You might think that measures such as quantitative easing and zero interest rate policies are modern solutions, but even in central banking, there is truly nothing new under the sun. Economists Stephen Quinn and William Roberds delve into how the Bank of Amsterdam, starting in 1683, maintained a near-zero interest rate for more than 100 years. getAbstract suggests this intriguing account, despite its somewhat labored presentation, to bankers, economists and investors for the historical perspective it offers in the debate on present-day monetary policies.
In this summary, you will learn
- How the Bank of Amsterdam engaged in unconventional monetary policies during the 17th and 18th centuries,
- What obstacles the bank faced, and
- What lesson this early monetary easing experience offers to today’s central bankers.
About the Authors
Stephen Quinn is an associate professor of economics at Texas Christian University. William Roberds is a research economist with the Federal Reserve Bank of Atlanta.