S-WoPEc
 
Scandinavian Working Papers in Economics
HomeAboutSeriesSubject/JEL codesAdvanced Search
Department of Economic History, Lund University Lund Papers in Economic History, Department of Economic History, Lund University

No 155:
Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard

Jason Lennard ()

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: business cycles; gold standard; monetary policy; narrative identification; (follow links to similar papers)

JEL-Codes: E31; E32; E52; E58; N13; (follow links to similar papers)

34 pages, February 28, 2017

Before downloading any of the electronic versions below you should read our statement on copyright.
Download GhostScript for viewing Postscript files and the Acrobat Reader for viewing and printing pdf files.

Full text versions of the paper:

7d36d71f-c349-4ba1-91b0-beba9db50a04    PDF-file
Download Statistics

Questions (including download problems) about the papers in this series should be directed to Benny Carlsson () or Tobias Karlsson ()
Report other problems with accessing this service to Sune Karlsson () or Helena Lundin ().

Programing by
Design by Joachim Ekebom

Handle: RePEc:hhs:luekhi:0155 This page was generated on 2017-09-07 21:22:56