An Early Experiment with “Permazero”


We investigate a monetary regime with persistent, near-zero policy interest rates (“permazero”). This regime was implemented in 1683 by a prominent early central bank, the Bank of Amsterdam (“Bank”). Under this regime, the Bank’s policy rate remained at one-half percent for over a century. We employ archival data to reconstruct the Bank’s activities over a… (More)


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@inproceedings{Quinn2017AnEE, title={An Early Experiment with “Permazero”}, author={Stephen Quinn and William Roberds and François Velde and Dan Waggoner}, year={2017} }