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This study reviews the potential impact of monetary policy changes in Haiti for a twenty-eight year period (1991-2019). During that time, the country faced an increasing degree of dollarization, a result of recurrent balance of payment problems present in the economy since the 1980s. In 1991 the financial sector received the green light to accept dollar deposits and to provide loans in foreign currency. In 2008, the monetary policy started to implement easy monetary measures, which were aimed to induce growth, to increase credit in the domestic currency and to curb the "dollar addiction" of Haitian economic agents. The study applies the counterfactual analysis method as the methodology to provide a quantitative assessment of this new policy impact on growth and credit conditions. To do so, two periods were identified, the pre-policy period, i.e.,1991-2007 and the implementation period, i.e., 2008-2019. The policy variable was the interest rate on 91-days maturity period's bonds. Two ARDL (Autoregressive Distributed Lag) equations with trend were estimated for the first period, one with industrial production -a proxy for growth- as an outcome, the other with credit to the private sector (in gourdes) by commercial banks. A set of control variables, invariant to the policy changes but which affect the outcome variables, was also included. The observed outcome, which resulted from the policy implementation, was compared to an unobservable outcome generated from the estimation of the first period ARDL, this for each equation. This comparison was conducted through a test of effectiveness. The results of the test show that, on average, the easy policy did not bring significant changes to the economy as measured by industrial production and credit during the period studied. This does not preclude the policy from having an effect at specific times. One line of explanation behind these results lies in the observed increase of Haitian economic agents' "dollar addiction", something that the easy policy framework was unable to dampen. Another line of explanation builds on the structure of the financial sector, a risk adverse sector which did not alter its lending habits when the Central Bank adopted the easy policy framework at first and then, in 2014, adjusted its focus to some specific sectors identified as "growth enhancing" sectors. [ABSTRACT FROM AUTHOR]

Thank you very much for inviting me to join you this evening. It is a great honor to be a part of this lecture series commemorating H. Parker Willis, who, [...]

Research has rejected Leopold von Ranke's hypothesis that the Reformation emasculated the Holy Roman Empire and thwarted the emergence of a German nation state for centuries. However, current explanations of the Empire's cohesion that emphasize the effects of outside pressure or political rituals are not entirely satisfactory. This article contributes to a fuller explanation by examining a factor that so far has been overlooked: monetary policies. Monetary conditions within the Empire encouraged its members to cooperate with each other and with the emperor. Moreover, cross-cutting cleavages forced actors on different sides of the confessional divide to frame coherent and fact-oriented monetary-policy arguments. This helped generate trust among the estates involved in the discussions about a common currency between the 1520s and the 1550s and contributed to the success of the negotiations. Monetary policies thus helped bridge the religious divide that had opened within the Empire, and they therefore contributed to its political cohesion. [ABSTRACT FROM AUTHOR]

We examine the extent to which government ideology has influenced monetary policy in OECD countries since the 1970s. In line with important changes in the global economy and differences across countries, regression results yield heterogeneous inferences depending on the time period and the exchange rate regime/central bank dependence of the countries in the sample. Over the 1972–2010 period, Taylor rule specifications do not suggest a relationship between government ideology and monetary policy as measured by the short-term nominal interest rate or the rate of monetary expansion minus GDP trend growth. Monetary policy was, however, associated with government ideology in the 1990s: short-term nominal interest rates were lower under leftwing than rightwing governments when central banks depended on the directives of the government and exchange rates were flexible. Very independent central banks, however, raised interest rates when leftwing governments were in office. We describe the historical evidence for several individual countries. [ABSTRACT FROM AUTHOR]

