NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Performance of Alternative Monetary Regimes

Laurence M. Ball

NBER Working Paper No. 16124
Issued in June 2010
NBER Program(s):   ME

This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2) Europe's monetary union has increased intra-European trade and capital flows, but divergence in national price levels may destabilize output in the future; (3) The "monetary analysis" of the European Central Bank has little effect on the ECB's policy decisions; and (4) Countries with hard currency pegs experience unusually severe recessions when capital flight occurs.

download in pdf format
   (570 K)

email paper

This paper is available as PDF (570 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w16124

Published: “The Performance of Alternative Monetary Regimes,” in Friedman and Woodford (eds.), Handbook of Monetary Economics , North Holland Press, 2011.

Users who downloaded this paper also downloaded these:
Vegh and Vuletin w18175 Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets
Svensson w16654 Inflation Targeting
Friedman and Kuttner w16165 Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?
Frankel w16125 Monetary Policy in Emerging Markets: A Survey
Bernanke and Mishkin w5893 Inflation Targeting: A New Framework for Monetary Policy?
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us