Regimes of Fiscal and Monetary Policy in England during the French Wars (1793-1821)

Pamfili Antipa and Christophe Chamley ()
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Christophe Chamley: Boston University and Paris School of Economics

No dp-327, Boston University - Department of Economics - The Institute for Economic Development Working Papers Series from Boston University - Department of Economics

Abstract: The French Wars (1793-1815) forced unprecedented coordination between fiscal and monetary authorities and a revolution in the role of the Bank of England. Using hand-collected data, this analysis of the fiscal and monetary policies at that time, and of their impacts on the price of the pound in the internal and the external markets, highlights how the steady overarching commitment to fiscal balance led to the extraordinary success of a flexible implementation of this principle in four sharply defined regimes between 1793 and 1821, “tax-smoothing as usual†(1793-1797), “Real Bills and war tax†(1797-1810), “whatever it takes†(1810-1810), “exit†(1815-1821).

Keywords: : Interactions between monetary and fiscal policies; central bank balance sheet; policy commitment; Fiscal Theory of the Price Level. (search for similar items in EconPapers)
JEL-codes: E58 E62 H63 N13 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2019-12
New Economics Papers: this item is included in nep-cba, nep-his and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bos:iedwpr:dp-327

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