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.

Detaljer

Författare
Enheter & grupper
Externa organisationer
  • National Institute of Economic and Social Research
Forskningsområden

Ämnesklassifikation (UKÄ) – OBLIGATORISK

  • Ekonomisk historia

Nyckelord

Originalspråkengelska
Sidor (från-till)16-36
TidskriftExplorations in Economic History
Volym68
StatusPublished - 2018 apr 16
PublikationskategoriForskning
Peer review utfördJa