Has there ever been monetary dominance?

Fiscal dominance is well known: it is a situation where the central bank is forced to conduct an expansionary monetary policy to ensure fiscal solvency (public debt sustainability) at the same time as fiscal policy remains expansionary. In contrast, “monetary dominance” is a situation where the central bank responds to a highly expansionary fiscal policy by raising real interest rates to encourage the government to return to a more restrictive fiscal policy. Fiscal dominance has certainly prevailed since the subprime crisis and even more so at present. Has there ever been monetary dominance (in the United States, the euro zone or Japan)? The answer is yes. There was monetary dominance: In the United States, from 1982 to 1986 and perhaps even from 2004 to 2007; In the euro zone, from 1990 to 1996; In Japan, from 1980 to 1984 and from 1990 to 1992. Monetary dominance therefore gave way to fiscal dominance from the late 1990s.