Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)
Jan Tore Klovland
The decentralised central bank: regional bank rate autonomy in Norway, 1850-1892.
() and Lars Fredrik Øksendal
Abstract: Before 1893 the regional branches of Norges Bank set their
own bank rates. We discuss how bank rate autonomy could be reconciled with
the fixed exchange rate commitments of the silver and gold standard.
Although the headquarters of the bank was in Trondhjem, we find that the
Christiania branch played the key role in providing leadership in bank rate
policy. Foreign interest rate impulses were important for bank rate
decisions, but there was also some leeway for responding to idiosyncratic
shocks facing the Norwegian economy.
Keywords: Bank rate; gold standard; monetary policy.; (follow links to similar papers)
JEL-Codes: E58; N23; (follow links to similar papers)
27 pages, March 11, 2013
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