About the Seminar
Chris Colvin will discuss his paper (co-authored with Philip T. Fliers, Queen’s University Belfast) on the management of monetary policy in the Netherlands during the Interwar gold standard.
“We investigate the degree to which the management of the Netherlands’ monetary policy was independent of other members of the interwar gold standard. We analyse the determinants of Dutch monetary policy by combining high frequency financial data with historical and archival evidence, including the internal records of the Netherlands’ central bank. Our empirical setup allows us to construct a detailed case study of the workings of the “macroeconomic trilemma”. Previous accounts of this period characterise Dutch policy as being inextricably linked first to that of Britain and then to France. But we find Dutch policymakers could at times set monetary policy that was independent of policy conducted elsewhere. Archival evidence demonstrates how the Dutch sacrificed capital mobility in order to achieve this autonomy. The Dutch central bank used its gold reserves and lending facilities to actively influence interest rate differentials and attempt to offset domestic demand changes.”
About NIAS Seminars
NIAS Seminars are aimed to stimulate scientific cross-pollination within the NIAS academic community. Attendance is by invitation only.