In this chapter, we review the monetary and fiscal history of Argentina for the period 1960-2017, a time during which the country suffered several balance of payments crises, three periods of hyperinflation, two defaults on government debt, and three banking crises. All told, between 1969 and 1991, after several monetary reforms, thirteen zeros had been removed from its currency. We argue that all these events are the symptom of a recurrent problem: Argentina's unsuccessful attempts to tame the fiscal deficit. An implication of our analysis is that the future economic evolution of Argentina depends greatly on its ability to develop institutions that guarantee that the government does not spend more than its genuine tax revenues over reasonable periods of time. [ABSTRACT FROM AUTHOR]

After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. Mistakes in economic policies, especially the rapid accumulation of debt due to persistent deficits and a fixed exchange rate policy during the 1970s, led to a debt crisis that began in 1977. From 1977 to 1986, Bolivia lost almost all the gains in GDP per capita that it had achieved since 1960. In 1986, Bolivia started to grow again, interrupted only by the financial crisis of 1998-2002, which was the result of a drop in the availability of external financing. Bolivia has grown since 2002, but government policies since 2006 are reminiscent of the policies of the 1970s that led to the debt crisis, in particular, the accumulation of external debt and the drop in international reserves due to a de facto fixed exchange rate since 2012. [ABSTRACT FROM AUTHOR]

The article presents an exploration into Gresham's Law of currency, theoretical challenges to it, and their manifestations in the 19th century United States. Gresham's Law is defined, regarding the behavior of bad money on the value of good money, along with alternative models refuting it. Several examples of historical cases of bad moneys in circulation and their various impacts on other currencies are offered. Conclusions suggest that arguments against Gresham's Law are not supported historically, but neither are clear examples supporting Gresham's Law either.

This article presents information on monetary indicators. The author notes that for as long as governments have taken actions that impact economics, there have been individuals who search for indicators that the government will act. The author discusses the criteria used to develop monetary policy indicators and examines how they have been used throughout history. The author examines how economists have analyzed and interpreted these indicators and the motivations behind the governments that have issued them.

Abstract: The Bullionist Controversy in the United Kingdom is one of the first debates about the determination of the price level and the exchange rate under a paper money standard. Despite the importance of the debate in the development of monetary theory, there remains little empirical evidence that uses modern, multivariate time series techniques. The evidence that does exist provides support for the Anti‐Bullionist position. The purpose of this paper is to review the debate and develop a dynamic general equilibrium model that is capable of capturing key features of the nineteenth‐century British financial system. The model is estimated using Bayesian procedures to test the competing hypotheses. The paper provides support for the Bullionist position. [ABSTRACT FROM AUTHOR]

This article examines the effects of money on product quality, as well as the price pattern of heterogeneous quality goods, in a search-theoretical monetary model with divisible money and divisible commodities. We establish the existence and uniqueness/multiplicity of monetary equilibrium in several different cases. The steady-state equilibrium of our model displays several properties that are absent or distinct from those of previous studies. In particular, we find that under egalitarian bargaining, the Friedman rule cannot achieve socially efficient allocation due to asymmetric information. We find that the price of informed high-quality goods is higher than the price of uninformed quality goods. We also find that an increase in inflation can improve product quality. ( JEL E40) [ABSTRACT FROM AUTHOR]

The United Kingdom, like many developed world economies, has witnessed unprecedented immigration since the early 1990s. Also in line with other developed world economies, the United Kingdom has adopted a 'managed migration' policy paradigm. The paper argues that the operation of this paradigm is best understood with reference to two key concepts: migration policy 'venues' and migration policy 'filters.' In terms of the former, the paper argues that managed migration policy is associated with outward, upward, and downward rescaling and commensurate venue growth and diversification. In terms of the latter, the paper argues that six policy filters (legal, geographical, credential, transfer-based, monetary, and humanitarian) are commonly used to determine legitimate forms of migration but that one (the geographical filter) has been particularly prominent within the United Kingdom's managed migration policy paradigm. [ABSTRACT FROM AUTHOR]

