This paper compares the behavior of real interest rate differentials across the major countries under the Bretton Woods regime and the regime of floating exchanges that replaced it. The primary object is to investigate both the extent of market integration and its changes over time. For all...

Almost eleven years ago to the day, Anna Schwartz and we began a detailed study of inflation under the Bretton Woods System and in the year that immediately followed its breakdown. At the time, the consensus view among economists and in a sizeable portion of the financial community was that...