Central bank rules in historical perspective

Niall Ferguson

Journal of Economic Dynamics and Control, 2014, vol. 49, issue C, 156-159

Abstract: This article explains that, while Walter Bagehot׳s Lombard Street had a rule about the central bank׳s role as a lender of last resort, it was not a precursor of the rules-based approach to monetary policy. Monetary policy rules came into fashion in the 1980s and 1990s when it became clear from the 1970s just how dangerous discretion could be. Under different historical circumstances before that and in more recent times, it was rules that seemed much inferior to discretion.

Keywords: Monetary policy rules; Central bank balance sheet; Lender of last resort; Fed-Treasury Accord (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:49:y:2014:i:c:p:156-159

DOI: 10.1016/j.jedc.2014.09.011

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