Replication data for: Monetary Policy without Interest Rates: Evidence from France's Golden Age (1948 to 1973) Using a Narrative Approach

Principal Investigator(s): View help for Principal Investigator(s) Eric Monnet

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Mac2012-0255_data			10/25/2021 02:10:PM
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Project Citation:

Monnet, Eric. Replication data for: Monetary Policy without Interest Rates: Evidence from France’s Golden Age (1948 to 1973) Using a Narrative Approach. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114304V1

Project Description

Summary: Central banking in France from 1948 to 1973 was a paradigmatic example of a policy that relied on quantities rather than interest rates. Standard SVAR analyses support the common view that monetary policy was ineffective during this period. However, this approach fails to identify the stance of monetary policy since it does not account for the specificity of quantitative controls on money and credit. An alternative identification strategy based on a narrative approach suggests that monetary policy shocks had strong and lasting effects in the conventional direction and accounted for nearly half of the variance in output and price levels.

Scope of Project

Subject Terms: Credit controls; Monetary policy; Reserve requirements

JEL Classification:
      E43 Interest Rates: Determination, Term Structure, and Effects
      E44 Financial Markets and the Macroeconomy
      E52 Monetary Policy
      E58 Central Banks and Their Policies
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      G28 Financial Institutions and Services: Government Policy and Regulation
      N14 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-

Geographic Coverage: France

Time Period(s): 1948 – 1973

Universe: Banque de France, French macroeconomy

Data Type(s): administrative records data

Methodology

Unit(s) of Observation: Monthly,

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Published Versions

V1 [2019-10-12]

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DDI 2.5

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