We survey the possible costs of the unconventional monetary policy measures undertaken by major central banks after the outbreak of the global financial crisis in 2008. We argue that these costs are not easily discernable in the new Keynesian (NK) model, which defines a theoretical framework for monetary policy. First, the costs may result from the effects of unconventional monetary policy measures on the intensity of restructuring and the persistence of uncertainty (which increased after the outbreak of the crisis). However, neither of these processes is considered in the new Keynesian model. Second, costs may be generated not only by distortions in the choices made by economic agents but may also be a result of the decisions made by governments, particularly in terms of the fiscal deficit level. However, the new Keynesian model does not consider the effects of unconventional monetary policy measures on the quality of fiscal policy. Without carefully considering the costs, there is a significant risk that unconventional monetary policy measures could become a conventional response to recurrent crises. [ABSTRACT FROM AUTHOR]

This paper examines to what extent macroprudential policies in the Turkish banking sector affected the functioning of depositor discipline. Our results suggest that depositors' responses for poor bank performance get stronger after the 2008 crisis, when various macroprudential measures were implemented to preserve financial stability. In the aftermath of the crisis, bank behavior toward depositors also alters. Ahead of the crisis, banks did not significantly respond to the discipline exerted by depositors, however, banks begin offering higher rates to curb deposit withdrawals afterwards. Our findings suggest that the implementation of macroprudential tools seem to have a positive impact on financial stability, since, in the post-2008 period, regulatory supervision have been more firmly assisted by the market. [ABSTRACT FROM AUTHOR]

Between 1789 and 1803 the National Debt Office issued unbacked interest bearing notes whereas the Bank of Sweden issued silver backed notes. The massive note issuance by the National Debt Office led to different exchange rates and two units of account. The situation gave rise to an early paper standard theory formulated by Anders Wappengren, a well-read merchant who was strongly influenced by Adam Smith and the French physiocrats. Wappengren had a firm understanding of monetary systems and the adjustment mechanism under floating exchange rates, including such concepts as purchasing power parity and price stickiness. [ABSTRACT FROM PUBLISHER]

The work presented here is in the form of a case study that connects currencies with merchants in Sierra Leone from the early fragmentary British presence in 1787 to wide-scale colonisation late in the century. Through accounts from archival research, it traces particularly early examples of monetary instabilities prior to formal colonial rule as well as the first attempts made by the British to regulate indigenous currency systems and standardise them into a homogeneous currency system. Through a monetary perspective, the article shows that colonial authorities did not succeed in having full control over the currencies nor did local ways of using them determine their circulation but merchants, who were responsible for shipping specie to the region, also had a degree of control over the circulation of currencies. As such, the article provides very interesting—and complex—cases that emerged from the interfaces in situ among indigenous populations, merchant companies, international traders, settler communities and British colonial officials. [ABSTRACT FROM PUBLISHER]

The paper presents a historical and theoretical analysis of the issue of local currency (coins and paper money), undertaken in various forms by the Orthodox Christians in the Balkan provinces of the Ottoman Empire (XVII -XIX centuries). The paper has two main goals. The first is to enrich the discussion on the diversity and complexity of monetary practices in historical perspective by including experience of the Ottoman Empire. The second is to contribute to a better understanding and rethinking of the economic and social processes in the Ottoman Empire which helped its centuries-long resilience and vitality. In fact, the monetary architecture of the Ottoman Empire was relatively complex. Despite the tension between its different monetary areas and layers, on the whole it managed to ensure flexibility, sustainability, and efficiency in the long-run. [ABSTRACT FROM AUTHOR]

Shamsaddin Timurtâshî, a prominent Hanafî jurist, wrote a legal treatise entitled briefly Risâlah fi'n-Nuqûd, on monetary inconsistencies of his time. Husamuddin Affane from Quds University studied the treatise and published it as a book. The purpose of this paper is to introduce Risâlah fi'n-Nuqûd and to examine the important historical data that will allow us to understand this legal text. In the treatise, Timurtâshî classifies and analyzes exchange issues generated by the debasements implemented by the Ottoman government in the late 16th century. Among others, Timurtâshî addresses the legal dispute on how to make payments when coins are taken out of circulation or withdrawn from the market, or when the coin values change. He emphasizes that it is still an ongoing problem among his contemporary colleagues. To eliminate this dispute, he suggests following the Hanafî methodology of fatwa. [ABSTRACT FROM AUTHOR]

