Monetary policy without interest rates: Evidence from France (1948 to 1973) using a narrative approach

Eric Monnet 05 July 2014

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Recent central bank interventions following the Global Crisis have raised new interest in quantitative measures as instruments of monetary or macroprudential policy (Borio 2011, Galati and Moessner 2013). In fact, quantitative controls – especially credit controls – have been used as primary tools of monetary policy for decades in western Europe and east Asia, usually during periods when these countries were experiencing their highest ever rates of growth. Many countries, including Brazil, India, and China, still use them today.

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Topics:  Europe's nations and regions Monetary policy

Tags:  France, monetary policy, credit controls

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