| CPI | WPI | DEFL | NGDP |
---|---|---|---|---|
(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 |