This paper compares Keynes’ and Friedman's views on monetary policy in the light of contemporary views on this issue. First, it is demonstrated that what are today called ‘rules’ do not fit into a Friedmanite tradition, basically because of Friedman's refusal to allow any discretion to monetary authorities and his model-uncertainty argument. Second, it is shown that Keynes’ monetary guidelines are also in fact ‘rules’, although his conception of a ‘discretionary rule’ is in sharp contrast with contemporary conceptions. What is ultimately at stake here is the capacity of collective bodies to behave efficiently, and the role played by uncertainty in the economy. [ABSTRACT FROM PUBLISHER]

The aim of this paper is to explore the contrasting views of inflation, exchange rate misalignments and determinants of gold flows held by different branches of the classical school during the first half of the nineteenth century. The properties of money neutrality and money endogeneity within the classical system are studied by reinterpreting these controversies through the analytical framework of the surplus approach as reconstructed by Sraffa [Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press, 1960] and his followers. [ABSTRACT FROM AUTHOR]

This article surveys the monetary history of Koryŏ from the eleventh to the thirteenth century. During the first century of the dynasty, Koryŏ was at war with the Liao, prohibited trade with the enemy and pursued a policy of protecting its metal reserves. During the ban on metallic coins, rice and cloth served as commodity monies, ensuring price stability in a phase of sustained growth of the rural economy. A second phase began after the victory over the Liao in 1018. Backed by military strength, the government issued iron, bronze and silver currencies to facilitate international trade. The Koryŏ ‘silver vase’ currency, which circulated for three centuries, partly bridges the ‘black hole’ in East Asian monetary history from the Late Tang to the Ming period. The intrinsic value of the metallic currencies in conjunction with state issuance provided monetary stability. In turn monetary instability characterised the late Koryŏ, when the country came under the influence of the Mongol Yuan. The destabilising effect brought about by the introduction of Yuan paper money demonetarised the economy. By framing monetary history within a wider perspective of struggles for sovereignty and political hegemony, the article allows a better understanding of domestic and regional dynamics in East Asia. [ABSTRACT FROM PUBLISHER]

Recent research on exchange rate regime choice in developing countries has revealed that a range of factors, from weak fiscal institutions to high costs of borrowing in their own currencies, limits the range of options available to these countries. This article uses the case of Liberia to illustrate that new states in Africa during the gold standard era faced similar limitations, even in the absence of formal colonial rule. The rapid depreciation of the Liberian dollar in the nineteenth century led to the adoption of sterling as a medium of exchange and store of value. This initially made it easier for Liberia to service its sterling-denominated debt and for Liberians to purchase imports from Britain. However, as economic relations with the US deepened during the twentieth century, instability in the pound-dollar exchange rate created serious dislocations in the Liberian economy, ultimately leading to the official adoption of the US dollar in 1943. The story of Liberia illustrates the long-standing challenges of globalization for peripheral economies and suggests the need for a reassessment of the origins and impact of colonial monetary regimes. [ABSTRACT FROM AUTHOR]

The economic success of Court Jews during the late 17th and the 18th centuries is one of the major phenomena of early modern Jewish history in Central Europe. After long and controversial debates on the causes of this development and its consequences for Jewish society as well as for the formation of modern economy and state building in Europe, recent studies mostly focus on cultural aspects. This article argues for reintegrating the economy of Court Jews into the broader field of public finance and for rethinking the significance of Jewish merchants and bankers in comparison to other groups of public creditors. [ABSTRACT FROM AUTHOR]

The article discusses the history of monetary theory and monetary policy. According to the author, theoretical changes in these fields regarding monetarism and the theories of economist John Maynard Keynes have had a less significant impact than most scholars believe. Details on changes in the institutions of money are also presented. Other topics include economist Milton Friedman, uncertainty, and financial crises.

