How a ledger became a central bank: a monetary history of the Bank of Amsterdam.
- π€ Speaker: Stephen Quinn (Texas Christian University) and Will Roberds (Federal Reserve Bank of Atlanta)
- π Date & Time: Monday 11 March 2024, 17:00 - 18:30
- π Venue: John Bradfield Room, Darwin College and Zoom
Abstract
Before the US Federal Reserve and the Bank of England, the Bank of Amsterdam (the βBankβ) was a dominant central bank with a global impact on money and credit. ‘How a Ledger Became a Central Bank’ draws on extensive archival data and rich secondary literature to offer a new and detailed portrait of this historically significant institution. It describes how the Bank struggled to manage its money before hitting a modern solution: fiat money in combination with a repurchase facility and discretionary open market operations. It describes techniques the Bank used to monitor and stabilize its money stock, and how foreign sovereigns could exploit the liquidity of the Bank for state finance. Closing with a discussion of commonalities of the Bank of Amsterdam with later central banks, including the Federal Reserve, this book has generated a great deal of excitement among scholars of central banking and the role of money in the macroeconomy.
Series This talk is part of the Financial History Seminar series.
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Stephen Quinn (Texas Christian University) and Will Roberds (Federal Reserve Bank of Atlanta)
Monday 11 March 2024, 17:00-18:30