Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard

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Abstract

This paper investigates the causal effects of monetary policy on the British economy during the classical gold standard. Based on the narrative identification approach, I find that following a one percentage point monetary tightening, unemployment rose by 0.9 percentage points, while inflation fell by 3.1 percentage points. In addition, monetary policy shocks accounted for a third of macroeconomic volatility.
Original languageEnglish
Pages (from-to)16-36
JournalExplorations in Economic History
Volume68
DOIs
Publication statusPublished - 2018 Apr 16

Subject classification (UKÄ)

  • Economic History

Keywords

  • business cycles
  • gold standard
  • monetary policy
  • narrative identification
  • E31
  • E32
  • E52
  • E58
  • N13

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