The state of monetary policy practice in the 1970s and the changes in Federal Reserve policy are discussed to illustrate how a working consensus on the core principles of monetary policy was achieved by the late 1990s. The worldwide consensus was produced from the hard practical lessons learned from diverse national experiences and provides a common ground for academics and central bankers to work on improving monetary policy.

Errors were made in measuring output gap in the United Kingdom in the 1970s and 1980s which contributed to errors in monetary policy. Other reasons for monetary policy error were also found.

The influence of the Federal Reserve Act of 1913 on banking reform in the United States is examined. Topics include decentralization, self-regulation, active management, private credit, public money, and banking and currency principles.

This article examines the role of the currency-deposit ratio as a determinant of the money stock as an overlooked component of the money supply theory, and also to illustrate the significance of lack of knowledge about the evolution of role of currency-deposit ratio in assessing the performance of the policymakers at the Federal Reserve during the Great Depression. Issues include the behavior of the money stock and its determinants from 1929-1933, deposit expansion and the cash drain, the effect of hoarding on reserves, and an overview of contemporary economists on the issue.

Starting in January 2002, citizens of the European Monetary Union (EMU) replaced their national currencies with the Euro, issued by the European Central Bank (ECB). Europeans created a new pan-European [...]

This article discusses the monetary policies of John Kennedy and his administration, focusing on his attitudes toward the gold standard and balance of payments deficit, and the link between monetary policy and national security policy. The author focuses on American Cold War strategies in Europe during the 1960s suggesting that reference to monetary policies are necessary to achieve a full understanding of such security interests.

In response to the affirmation by certain authors and critics of a recent return to an interest-rate policy that, in their opinion, resembles a throwback to the nineteenth century theory of monetary policy on interest rates, I pose the question of the difficulties of interest-rate policy in a retrospective analysis beginning with the current that founded the short-term interest rate policy within classical analysis and by focusing my discussion on several key authors (Thornton, Banking School, Bagehot, Wicksell, Keynes, contemporary authors such as Woodford). To this end, I study the importance that the interbank money market plays for these authors, which determines the target rate for the central bank. [ABSTRACT FROM AUTHOR]

This essay looks at the foundation and development of the U.S. Federal Reserve and the Bank of England through the perspective of the recent debate over central bank independence in the design of optimal monetary policy. It shows that the creators of the Federal Reserve were acutely aware that they were establishing a central bank (based to some degree on the Bank of England as it had then evolved). Thus they were troubled by the potential power that such an institution might wield and so the question of control and influence was paramount. Interestingly, the founding fathers eventually opted for independence from the money interests of Wall Street rather than independence from the state. The Fed's reputation for policy competence and independence owes much more to the role of strong chairmen in recent years than to any statutory design.By contrast, the Bank of England was founded as a private bank. Concerns about independence played no part in its early history and came to the fore only after it had acquired, step by step, the responsibilities of a central bank. The first serious concerns about independence were voiced in the inter-war period when it was thought that the Bank was too keen to support London's role as the center of international finance, against the interests of the domestic economy. Partly for this reason, it was nationalized in 1946. When it was granted operational independence in 1997 it was stripped of two of its oldest responsibilities in order to avoid conflicts of interest.What the history of the two banks shows is firstly, that it is not independence from the government that is essential for optimal policy, but a freedom to pursue one, single priority and secondly, that the effectiveness with which this is carried out has little or nothing to do with laws, charters, and statutes. [ABSTRACT FROM AUTHOR]

