Jason Lennard: Department of Economic History, Lund University, Postal: Department of Economic History, Lund University, Box 7083, S-220 07 Lund, Sweden
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.
34 pages, February 28, 2017
Full text files
Questions (including download problems) about the papers in this series should be directed to Tobias Karlsson ()
Report other problems with accessing this service to Sune Karlsson ().
This page generated on 2018-01-23 23:35:19.