The decentralised central bank: regional bank rate autonomy in Norway, 1850-1892

Jan Tore Klovland () and Lars Fredrik Øksendal ()
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Jan Tore Klovland: Dept. of Economics, Norwegian School of Economics and Business Administration, Postal: NHH , Department of Economics, Helleveien 30, N-5045 Bergen, Norway
Lars Fredrik Øksendal: Dept. of Economics, Norwegian School of Economics and Business Administration, Postal: NHH , Department of Economics, Helleveien 30, N-5045 Bergen, Norway

No 6/2013, Discussion Paper Series in Economics from Norwegian School of Economics, Department of Economics

Abstract: Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the headquarters of the bank was in Trondhjem, we find that the Christiania branch played the key role in providing leadership in bank rate policy. Foreign interest rate impulses were important for bank rate decisions, but there was also some leeway for responding to idiosyncratic shocks facing the Norwegian economy.

Keywords: Bank rate; gold standard; monetary policy. (search for similar items in EconPapers)
JEL-codes: E58 N23 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2013-03-11
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
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