The abrupt separation of Singapore and Malaysia in 1965 set these two states on separate political trajectories, but the economic ties proved more difficult to untangle. This article explores the nine years of transition required to complete the separation of the monetary systems of the two territories based on new archival evidence. It argues that, while socio-political hostility raged between the two partners, common economic interests prolonged an intimate monetary relationship that extended the interdependence of the two states for many years beyond their formal separation. [ABSTRACT FROM AUTHOR]

This article reviews the scholarly literature on the international political economy (IPE) in the 1970s and considers the connections between the Cold War and the transformations of the liberal (or capitalist) international political economy. It presents the 1970s as a transitional decade that brought the ascent of globalisation and financial deregulation, the reorientation of advanced capitalist economies towards services and post-industrial production, and the end of the extensive growth patterns of the 1950s and 1960s. While the liberal IPE underwent dramatic changes during the 1970s, the Communist bloc experienced diminished rates of growth but not the kinds of dramatic economic restructuring that occurred in the West. These developments in the 1970s prefigured the Cold War's resolution in the 1980s. Situated in comparative context, the transformations of the liberal world economy during the 1970s exposed – and in some ways exacerbated – the relative backwardness of the Soviet Union's command economy, with decisive consequences for the legitimacy of the Communist regime. International economic change, in this view, precipitated the ideological and geopolitical developments that would bring the Cold War to its end. [ABSTRACT FROM AUTHOR]

The article discusses the theory and practice of central bank independence, with a focus on the independence process of the Reserve Bank of New Zealand. Topics discussed include background on the history of the Reserve Bank of New Zealand, the history of monetary policy in New Zealand, and the relationship between national economies and central banks.

This paper is a discussion of monetary efficiency, monetary safety, and the relation of the 1933 Glass-Steagall Act to both. It contains speculation about whether a modified version of the Act could have postponed or prevented the crisis of 2008. [ABSTRACT FROM AUTHOR]

The article discusses foreign economic relations and monetary policies in Germany and the Netherlands in the late 19th and early 20th centuries. The author focuses on the connection between prices and wages in the context of the Dutch government's efforts to insure the international economic competitiveness of the Netherlands. Aspects considered include the influence of the gold standard, inflation in Germany during the post-World War I reconstruction period, and currency exchange rates between Dutch guilders and German marks.

This paper traces the origins of the different monetary regimes adopted in Bulgaria and Romania in 1996-97 and examines their performance during the EU accession. The findings indicate that the constraints of the currency board in Bulgaria shifted economic activity towards the private sector, while the discretionary policies in Romania turned public finances into both a contributor and a response mechanism to economic imbalances. While the prospects of EU accession initially enhanced the performance of the monetary anchors, the implicit insurance of EU membership increased moral hazard and led to a rapid rise in private and public debt. The paper also explores the historical parallels between the monetary regimes of Bulgaria and Romania in 1996-97 and 1925-1940. [ABSTRACT FROM AUTHOR]

During the first decades of the 15th century the revival of the temporal power of the pope over the territories of the ancient estate of Saint Peter proved to be a long and complex process and the coinage, with its symbolic meanings and uses, was indeed a potentially efficient means of political consolidation. [ABSTRACT FROM AUTHOR]

The article examines the attitudes of German writer Johann Wolfgang von Goethe toward the monetary policies of his times, in the late eighteenth and early nineteenth centuries. The author surveys in particular how Goethe's assessment of paper money changed over time, specifically against the backdrop of the Napoleonic Wars in Europe and their economic and financial effects. In this context, he also discusses Goethe's understanding of the causes of inflation, his dissatisfaction with Austrian fiscal and monetary policies during this time, and Goethe's advocacy against the introduction of paper money in the Duchy of Sachsen-Weimar-Eisenach in Germany, where he served as privy councilor, following his reading of an essay on the subject by Swiss economist Jean-Charles-Léonard Simonde de Sismondi.

