Did monetary policy matter? Narrative evidence from the classical gold standard
| Autor: | Jason Lennard |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
Economics and Econometrics
History Monetarism 060106 history of social sciences Inflation targeting Keynesian economics media_common.quotation_subject 05 social sciences Monetary policy Percentage point 06 humanities and the arts Monetary hegemony 0502 economics and business Unemployment Business cycle Economics 0601 history and archaeology 050207 economics Volatility (finance) media_common |
| Zdroj: | Explorations in Economic History. 68:16-36 |
| ISSN: | 0014-4983 |
| Popis: | 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. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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