabilities of the banking system.
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Suggested Citation

  • Eichengreen, Barry & Gerber, Peter M., 1990. "Before the Accord: US Monetary-Financial Policy 1945-51," Department of Economics, Working Paper Series qt9x3540q8, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:econwp:qt9x3540q8
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    Cited by:

    1. Marvin Goodfriend, 2000. "Overcoming the zero bound on interest rate policy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 1007-1057.
    2. Niall Ferguson & Andreas Schaab & Moritz Schularick, 2015. "Central Bank Balance Sheets: Expansion and Reduction since 1900," CESifo Working Paper Series 5379, CESifo.

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