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Price Stability and Financial Stability: The Historical Record (ICPSR 1191)
Principal Investigator(s): Bordo, Michael D., Rutgers University; Wheelock, David C., Federal Reserve Bank of St. Louis
Many countries mandate inflation control as the paramount objective for monetary policy. Critics argue, however, that such a narrow focus compromises monetary authorities' responsibility to preserve stability of the financial system and that a more limited focus on inflation control could increase financial instability. The authors examine the economic histories of the United States, the United Kingdom, and Canada, and determine that most episodes of severe financial instability occurred during disinflationary periods that followed sustained inflation. They conclude that the evidence appears to support the claims of those who argue that control of inflation could enhance, rather than detract from, the stability of a financial system.
These data are flagged as replication datasets and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.
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Bordo, Michael D., and David C. Wheelock. Price Stability and Financial Stability: The Historical Record. ICPSR01191-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 1999-03-05. http://doi.org/10.3886/ICPSR01191.v1
Persistent URL: http://doi.org/10.3886/ICPSR01191.v1
Scope of Study
Data Collection Notes:
(1) The file submitted is 9809DW.DAT, a data file. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.
Original ICPSR Release: 1999-03-25
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