@techreport{7d36d71fc3494ba191b0beba9db50a04,
title = "Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard",
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.",
keywords = "E31, E32, E52, E58, N13, business cycles, gold standard, monetary policy, narrative identification",
author = "Jason Lennard",
year = "2017",
month = feb,
day = "28",
language = "English",
series = "Lund Papers in Economic History: General Issues",
publisher = "Department of Economic History, Lund University",
number = "155",
type = "WorkingPaper",
institution = "Department of Economic History, Lund University",
}
