The coevolution of money markets and monetary policy, 1815-2008

Clemens Jobst and Stefano Ugolini

No 1756, Working Paper Series from European Central Bank

Abstract: Money market structures shape monetary policy design, but the way central banks perform their operations also has an impact on the evolution of money markets. This is important, because microeconomic differences in the way the same macroeconomic policy is implemented may be non-neutral. In this paper, we take a panel approach in order to investigate both directions of causality. Thanks to three newly-collected datasets covering ten countries over two centuries, we ask (1) where, (2) how, and (3) with what results interaction between money markets and central banks has taken place. Our findings allow establishing a periodization singling out phases of convergence and divergence. They also suggest that exogenous factors JEL Classification: E52, G15, N20

Keywords: central banking; monetary policy implementation; money markets (search for similar items in EconPapers)
Date: 2014-12
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: The Coevolution of Money Markets and Monetary Policy, 1815–2008 (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20141756

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