International co-movements of inflation, 1851–1913

Stefan Gerlach and Rebecca Stuart

Oxford Economic Papers, 2024, vol. 76, issue 4, 997-1013

Abstract: We study inflation in a group of 15 countries before and during the classical Gold Standard using annual data spanning 1851–1913. The degree of co-movements between domestic and international inflation depends on geographical remoteness and openness to trade. Furthermore, international inflation acts as an ‘attractor’ for domestic inflation. Sub-sample estimates reveal little evidence of instability implying that international inflation was an important influence on domestic inflation throughout this time period.

JEL-codes: E31 F40 N10 (search for similar items in EconPapers)
Date: 2024
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Working Paper: International Co-movements of Inflation, 1851-1913 (2021)
Working Paper: International Co-movements of Inflation, 1851-1913 (2021)
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