Coordinating monetary and fiscal policies in Britain during the French Wars (1793–1821)
利用新的定量和定性数据，分析了英国在法国战争期间如何通过四个阶段调整货币与财政政策，发现英格兰银行通过购买短期政府债券维持其市场价值，而通胀主要由财政新闻冲击而非货币供应波动引起。
Abstract Relying on new quantitative and qualitative data, we analyze how the United Kingdom financed the French Wars (1793–1821). We show that policy makers adjusted monetary and fiscal policies in four regimes. 1) tax-smoothing; 2) suspending the gold standard, real bills, war taxation; 3) the Bank of England's price support of government securities; 4) return to the old order. Under the price support regime, the Bank of England maintained the market value of public short-term debt by purchasing large amounts of it. Our findings suggest that in this context fiscal news shocks rather than fluctuations in the money supply caused inflation.