This article describes and measures how the Bank of Amsterdam supplied a successful fiat money in a world of specie by offering the unlimited repo of large coins at a near-zero rate. Our data from 1736 to 1791 finds that such liberal access led to volatile loan levels and that the Bank responded with sterilization by means of open market operations. In this way, the Bank held its money stock at a roughly constant level and helped stabilize its value. Profit was another part of the Bank’s policy framework, and the pursuit of seigniorage eventually compromised stabilization.

中文翻译：

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阿姆斯特丹银行的政策框架，1736-1791

本文描述并衡量了阿姆斯特丹银行如何通过以接近零的利率提供无限制的大型硬币回购，在货币世界中成功提供法定货币。我们从 1736 年到 1791 年的数据发现，这种自由准入导致了贷款水平的波动，而银行通过公开市场操作来应对冲销。通过这种方式，该银行将其货币存量保持在大致恒定的水平，并帮助稳定了其价值。利润是银行政策框架的另一部分，追求铸币税最终损害了稳定。