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.

*Published: This paper was subsequently published as Before the Accord: U.S. Monetary-Financial Policy, 1945-51, Barry Eichengreen, Peter M. Garber, in NBER book Financial Markets and Financial Crises (1991)

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