Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 16: Monetary Regimes, Inflation and Monetary Reform: An Essay in Honor of Axel Leijonhufvud

Michael D. Bordo and Lars Jonung ()
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Lars Jonung: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden

Abstract: Axel Leijonhufvud has written extensively on monetary regimes and monetary reform. His contributions in these fields are examined here using evidence from 15 countries over the past century with respect to their experiences of various monetary regimes. The performance of both nominal and real variables are compared to the predictions of Leijonhufvud's theoretical writings. We conclude that our findings are consistent with these predictions.

Keywords: Monetary regimes and standards; inflation

JEL-codes: E42

86 pages, May 1994

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