Letting the anchor go: Monetary policy in neutral Norway during World War I

Monica Værholm and Lars Fredrik Øksendal
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Monica Værholm: Department of Economics. Norwegian School of Economics and Business Administration
Lars Fredrik Øksendal: Department of Economics. Norwegian School of Economics and Business Administration

No 2010/28, Working Paper from Norges Bank

Abstract: For later generations, August 1914 has become a watershed in monetary history. In a matter of days, the belligerent and neutral countries of Europe alike suspended the gold standard. The international monetary regime that had served the world economy for close to four decades was no more. Everywhere domestic fiat money became the order of the day. Even more importantly, the war brought a fundamental change in the priorities of monetary policy: National objectives triumphed over monetary stability. (Work in progress)

Pages: 54 pages
Date: 2010-12-21
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
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