An essay is presented which attempts to describe the evolution of monetary policy analysis since 1950. The author examines the methodology of economic time series and the theory of policy influences on business cycles. It discusses the theories of British economist John Maynard Keynes and his critique on the Quantity Theory of money, and the theories of economist Jan Tinbergen concerning the methodology of modeling.

The author reflects on global monetary policy and monetary order. It is emphasized that the four major currencies are the euro, the yen, the pound and U.S. dollar. The role of fiat monetary arrangements and the influence of prior U.S. political and monetary considerations on fiat money is discussed. The author explores the theory of monetary nationalism and it being the theoretical basis for global monetary arrangements. The author expands upon the role of the Bretton Woods system of monetary management that was utilized beginning in the mid-20th century, while emphasizing that the end of its use and the return to fiat currencies led to the first peace-time high-inflation episode in the U.S.

The article focuses on the economic aspects of the global fiat monetary system that has been prevalent since the early 1970s. The author explores the principles of the fiat system, including the ability of central banks and governments to increase spending when desired and its tendency to avoid financial constraint regarding deficit finance and the over-issue of currency. The author compares the monetary system to that of the mid-20th century monetary management system called the Bretton Woods system.

The article compares the Great Depression of the 1930s and the Global Financial Crisis of 2008-2009. The author highlights the differences between the two events, noting that their origins and causes as well as their underlying economic, fiscal, and monetary policies differed significantly from each other. Specific aspects addressed include comparisons between Germany and the United States, international economic relations in the 20th and 21st centuries, and the responses of governments to both crises.

This paper offers a brief summary of nontraditional monetary policy measures adopted by the Bank of Japan (BOJ) during the last two decades, especially the period 1998-2006, when the so-called zero interest rate policy (ZIRP) and quantitative easing (QE) were put in place. The paper begins with a typology of policies usable at low interest and inflation rates. They are: strategy (i), management of expectations about future policy rates; strategy (ii), targeted asset purchases; and strategy (iii), QE. Alternatively, QE may be decomposed into a pure attempt to inflate the central bank balance sheet, QE0, purchases of assets in dysfunctional markets, QE1, and purchases of assets to generate portfolio rebalancing, QE2. Strategy (ii), when nonsterilized, is either QE1 or QE2. Using this typology, I review the measures adopted by the BOJ and discuss evidence on the effectiveness of the measures. The broad conclusion is that strategies (i) and (ii) have affected interest rates, while no clear evidence exists so far of the effectiveness of the pure form of strategy (iii), or QE0. Strategy (ii) has been effective especially in containing risk/liquidity premiums in dysfunctional money markets; that is, QE1 has been effective. The effectiveness of QE2, however, is less clear-cut. The strategies, however, have failed to bring the Japanese economy out of the deflation trap so far. I discuss some possible reasons for this and also implications for the current U.S. situation. [ABSTRACT FROM AUTHOR]

This article discusses the comparable weight of coins and mint output in France, England and the Low Countries during the Middle Ages in order to understand later medieval and early modern mint and their price movements. It also attempts to illustrate the common practice of counterfeiting on a national scale as party of medieval economics.

The article discusses the management of sterling currency in Great Britain between 1964 and 1967, exploring the pound's devaluation. It examines the Labour Party government of Prime Minister Harold Wilson and the views of Chancellor of the Exchequer James Callaghan. The author comments on Great Britain's financial relations with the European Economic Community (EEC) and the U.S. Other topics considered include the Bank of England and the British Treasury, the International Monetary Fund (IMF), and international liquidity.

The article explores the economic history of Great Britain under the government of prime minister Harold Wilson. Emphasis is given to the devaluation of the sterling in 1967 within the context of the international economy. The article examines the ways in which difficulties on the balance of payments current and capital accounts undermines the pound. It is suggested by the author that the government's response in devaluation was a reaction to international economic changes that saw the end of the post-war social-democratic synthesis of liberalism and socialism.