- Thursday, May 23
- 12:15 PM
- Kaiserplatz 7-9, 4th floor, Room 4.006
“Regimes of Fiscal and Monetary Policy in England during the French Wars (1793-1821)”.
The national emergency and the pressure of the French Wars (1793-1815) constrained the government and the Bank of England to an unprecedented coordination between fiscal and monetary policy during which the Bank of England also operated its transition from the bond holders’ protector to a central bank. Using hand-collected data about the Bank of England, we provide a new detailed analysis of the fiscal and monetary policies at that time, and of their impact on the price of the pound in the internal and the external markets. We distinguish four regimes during the French Wars, business as usual (1793-1797), real bills and war tax (1797-1810), “whatever it takes” (1810-1810), “exit” (1815-1821). The meaning and the success of each of these regimes depended on the overarching commitment of the policy makers long-term policy goals.