作者：GARRETT, JR
摘要：The Bank of England depleted its open-market portfolio by secretly sterilizing large gold inflows. Thereafter interest rates were influenced by manipulating reported gold flows, Expectations manipulation as a monetary policy channel is modeled and estimated. A gold flow falsification was over two-thirds as effective as an open-market operation. These results contradict accepted new classical models and suggest that credibility benefits from new classical policy are small, despite current popul...
作者：INRAE; University of California System; University of California Los Angeles
摘要：Based on a large sample from Parisian notarial records, this article examines the long-term private credit market in Paris in the late seventeenth and early eighteenth centuries and analyzes how it was affected by government-caused redistribution. It estimates the level of private indebtedness from 1662 to 1789, explains the problems the credit market faced, and determines who profited and who lost when government defaults, banking reforms, and currency manipulations struck private borrowers a...
