TY  - JOUR
AU  - Eichengreen,Barry
AU  - Garber,Peter
TI  - Before the Accord:  U.S. Monetary-Financial Policy 1945-51
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3380
PY  - 1990
Y2  - June 1990
UR  - http://www.nber.org/papers/w3380
L1  - http://www.nber.org/papers/w3380.pdf
N1  - Author contact info:
Barry Eichengreen
Department of Economics
University of California, Berkeley
549 Evans Hall 3880
Berkeley, CA 94720-3880
Tel: 510/642-2772
Fax: 510/643-0926
E-Mail: eichengr@econ.Berkeley.edu

Peter M. Garber
Deutsche Bank
60 Wall Street
New York, NY 10005
Tel: 212/250-5466
Fax: 212/250-2628
E-Mail: peter.garber@db.com
M1  - published as Barry Eichengreen, Peter M. Garber. "Before the Accord: U.S. Monetary-Financial Policy, 1945-51," in R. Glenn Hubbard, editor, "Financial Markets and Financial Crises" University of Chicago Press (1991)

AB  - 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.
ER  -