NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Before the Accord: U.S. Monetary-Financial Policy 1945-51

Barry Eichengreen, Peter Garber

NBER Working Paper No. 3380
Issued in June 1990
NBER Program(s):   ME

Thia paper analyzes U.S. monetary-financial policy in the period leading up to the Treasury-Fed Accord. We model policy as an implicit target zone for the price level and an explicit zone for interest rates, and the difficulties on the eve of the Accord as an incipient run on a collapsing target-zone regime. The regime was implemented to maintain the stability of the financial system in a period when there was a serious maturity mismatch between the assets and liabilities of the banking system.

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Document Object Identifier (DOI): 10.3386/w3380

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