Monetary Policy in the Nordic Countries during the Classical Gold Standard Period: The Wicksellian View

Concepciôn García-Iglesias and Juha Kilponen

Chapter 5 in The Gold Standard Peripheries, 2012, pp 81-103 from Palgrave Macmillan

Abstract: Abstract In his article ‘The Influence of the Rate of Interest on Prices’, Economic Journal XVII (1907), Knut Wicksell argued that the variations in price level during the classical gold standard were not primarily due to variations in gold supply but, rather, to the interest rate policies followed by the central banks (i.e. discount rate adjustment), and the real disturbances affecting the natural rate of interest. According to Wicksell, price stability required keeping the interest rate controlled by the central bank in line with the natural rate of interest determined by factors outside the control of the central bank.

Keywords: Interest Rate; Monetary Policy; Money Supply; Money Demand; Nominal Interest Rate (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-36231-4_5

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DOI: 10.1057/9780230362314_5

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