| CPI | WPI | DEFL | NGDP |
---|---|---|---|---|
(a) Nominal stability: \(P[\underline \tau < \tau _{t} < \overline \tau |\mathbf {y}]\) | ||||
1804–1849: Competing currencies | 0.51 | 0.60 |  |  |
1850–1873: Bimetallism | 0.52 | 0.60 | 0.40 | 0.45 |
1874–1906: Gold Standard | 0.44 | 0.57 | 0.49 | 0.48 |
1907–1944: World War period | 0.21 | 0.62 | 0.33 | 0.42 |
1945–1973: Bretton Woods | 0.31 | 0.67 | 0.20 | 0.05 |
1974–1999: Monetary targeting | 0.40 | 0.67 | 0.19 | 0.22 |
2000–2017: Inflation targeting | 0.72 | 0.68 | 0.63 | 0.37 |
(b) Overshooting: \(P[\tau _{t} > \overline \tau |\mathbf {y} ]\) | ||||
1804–1849: Competing currencies | 0.10 | 0.07 |  |  |
1850–1873: Bimetallism | 0.14 | 0.09 | 0.17 | 0.15 |
1874–1906: Gold Standard | 0.04 | 0.05 | 0.08 | 0.11 |
1907–1944: World War period | 0.42 | 0.21 | 0.29 | 0.39 |
1945–1973: Bretton Woods | 0.55 | 0.29 | 0.79 | 0.94 |
1974–1999: Monetary targeting | 0.59 | 0.26 | 0.74 | 0.63 |
2000–2017: Inflation targeting | 0.01 | 0.02 | 0.09 | 0.08 |
(c) Undershooting: \(P[ \tau _{t} <\underline \tau |\mathbf {y}]\) | ||||
1804–1849: Competing currencies | 0.39 | 0.33 |  |  |
1850–1873: Bimetallism | 0.34 | 0.32 | 0.44 | 0.39 |
1874–1906: Gold Standard | 0.52 | 0.39 | 0.43 | 0.42 |
1907–1944: World War period | 0.37 | 0.17 | 0.38 | 0.19 |
1945–1973: Bretton Woods | 0.14 | 0.04 | 0.01 | 0.00 |
1974–1999: Monetary targeting | 0.01 | 0.07 | 0.07 | 0.15 |
2000–2017: Inflation targeting | 0.27 | 0.30 | 0.28 | 0.55 |