Abstract
This paper investigates the causal effect of monetary policy on economic activity in the United Kingdom between 1890 and 1913. Based on the Romer and Romer (2004) narrative identification approach, I find that following a one percentage point monetary tightening, unemployment rose by 0.8 percentage points, while inflation fell by 2.7 percentage points. In addition, monetary policy shocks accounted for more than a quarter of macroeconomic volatility.
| Original language | English |
|---|---|
| Place of Publication | Lund |
| Publisher | Department of Economic History, Lund University |
| Number of pages | 34 |
| Publication status | Published - 2017 Feb 28 |
Publication series
| Name | Lund Papers in Economic History: General Issues |
|---|---|
| Publisher | Department of Economic History, Lund University |
| No. | 155 |
| ISSN (Print) | 1101-346X |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
Subject classification (UKÄ)
- Economic History
Free keywords
- E31
- E32
- E52
- E58
- N13
- business cycles
- gold standard
- monetary policy
- narrative identification
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