| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 7351873 | Explorations in Economic History | 2018 | 43 Pages |
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.
Related Topics
Social Sciences and Humanities
Arts and Humanities
History
Authors
Jason Lennard,