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Did monetary policy matter? Narrative evidence from the classical gold standard

Jason Lennard ()

Explorations in Economic History, 2018, vol. 68, issue C, 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.

Keywords: Business cycles; Gold standard; Monetary policy; Narrative identification (search for similar items in EconPapers)
JEL-codes: E31 E32 E52 E58 N13 (search for similar items in EconPapers)
Date: 2018
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