|
(a) Nominal stability: \(P[\underline \tau < \tau _{t} < \overline \tau |\mathbf {y}]\)
|
|
1804–1849: Competing currencies
|
0.52
|
0.66
| | |
|
1850–1873: Bimetallism
|
0.47
|
0.59
|
0.60
|
0.54
|
|
1874–1906: Gold Standard
|
0.70
|
0.64
|
0.53
|
0.52
|
|
1907–1944: World War period
|
0.40
|
0.42
|
0.36
|
0.26
|
|
1945–1973: Bretton Woods
|
0.13
|
0.24
|
0.03
|
0.01
|
|
1974–1999: Monetary targeting
|
0.06
|
0.34
|
0.12
|
0.17
|
|
2000–2017: Inflation targeting
|
0.72
|
0.70
|
0.71
|
0.66
|
|
(b) Overshooting: \(P[\tau _{t} > \overline \tau |\mathbf {y}]\)
|
|
1804–1849: Competing currencies
|
0.32
|
0.27
| | |
|
1850–1873: Bimetallism
|
0.39
|
0.32
|
0.19
|
0.13
|
|
1874–1906: Gold Standard
|
0.18
|
0.27
|
0.27
|
0.31
|
|
1907–1944: World War period
|
0.55
|
0.55
|
0.57
|
0.70
|
|
1945–1973: Bretton Woods
|
0.87
|
0.75
|
0.97
|
0.99
|
|
1974–1999: Monetary targeting
|
0.94
|
0.66
|
0.88
|
0.82
|
|
2000–2017: Inflation targeting
|
0.25
|
0.25
|
0.27
|
0.20
|
|
(c) Undershooting: \(P[ \tau _{t} <\underline \tau |\mathbf {y}]\)
|
|
1804–1849: Competing currencies
|
0.16
|
0.07
| | |
|
1850–1873: Bimetallism
|
0.14
|
0.09
|
0.21
|
0.33
|
|
1874–1906: Gold Standard
|
0.12
|
0.09
|
0.20
|
0.18
|
|
1907–1944: World War period
|
0.05
|
0.03
|
0.07
|
0.04
|
|
1945–1973: Bretton Woods
|
0.00
|
0.00
|
0.00
|
0.00
|
|
1974–1999: Monetary targeting
|
0.00
|
0.00
|
0.00
|
0.01
|
|
2000–2017: Inflation targeting
|
0.02
|
0.04
|
0.01
|
0.14
|
