Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard
(2018) In Explorations in Economic History 68. p.16-36- Abstract
- 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.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/1ceedeff-ceb3-44bc-8b8b-aaf83749d02a
- author
- Lennard, Jason LU
- organization
- publishing date
- 2018-04-16
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- business cycles, gold standard, monetary policy, narrative identification, E31, E32, E52, E58, N13
- in
- Explorations in Economic History
- volume
- 68
- pages
- 16 - 36
- publisher
- Elsevier
- external identifiers
-
- scopus:85033457834
- ISSN
- 0014-4983
- DOI
- 10.1016/j.eeh.2017.10.001
- language
- English
- LU publication?
- yes
- id
- 1ceedeff-ceb3-44bc-8b8b-aaf83749d02a
- date added to LUP
- 2017-10-18 08:52:01
- date last changed
- 2022-04-25 03:20:13
@article{1ceedeff-ceb3-44bc-8b8b-aaf83749d02a, abstract = {{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.}}, author = {{Lennard, Jason}}, issn = {{0014-4983}}, keywords = {{business cycles; gold standard; monetary policy; narrative identification; E31; E32; E52; E58; N13}}, language = {{eng}}, month = {{04}}, pages = {{16--36}}, publisher = {{Elsevier}}, series = {{Explorations in Economic History}}, title = {{Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard}}, url = {{http://dx.doi.org/10.1016/j.eeh.2017.10.001}}, doi = {{10.1016/j.eeh.2017.10.001}}, volume = {{68}}, year = {{2018}}, }