| CPI | WPI | DEFL | NGDP |
---|---|---|---|---|
(a) Nominal stability: \(P[\underline \tau < \tau _{t} < \overline \tau |\mathbf {y}]\) | ||||
1804–1849: Competing currencies | 0.46 | 0.65 |  |  |
1850–1873: Bimetallism | 0.48 | 0.60 | 0.43 | 0.31 |
1874–1906: Gold Standard | 0.53 | 0.62 | 0.49 | 0.49 |
1907–1944: World War period | 0.59 | 0.64 | 0.49 | 0.43 |
1945–1973: Bretton Woods | 0.40 | 0.65 | 0.15 | 0.04 |
1974–1999: Monetary targeting | 0.20 | 0.72 | 0.21 | 0.27 |
2000–2017: Inflation targeting | 0.75 | 0.73 | 0.70 | 0.53 |
(b) Overshooting: \(P[\tau _{t} > \overline \tau |\mathbf {y} ]\) | ||||
1804–1849: Competing currencies | 0.14 | 0.07 |  |  |
1850–1873: Bimetallism | 0.18 | 0.09 | 0.06 | 0.04 |
1874–1906: Gold Standard | 0.03 | 0.05 | 0.08 | 0.11 |
1907–1944: World War period | 0.23 | 0.22 | 0.31 | 0.45 |
1945–1973: Bretton Woods | 0.58 | 0.31 | 0.85 | 0.96 |
1974–1999: Monetary targeting | 0.79 | 0.24 | 0.77 | 0.68 |
2000–2017: Inflation targeting | 0.01 | 0.02 | 0.04 | 0.03 |
(c) Undershooting: \(P[ \tau _{t} <\underline \tau |\mathbf {y}]\) | ||||
1804-1849: Competing currencies | 0.41 | 0.28 | Â | Â |
1850–1873: Bimetallism | 0.34 | 0.31 | 0.51 | 0.65 |
1874–1906: Gold Standard | 0.44 | 0.33 | 0.44 | 0.41 |
1907–1944: World War period | 0.18 | 0.15 | 0.20 | 0.12 |
1945–1973: Bretton Woods | 0.02 | 0.04 | 0.00 | 0.00 |
1974–1999: Monetary targeting | 0.00 | 0.04 | 0.03 | 0.06 |
2000–2017: Inflation targeting | 0.24 | 0.25 | 0.26 | 0.43 |